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Speaking after the company posted a 4% drop in turnover to 拢723m in 2009, Cole refused to say whether it was more likely to happen in the UK or abroad but said deals would materialise in the second half of 2010, once the market stabilised.

He said: 鈥淲e鈥檝e done deals in the 拢10m to 拢20m bracket but I wouldn鈥檛 count out a transformational deal. That kind of deal could be made by any consultant 鈥� although we鈥檙e not in the market to be acquired.鈥�

Net debt at WSP grew from 拢56.2m to 拢59.6m, but the company has a debt facility of 拢150m. Cole said: 鈥淚 suppose people are wondering when we鈥檙e going to start spending it.鈥�

His comments come as many in the industry believe there will be widespread consolidation this year with US giants Jacobs and Aecom understood to be on the hunt for deals in the UK.

I suppose people are wondering when we鈥檙e going to start spending

Chris Cole

Pre-tax profit at WSP fell from 拢52.1m to 拢25.4m, a figure that was made worse by a 拢13.1m hit on projects for clients in Dubai, which is equal to its total outstanding debt in the emirate. Cole added: 鈥淲e won鈥檛 give up on chasing the debts but as a plc we have to draw a line under it.鈥�

There was no indication which clients owe it cash but it is understood that half the debt relates to the Jumeira Gardens City project for developer Meeras. The bulk of the remainder is for work carried out for troubled client Sama Dubai, which is developing the Salam resort project in Bahrain, and for Dubai Properties鈥� Culture Village.

WSP has cut its staff in Dubai in half to 450 and Cole said it now accounted for 20% of its turnover in the Gulf, as opposed to 80% in the middle of 2008.

Global staff numbers fell from 10,000 to 9,000 in 2009.