Resilient performance and maintained dividend
Click here to view to full announcement
WSP Group plc, the leading international business supplying specialist and integrated services in the built and natural environment, reports its annual results for the year ended 31 December 2009.
| Financial Highlights (unaudited): |
Footnote |
2009 |
2008 |
Headline Change |
CER Change |
| Financial Results |
|
|
|
|
|
| Revenue |
|
£723.3m |
£755.2m |
(4%) |
(10%) |
| Adjusted Operating profit before exceptional items |
1, 2 |
£41.3m |
£56.7m |
(27%) |
(31%) |
| Exceptional Items |
2 |
£(13.1)m |
£1.0m |
|
|
| Operating profit |
1 |
£28.2m |
£57.7m |
|
|
| Profit before tax and exceptional items |
|
£38.5m |
£51.1m |
|
|
| Profit before tax |
|
£25.4m |
£52.1m |
|
|
| Diluted earnings per share before exceptional items |
|
40.6p |
56.6p |
|
|
| Diluted earnings per share |
|
20.4p |
57.4p |
|
|
| Operating cash flow |
|
£39.3m |
£55.6m |
|
|
| Net debt at 31 December |
|
£59.6m |
£56.2m |
|
|
| Total Dividend Per Share |
|
15.0p |
15.0p |
|
|
Exchange rates have moved significantly between 2008 and 2009 and therefore operating growth rates are shown on a headline basis and on a constant exchange rate (“CER”) basis.
Footnotes
1 Operating profit is stated after charging £6.2m (2008: £3.5m) of restructuring costs.
2 Exceptional items are those that the directors consider are of such unusual size or nature that they are required to be separately disclosed to allow the user of the financial statements to understand the underlying performance of the Group. Exceptional items in 2009 include provisions against receivables and unbilled work in Dubai and amortisation of intangible assets arising on acquisitions.
In the Chairman’s Statement, David Turner, says:
“I am pleased to report a trading performance in 2009 that met our expectations in what has been a particularly testing year.”
“As we move into 2010 we believe our business is appropriately positioned for current market conditions following timely restructuring, and it remains well balanced between the public and private sectors in our different regions.”
“We have a track record of successfully acquiring and integrating people businesses and we expect this activity to continue when appropriate. We have positioned the business to succeed in these challenging times and to emerge an even stronger group as markets improve.”
For further information please contact the Company:
Christopher Cole, WSP Group Chief Executive, 020 7314 5000
Peter Gill, WSP Group Finance Director, 020 7314 5000
Charles Ryland, Buchanan Communications 020 7466 5000
Richard Darby, Buchanan Communications 020 7466 5000
Nicola Cronk, Buchanan Communications 020 7466 5000
Click here to view to full announcement
Click here to view the presentation to analysts and shareholders