International design, consultancy and facility management
business WSP Group yesterday reported turnover topping £100 million for
the first time. Sales were up 29% on the previous year at £100.1m and
pre-tax profit of £6.5m rose 39%.
Chairman, P.J. Welch, said: "The restructuring of the Group
that took place last year has strengthened the business and we are continuing
to build our resources and infrastructure to support future growth, both
in the UK and overseas. Our work is well balanced throughout the UK, both
in relation to sector exposure and geography."
WSP employs 2,000 people and operates through a network
of 50 offices in the UK and overseas. Specialist services, including WSP
FM under MD Marilyn Standley, contributed £11,317,000 to turnover and
£684,000 to operating profit of £7m.
Speaking to i-FM, Marilyn Standley said, "The FM division
is moving from being essentially service providers, towards front-end
consultancy services. We intend to build on our notable win last year
of the 24 hour call centre for Post Office Property Holdings and to develop
the existing help desk services into an e-commerce facility."
WSP sees itself as well placed to participate in an increasing
number of major projects including PFI opportunities, such as the redevelopment
of the MoD's, Whitehall office accommodation, a project nearing financial
close. The Group's strategy is to ensure that it is the preferred supplier
of professional services for all aspects of the built environment. It
aims to cross-sell to existing clients who have previously bought just
single discipline services.
Says P. J. Welch, "We are concentrating on increasing our
front-end consultancy and feasibility work, which normally attracts higher
profit margins. Improvements in efficiencies at the implementation stage
and our growing after-care service will add to the overall strength of
the Group."
WSP Group's shares closed down 7p at 315.5p
Richard Byatt
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