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Atkins revenues and pre-tax profits down

Atkins’s pre-tax profits fell nearly 6 per cent this year as overall revenue plunged by more than £100m, with 1,800 workers losing their jobs

The global design and engineering firm today confirmed restructuring and pension deficit costs impacted on its performance in the year up to March 2010.

Pre-tax profits fell to £96.6 million from £102.7 million and revenue was down 6.7 per cent.

1,816 people were laid off and 500 were redeployed at the company, which employs over 15,000 staff.

A statement from Atkins warned the uncertainty caused by UK spending cuts meant it was prepared for a period of tighter Government spending.

The statement read:  ‘We are pleased to report that Atkins had another good year.  These strong results, delivered in a tough economic environment, demonstrate the resilience of our strategy. The Group has good levels of work in hand and a strong balance sheet and we are well positioned for when growth returns.’

Atkins’ operating profit increased 9.6 per cent to £113 million.

 

Atkins’ preliminary results

  20102009change
Continuing operations    
Revenue £1,387.9m£1,487.2m-6.7%
     
Operating profit £113.0m£103.1m+9.6%
     
Operating margin 8.1%6.9%+1.2pp
Normalised profit before taxation £96.5m£100.2m-3.7%
Profit before taxation £96.6m£102.7m-5.9%
Profit for the year £77.3m£84.2m-8.2%
     
Normalised diluted EPS 77.8p82.3p-5.5%
Diluted EPS 77.9p84.8p-8.1%
Dividend relating to the year 27.5p26.0p+5.8%
Continuing and discontinuing operations (total)    
Profit for the year £102.3m£84.2m+21.5%
Normalised diluted EPS 77.8p82.3p-5.5%
Diluted EPS 103.1p84.8p+21.6%
     
Cash and cash flows    
 Net funds £302.5m£234.2m+29.2%
 Cash flow from operating activities £126.5m£125.5m+0.8%
     
People    
Average staff numbers for the year 16,42117,988-8.7%
Staff numbers at 31 March 15,60118,017-13.4%
     

 

SUMMARY

  • Operating profit up 9.6% and operating margin up to 8.1%.
  • Restructuring costs of £16m taken above the line.
  • Continuing strong operating cash flow of £126.5m and net funds of £302.5m.
  • Normalised diluted EPS down 5.5%.
  • Good work in hand representing 54% of budgeted revenue.
  • Recommended final dividend of 18.25p, making the total dividend 27.5p, up 5.8%.

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