Listed engineer reports a reduction in turnover and headcount
Listed engineer Waterman has reported a reduction in staff numbers and turnover for the year ended 30 June 2012.
Staff numbers reduced by 9% to 961, while turnover dropped 7% to 拢68.8m from 拢74.1m. Pre-tax profit remained unchanged at 拢0.6m.
Nick Taylor, chief executive, said: 鈥淭hese results have been achieved against a backdrop of challenging market conditions.
鈥淭he company has been strengthened following restructuring to parts of our business and this will provide greater resilience and competiveness.
鈥淥ur operations in the UK and Australia generate 85% of our revenue. These are mature markets where our brand strength and client relationships with our senior employees provides significant opportunities for repeat business.
鈥淲aterman is in good health and whilst in the short term market conditions will continue to be competitive, looking further ahead we believe that there are grounds for guarded optimism based on our growing success in rebuilding our pipeline of future project assignments.鈥�
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