News on 8 March
WSP reports record turnover

International design, consultancy and facility management business WSP Group yesterday reported turnover topping £100 million for the first time. Sales were up 29% on the previous year at £100.1m and pre-tax profit of £6.5m rose 39%.

Chairman, P.J. Welch, said: "The restructuring of the Group that took place last year has strengthened the business and we are continuing to build our resources and infrastructure to support future growth, both in the UK and overseas. Our work is well balanced throughout the UK, both in relation to sector exposure and geography."

WSP employs 2,000 people and operates through a network of 50 offices in the UK and overseas. Specialist services, including WSP FM under MD Marilyn Standley, contributed £11,317,000 to turnover and £684,000 to operating profit of £7m.

Speaking to i-FM, Marilyn Standley said, "The FM division is moving from being essentially service providers, towards front-end consultancy services. We intend to build on our notable win last year of the 24 hour call centre for Post Office Property Holdings and to develop the existing help desk services into an e-commerce facility."

WSP sees itself as well placed to participate in an increasing number of major projects including PFI opportunities, such as the redevelopment of the MoD's, Whitehall office accommodation, a project nearing financial close. The Group's strategy is to ensure that it is the preferred supplier of professional services for all aspects of the built environment. It aims to cross-sell to existing clients who have previously bought just single discipline services.

Says P. J. Welch, "We are concentrating on increasing our front-end consultancy and feasibility work, which normally attracts higher profit margins. Improvements in efficiencies at the implementation stage and our growing after-care service will add to the overall strength of the Group."

WSP Group's shares closed down 7p at 315.5p

Richard Byatt

 

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