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British engineering and design consultancy WS Atkins reported its fastest growth in annual profit in at least a decade on Thursday, which could help smooth completion of its takeover by Canadian rival SNC-Lavalin Group. Atkins, which agreed in April to be acquired by SNC for C$3.6 billion ($2.7 bln), said a strong performance at its North American business helped lift its underlying pretax profit by 18 percent in the year through March to 164.6 million pounds ($209.7 million). The results beat analysts' expectations for an annual pretax profit of 158.03 million pounds on revenue of 2.07 billion pounds, according to Thomson Reuters I/B/E/S estimates.
WS Atkins, a British engineering and design consultancy, said its full-year pretax profit rose about 18 percent, helped by its North American business. Atkins, which worked on London's 2012 Olympic site as well as a renovation of New York's Statue of Liberty, said underlying pretax profit rose to 164.6 million pounds ($209.7 million) in the twelve months ended March 31 from 139 million pounds a year earlier. Atkins, which serves companies including BP and Network Rail, said revenue grew 12 percent to 2.08 billion pounds, adding that its underlying performance was helped in part by the acquisition of nuclear energy business PP&T.
SNC-Lavalin will not raise its offer for British engineering and construction firm WS Atkins unless it faces a rival bid for the British firm, the Canadian construction and engineering group said on Monday. ...