Revenue up 4%, while operating profit rise includes proceeds from property sale
Arup chairman Gregory Hodkinson has described the engineering giant鈥檚 latest results as a 鈥渞easonable financial performance鈥�, after reporting revenue up nearly 4%.
In the year to the end of March 2018 Arup generated revenue of 拢1.56bn and an operating profit of 拢113.2m, up 57%, which included proceeds from the sale of a building it owned in the west end of London to the Workspace group.
Stripping out the disposal, a move which generated a profit of nearly 拢46m, Arup鈥檚 overall operating profit came in at 拢67.4m, down 7% year-on-year.
Hodkinson said the firm, chosen last month to deliver the redesign of Birmingham鈥檚 Alexander Stadium (pictured) ahead of the city hosting the Commonwealth Games in 2022, had 鈥渁chieved a reasonable financial performance that is well aligned to our strategic objectives鈥�.
Highlighting the risks that the business faced Hodkinson said it would be 鈥渞emiss of me not to address geopolitical risk including Brexit.
鈥淎s a firm with significant revenue from UK operations we are mindful of the potential macro-economic effects of major policy changes, including our ability to attract the highly skilled people we continue to need.鈥�
Yesterday Theresa May confirmed her plans to scrap freedom of movement for EU citizens as part of her proposed withdrawal agreement with the EU and require that people who wanted to come and work in the UK after Brexit would have to prove they had the right level of skills for the country鈥檚 needs.
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