WS Atkins profit up by 12%

Engineering consultancy group WS Atkins announced today that it increased profit by 12% last year .Pre-tax profit was £102.7 million for the year ended 31 March 2009 compared to £91.9million last year.

It said it staff numbers had reached a peak of 18,600 in November 2008, but worsening market conditions in the UK and Middle East commercial and residential property-facing businesses had led to the redundancy of 1,200 staff.

Chairman Ed Wallis said “We are pleased to report another successful year. The continued development of the Group and the improvement in operating margins have been achieved against the backdrop of a challenging economic environment in the second half of the year...We start the new financial year in a good position. The majority of our markets are stable and we are well placed to navigate through the challenging overall economic environment. We have a strong balance sheet and will continue to invest in developing the business.”

The group also increased operating margin to 6.9% and announced a strong operating cash flow of £125.5 million with net funds of £234.2 million.