The engineering consultant plans further expansion in Europe after reporting 33% profit rise

An upturn in the UK commercial property market helped construction group WSP to deliver a 33% rise in pre-tax profit.

Pre-tax profit rose 33% to 拢12.1m, up from 拢9.1m for the first six months to 30 June. Turnover increased 19% to 拢216m from 拢181.8m. The consultancy group鈥檚 order book grew to 拢625m, compared with 拢540m for last year鈥檚 interims, a rise of 16%.

Christopher Cole, chief executive of the firm, said: 鈥淭he property sector in the UK, US and Scandinavia have been the biggest drivers of this growth.鈥�

WSP has expanded aggressively this year. It boosted its operations in the Gulf region with the acquisition of LC Consulting Dubai, the structural . WSP Environmental, its green arm, acquired a foothold in Australia with the acquisition of three specialist environmental businesses 鈥� Ark Consulting, Responsive Environmental Solutions and ESH Connect Australasia. It also launched WSP Energy, which provides advice energy and climate change.

Cole is on the look-out for more acquisitions in an effort improve the company鈥檚 European coverage. 鈥淲e鈥檝e very few businesses in mainland Europe so we鈥檒l be focusing on acquisitions to change that,鈥� he said.

David Turner, the WSP chairman, said he was pleased with the firm鈥檚 financial performance and was upbeat about the future.

He said: 鈥淥ur unique multidisciplinary service that we offer, will ensure our participation in projects and a continuing increase in our market share. I look forward to the group delivering strong performances and improved shareholder value.鈥�

Results at a glance

  • 拢12.1m adjusted profit before tax

  • 拢625m secured order book (+16%)

  • 拢215.6m revenue (+19%)

  • 6.2% EBIT margin (+9%)

  • 拢10.4m operating cash flow (+33%)