The UK now accounts for 84% of the consultant’s turnover following the group’s withdrawal from the United Arab Emirates and Russia.

The firm said: “We are now in the first year of a three year plan to drive a sustainable improvement in our financial performance.

“It is pleasing to report that the Group has made good progress towards the target to triple adjusted profits before tax over the three year period.”

Interim results for the six months to 31 December 2013 show pre-tax profit up to £600,000 from £100,000 last time on turnover up to £34m from £31.4m.

Staff numbers rose 5% to 1,041 during the period and the firm is looking to take on another 100 people this year after 30 new staff joined during the first two months of 2014.

Chief executive Nick Taylor said: “We are not seeing skills shortages at the moment but it will start to be a factor.”

Waterman said the London property market continues to grow strongly while workloads are also improving outside the capital.

The UK operation reported an 18% growth in revenue, from £24.1m to £28.4m with operating profit reducing by 12% to £613,000 due to increased losses in the Civil & Transportation business which is being streamlined.

Chief Executive Nick Taylor said the Civil & Transportation business had a “tough year” but Waterman is “turning it around”.

The division has half of its 550 strong work force seconded to local authorities.

Taylor added: “The period has seen trading conditions and confidence improve in our core UK markets.  Our UK businesses grew revenue by 18% and now represent 84% of the Group.

“Waterman has continued to generate an improving trend in its financial performance. The recent strategic restructuring of the Group will enable Waterman to capitalise on improving conditions in its established markets where it enjoys longstanding client relationships.

“We are confident that our strategy over the next three years will deliver significant improvements in its results and generate increasing returns for our shareholders.”

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.