Engineer reports slight fall in profit but says recent redundancies will save 拢9m a year

Engineering firm Waterman has reported a 12% increase in turnover after shedding a number of staff.

In the six months to 31 December 2008, Waterman saw a 12% increase in revenue to 拢71.1m, up from 拢63.6m during 2007. Pre-tax profit dropped slightly during the same period, from 拢3.5m to 拢3.3m.

The company admitted that it had made 鈥渞eductions to temporary and permanent staff鈥�, though it did not specify how many had lost their jobs. It said its actions would save 拢9m a year.

Waterman earns one-third of its total turnover overseas, in areas such as the Middle East, Australia and Russia. It said that work in the UAE had dropped off, but that opportunities remained in Libya and Qatar.

Roger Fidgen, the chairman of Waterman, said: 鈥淭he group is not immune from the turmoil in the financial markets and challenges remain. The future of public sector work in the UK and economies in developing countries is unpredictable; however, the board is exploring new opportunities in diverse markets and geographic locations to broaden further the client base of the company.鈥�

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