Atkins (WS) PLC - Half Yearly Report

Marketwired

LONDON, UNITED KINGDOM--(Marketwired - Nov 14, 2013) -



(LSE: ATK)

Half year financial report for the six months ended 30 September 2013

Good results, progress on strategy and full year outlook slightly ahead
of expectations.

WS Atkins plc ("Atkins" or "the Group"), the design, engineering and
project management consultancy today announces its unaudited results
for the six months ended 30 September 2013.

FINANCIAL SUMMARY

Key Performance Indicators

Six months to Six months to Increase /
30 Sept 2013 30 Sept 2012 (Decrease)
Restated

Income statement - a
on an underlying basis
Underlying operating profit GBP50.7m GBP45.9m 10.5%
Underlying operating margin 5.5% 5.6% (0.1)pp
Underlying profit before
taxation GBP44.7m GBP41.3m 8.2%
Underlying diluted earnings
per share 35.9p 32.9p 9.1%

Income statement - as
reported
Revenue GBP915.4m GBP815.7m 12.2%
Operating profit GBP49.7m GBP44.8m 10.9%
Operating margin 5.4% 5.5% (0.1)pp
Profit before taxation GBP54.8m GBP47.8m 14.6%
Profit after taxation GBP46.9m GBP39.5m 18.7%

Diluted earnings per share 47.1p 39.8p 18.3%
Dividend b 10.5p 10.0p 5.0%
Average staff numbers c 17,715 17,482 1.3%
Closing staff numbers c 17,407 17,756 (2.0)%

Work in hand 87.7% 88.3% (0.6)pp
Net funds d GBP136.1m GBP83.7m 62.6%


Notes:

a. Excludes amortisation of acquired intangibles in both 2013 and 2012,
and the net profit on disposal of the UK highways services business
and the Peter Brown construction management business in North
America in H1 2013 and RMPA in 2012
b. Interim dividend declared for the six months to 30 September
c. Staff numbers are shown on a full-time equivalent basis, including
agency staff and 169 UK highways services staff (2012: 1,114) that
left the business on 4 October 2013
d. Net funds comprise cash and cash equivalents plus financial assets
and loan notes receivable less borrowings
e. Comparatives for the period to 30 September 2012 have been restated
for the amendments to IAS19 Employee benefits.


Highlights

-- Underlying profit before tax up 8.2% to GBP44.7m on revenue 12.2%
ahead

-- Strong UK performance with revenue up 16% and good growth in focus
areas of Energy and Asia Pacific

-- Strategic progress with the sale of UK highways services and Peter
Brown construction management disposal

-- Confluence project management business acquired on 4 October 2013

-- Improved operating cash performance with net funds at September 2013
of GBP136.1m

-- Financial position remains strong, with new five year revolving
credit facility secured

-- Interim dividend increased by 5%

-- Full year outlook slightly ahead of expectations.

Commenting on the results, Uwe Krueger, chief executive officer, said:"The
Group has made further progress on delivering our strategy,
achieving good results with revenue up over 12% and underlying
operating profit up over 10% on the same period last year.

In October, we were delighted to welcome 200 people from our Confluence
acquisition which, augments our project management capabilities in Asia
Pacific, the Middle East and India.

We have a strong balance sheet and cash collection in the period was
encouraging. This, combined with our new banking facilities, gives us
the ability to support growth, both organically and through targeted
acquisitions.

Our work in hand position on entering the second half gives us
confidence for the full year."


Enquiries

Atkins
Uwe Krueger, chief executive officer + 44 (0) 20 7121 2000
Heath Drewett, Group finance director + 44 (0) 20 7121 2000
Kate Moy, investor relations director + 44 (0) 20 7121 2000
Sara Lipscombe, Group communications director + 44 (0) 20 7121 2000

Smithfield
Alex Simmons + 44 (0) 20 7360 4900



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