Half Year Results for the Six Months Ended 30 September 2010

Atkins reports good results in a challenging environment and is well positioned for future growth

Design and engineering consultancy group WS Atkins plc (Atkins) today announces unaudited results for the six months ended 30 September 2010.


Six months to Six months to Increase / (Decrease)
30 Sept 2010 30 Sept 2009
Income statement – on a comparable basis
Operating profit £48.3m £48.5m (0.4)%
Operating margin 7.3% 6.9% 0.4pp
Profit before taxation £41.7m £40.9m 2.0%
Diluted earnings per share 32.5p 31.6p 2.8%
Income statement – as reported
Revenue £664.2m £701.2m (5.3)%
Operating profit £45.3m £51.1m (11.4)%
Operating margin 6.8% 7.3% (0.5)pp
Profit before taxation £38.7m £43.5m (11.0)%
Profit after taxation £29.4m £33.9m (13.3)%
Diluted earnings per share 29.5p 34.3p (14.0)%
Dividend 9.5p 9.25p 2.7%
Staff numbers at 30 September 15,329 16,235 (5.6)%
Average staff numbers 15,470 16,923 (8.6)%
Net funds £279.2m £230.6m 21.1%


Staff numbers at 30 September c 15,329 16,235 (5.6)%

Average staff numbers c 15,470 16,923 (8.6)%


Net funds d £279.2m £230.6m 21.1%


a. Comparable basis excludes transaction costs of the PBSJ acquisition in 2010 and a pension curtailment gain in 2009

b. Interim dividend declared for the six months to 30 September

c. Staff numbers are shown for continuing operations and on a full-time equivalent basis, including agency staff

d. Net funds comprise cash and cash equivalents plus financial assets and loan notes receivable less borrowings


* Good results in a challenging market, demonstrating resilience

* We anticipated difficult conditions and continued to take timely action to operate in an uncertain environment, delivering improved operating margins on a comparable basis

* We acquired The PBSJ Corporation on 1 October for $280m, giving us significant business in North America and growing the Group’s headcount to around 18,500

* A more balanced geographic footprint and targeted investment in technical skills mean that we are well positioned for medium term opportunities

* The Board remains confident, with its outlook for the full year unchanged

Commenting on the results, Keith Clarke, chief executive, said:

“These good results demonstrate our resilience as we have continued to perform in challenging conditions. We have anticipated difficult markets and continue to take timely action to ensure we are in the best position to respond to our clients’ changing needs. The scale, breadth and depth of our technical skills and our more balanced geographic footprint mean we are well positioned for future growth.”


Source: atkinsglobal, November 25, 2010