Waterman sets target to triple profits over three years

Grant Prior 8 years ago

Waterman is looking to triple profits over the next three years as it concentrates on the improving UK market.

The consultant has decided to withdraw from markets in China and The United Arab Emirates as it focuses resources on the core domestic market.

Chief Executive Nick Taylor said: “We are particularly enthusiastic about the prospects for our core market in the UK, which generates over 75% of Waterman’s revenue.

“Our clients, many of whom are the major property developers, are much more confident and are starting a wide range of schemes.

“At the same time, we have reinforced our footprint and I am delighted that we are increasing our market share.

“As a result, our order book is strong with some first class projects, including the 1,000,000 (gross) sq ft new UK headquarters for Google UK Ltd at King’s Cross.”

The firm added: “The Board has set the realistic target of tripling adjusted profit before tax over the next three years.”

The bullish outlook came despite flat results for the year to June 30 2013 which saw Waterman make a pre-tax profit of £1.1m – exactly the same result as the previous year.

Revenue was down slightly to £66.8m from £68.8m.

But the outlook is now much brighter and Waterman geared up during the year with a 3% increase in its headcount to 990 as it started its first recruitment drive in four years as 50 new people joined the business during the second half of the year.

Taylor told the Enquirer the company expects to take on 100 new staff during the current financial year.

He said: “It is still relatively easy to find people at all levels because there’s a lot of disillusioned people out there.”

The current upturn is concentrated in London but Waterman is also looking to set up regional design hubs including Birmingham, Manchester and Leeds.

Waterman’s highest profile job is the structural design of the 1,000,000 sq ft new UK headquarters for Google at King’s Cross where its design team was relocated to site in July for the construction phase.

The consultant currently has a ten-strong team on site where early preparatory work is underway ahead of construction in the New Year.


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