Atkins

Press Release

Half Year Results

25/11/2009

View the full the announcement as a PDF.

Atkins reports good results and is confident about the second half of the year

Design and engineering consultancy group WS Atkins plc (Atkins) today announces unaudited results for the six months ended 30 September 2009.

FINANCIAL SUMMARY

		Six months to 30 Sept 2009	Six months to 30 Sept 2008	Increase / (Decrease)
Income statement – as reported
Revenue		£701.2m	£710.8m	(1)%
Operating profit		£51.1m	£48.2m	6%
Operating margin		7.3%	6.8%	0.5pp
Profit before taxation		£43.5m	£50.0m	(13)%
Profit after taxation		£33.9m	£38.8m	(13)%
Diluted earnings per share		34.3p	39.0p	(12)%
Dividend	a	9.25p	8.75p	6%
People
Staff numbers at 30 September	b	16,235	18,322	(11)%
Average staff numbers	b	16,923	17,713	(4)%
Cash
Net funds	c	£230.6m	£164.5m	40%

Notes:

1. a. Interim dividend declared for the six months to 30 September.
   
2. b. Staff numbers are shown for continuing operations and on a full-time equivalent basis, including agency staff.
   
3. c. Net funds comprise cash and cash equivalents plus financial assets and loan notes receivable less borrowings.
   

Highlights

• Revenue down by 1% to £701.2m, with average staff numbers down 4%
• On a comparable basis operating margins were up slightly at 6.9% (2008: 6.8%)
• Diluted earnings per share down 12% to 34.3p (2008: 39.0p), and on a comparable basis down 13% to 31.6p (2008: 36.4p)
• Strong cash generation in the period, with operating cash inflow of £38.2m (2008: £38.2m) and net funds as at 30 September 2009 of £230.6m (2008: £164.5m)
• Interim dividend of 9.25p per share
• Good work in hand with 90% of full year forecast revenue secured (2008: 87%)
• In continuing challenging market conditions we are confident that the Group is well placed to make good progress in the second half of the year

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

“Our performance over the six months demonstrates our ability to respond quickly to changes in the marketplace and to flex our resources to meet expected demand. The quality of our engineering capability and our strong client relationships position us well for the opportunities and challenges ahead.”

Atkins
Keith Clarke, Chief Executive	+ 44 (0) 1372 726140
Heath Drewett, Group Finance Director	+ 44 (0) 1372 726140
Sara Lipscombe, Group Communications Director	+ 44 (0) 1372 726140
Smithfield
Alex Simmons	+44 (0) 20 73604900

Notes to editors

1. Atkins

Atkins (www.atkinsglobal.com) is one of the world's leading engineering and design consultancies. We have
the depth and breadth of technical expertise to respond both to the complex challenges of major infrastructure
projects, and the urgent transition to a low-carbon economy. Whether it's the concept for a new skyscraper,
the upgrade of a rail network, the modelling of a flood defence system or the improvement of a management
process, we plan, design and enable solutions.

Atkins was named among the 20 Best Big Companies to Work For 2009 by The Sunday Times; The Times Top
100 Graduate Employers 2009; and The Times Top 50 Companies Where Women Want to Work 2008. The
company was construction and civil engineering sector winner for the fourth consecutive year in the Target
National Graduate Recruitment Awards 2009.

Atkins is the official engineering design services provider for the London 2012 Olympic and Paralympic Games.

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 statement of
comprehensive income, consolidated balance sheet, consolidated statement of cash flows, consolidated
statement of changes in equity, notes to the condensed consolidated interim financial information and the
independent auditor’s review report.

3. Analyst Presentation

A presentation for analysts will be held at 8.30am today at JPMorgan Cazenove, 20 Moorgate, London EC2R
6DA. 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 interim financial information 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. 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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