Atkins

Press Release

Half Year Results

27/11/2007

View the full Half Year Results as a PDF.

Professional services group WS Atkins plc (Atkins) today announced unaudited results for the six months ended 30 September 2007.

FINANCIAL SUMMARY

	Six months to 30 Sept 2007	Six months to 30 Sept 2006	Increase / (Decrease)
Income statement – continuing operations
Revenue	£633.8m	£569.0m	11%
Operating profit	£40.1m	£27.3m	47%
Operating margin	6.3%	4.8%
Profit before taxation	£42.7m	£29.3m	46%
Profit after taxation	£31.7m	£21.1m	50%
Diluted earnings per share	30.8p	20.6p	50%
Income statement – total
Profit for the period	£63.1m	£22.0m	187%
Diluted earnings per share	61.3p	21.5p	185%
Dividend 1	7.5p	6.0p	25%
People
Staff numbers at 30 September 2	16,909	15,005	13%
Average staff numbers	16,384	14,594	12%
Cash
Net funds	£128.3m	£135.6m	(5)%

Highlights

• Very good first half-year results with diluted earnings per share from continuing operations up by 50%
  
• Revenue up 11% to £633.8m reflecting continued growth in strong markets
  
• Operating profit up 47% with margins up significantly to 6.3% (2006: 4.8%)
  
• Staff numbers in continuing operations up over 1,000 since 31 March 2007, as planned
  
• Work in hand strong with 85% of full year forecast revenue secured (2006: 88%)
  
• Disposal of Lambert Smith Hampton completed for a profit of £20.0m
  
• Metronet companies entered PPP Administration on 18 July 2007
  
• Main defined benefit pension plan closed to future accrual from 30 September 2007
  
• Interim dividend up 25% to 7.5p per share
  
• Up to £100m share buyback programme announced

Notes:

1. Interim dividend declared for six months to 30 September.
2. Staff numbers are shown for continuing operations and on a full time equivalent basis, including agency staff.

Commenting on the results, Keith Clarke, Chief Executive of Atkins, said:

“These are very good results and we are well positioned to improve and grow in our key business of engineering and design. This is a great business in great shape which is scaleable and enduring.”

Enquiries

Atkins
Keith Clarke, Chief Executive	+ 44 (0) 1372 726140
Robert MacLeod, Group Finance Director	+ 44 (0) 1372 726140
Sara Lipscombe, Group Communications Director	+ 44 (0) 1372 726140
Smithfield
Lucinda Kemeny	+44 (0) 20 73604900

Notes to Editors

1. Atkins
Atkins (www.atkinsglobal.com) plans, designs and enables the delivery of complex infrastructure and buildings for clients in the public and private sectors across the world. Atkins is the largest multi-disciplinary consultancy in Europe, the largest engineering consultancy in the UK and the world’s fifth largest international design firm (sources: New Civil Engineer Consultants File, 2007; Building Magazine, 2007; Engineering News Record, 2007).

2. Attachments
Attached to this announcement are: the overview of the period, business review, finance review, statement of directors’ responsibilities, the unaudited: consolidated income statement, consolidated balance sheet, consolidated statement of recognised income and expense, consolidated cash flow statement and notes to the financial information for the period.

3. Analyst Presentation
A presentation for analysts will be held at 08:30 today at The City Presentation Centre, 4 Chiswell Street, Finsbury Square, London EC1Y 4UP.
Dial-in details are available from Smithfield for those wishing to join the presentation by conference call.
A webcast of the presentation will subsequently be available via the Company’s website, www.atkinsglobal.com.

4. Cautionary Statement
This half-yearly financial report has been prepared for the shareholders of the Company, as a whole, and its sole purpose and use is to assist shareholders to exercise their governance rights. In particular, this announcement has not been audited or otherwise independently verified. The Company and its directors and employees are not responsible for any other purpose or use or to any other person in relation to this announcement.

The report contains indications of likely future developments and other forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and business segments in which the Group operates. These and other factors could adversely affect the Group’s results, strategy and prospects. Forward-looking statements involve risks, uncertainties and assumptions. They relate to events and/or depend on circumstances in the future which could cause actual results and outcomes to differ. No obligation is assumed to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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Share Price 616.00 GBp 7.00 (1.15 %)