But consultant warns of coming impact from market uncertainties in UK and Dubai
Consultant WSP today warned that the market remains 鈥渦ncertain鈥� as problems in the UK and Dubai take their toll, but said it was trading in line with expectations.
In a statement to the stock market, the firm said it expects to spend 拢4m on reorganisation in the first half of the year as it moves to 鈥渕atch costs with revenue鈥�, principally in the UK and the Middle East.
The market in Dubai is 鈥渞educed鈥� and funding issues in the emirate remain 鈥渦nresolved鈥�, it said.
Net bank debt has increased since the year end because of normal phasing of the business cycle and the impact of slower client payments, but the group remains 鈥渨ell financed鈥�, it added.
But WSP said that public sector work in Europe was performing well and its transport and infrastructure business was benefiting from contract wins last year.
The statement said: 鈥淒espite challenging markets, the board remains confident that the group's diversification, resilience and experienced management will ensure that it remains well positioned for the current environment and to take advantage when markets improve.鈥�
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