Consultant reveals charges for bad debt overseas and restructuring costs in 2009 results
Turnover at engineering and environmental consultant Waterman fell 10% from 拢136.4m to 拢122.4m in the year ended 30 June 2009.
Meanwhile, pre-tax profit fell 63% from 拢7m to 拢2.6m as the group revealed it had taken a 拢2.8m hit for charges that included bad debt overseas and a 拢2.1m charge for redundancy and restructuring costs.
The group reduced net debt at the year-end from 拢12.5m to 拢10.2m.
The group cited Russia, the UAE and Ireland as countries where it is currently negotiating the repayment of outstanding fees. A third of its turnover comes from overseas.
Chief executive Nick Taylor said: 鈥淚t will take time for the world's economy to recover. Waterman is a diversified business and over 30% of the company's revenue comes from overseas projects.
"Whilst we are in good shape, with over 55% of our budget revenue for the year ahead already secured and with net debt reduced, the next period in our development will continue to be challenging.鈥�
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