Revenue dips 拢40m at engineering and environmental consultant

Engineering and environmental consultant Waterman Group has posted a 拢5m pre tax loss as revenue dips by over 拢40m.

In its preliminary results for the year ended 30 June 2010, the firm said trading had been difficult as property markets in the UK and overseas remained subdued by the downturn in the economy.

Revenue for the year was 拢83.2m down from 拢122.4m in 2009 for the same time last year while pre tax profit was 拢0.6m before provisions of 拢5.6m for exceptional items including redundancy costs and difficulties collecting on contracts in Europe.

Nick Taylor, chief executive said -鈥淲aterman has traded through a difficult period when property markets in the UK and overseas have remained subdued by the downturn in the economy. Specific actions have been taken to align the business with future workload and prospects鈥�

Looking forward he said: 鈥� Although our markets are brighter than before, there is reason to expect a slow recovery. Government finances in deficit, reduced stimulus measures, rising borrowing margins, higher inflation and risks for falling asset prices may all be contributory factors. We remain alert to opportunities which will arise and the risk that new threats may become apparent.鈥�

 

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