Chief executive Nick Taylor says firm is performing ahead of its strategic plan in the UK
Engineering group Waterman has said it is performing ahead of its strategic plan for expansion in the UK, after the firm posted jumps in pre-tax profit and revenue in strong full-year results for the year to June 2015.
Waterman鈥檚 pre-tax profit increased 200% to 拢2.4m, up from 拢0.8m the previous year, while revenue rose 22% to 拢83.9m, up from 拢68.8m. In the UK, the firm鈥檚 revenue rose to 拢74.5m, an increase of 25% from 拢59.8m.
Waterman said its decision to focus on the UK market was pulling off, after the firm pulled out of the China, Russia and UAE markets in the 2013-14 financial year.
The firm now generates 89% of its revenue from the UK and 11% from overseas, with 8% from Australia and 3% from Ireland and Poland.
Speaking to 黑洞社区, Waterman chief executive Nick Taylor (pictured) said the firm is now 鈥渉appy to focus on the UK鈥�, adding: 鈥淲e鈥檝e seen very positive growth in the UK. It鈥檚 a great market and a great place to be. We see it growing in the next four to five years.鈥� He said the UK has a 鈥渕ature client base and a legal system you can rely on鈥�.
After posting an adjusted profit margin of 3.3% in its latest results, Waterman is targeting a 6% margin by 2019.
However, Taylor said the firm has 鈥渘o targets for revenue鈥�, adding that the business is 鈥渄riven by securing quality profit.鈥�
Waterman鈥檚 recent financial success has largely been based on securing places on frameworks, Taylor said, an area the firm will continue to focus on.
Taylor said: 鈥淲e鈥檙e constantly involved in tendering for frameworks, either by ourselves or with Aecom or Atkins, who we have a very good relationship with.鈥�
The firm鈥檚 infrastructure and environment business returned to profit after making a 拢1.6m loss in the year to 30 June 2014, underpinned by growth in its highways business.
Taylor said highways is a 鈥済rowth market鈥� for the firm, and added: 鈥淲e鈥檙e currently bidding for frameworks; there鈥檚 a couple in highways that we鈥檙e interested in.鈥�
The firm鈥檚 order book also increased to 拢130m, up from 拢120m the previous year.
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