Waterman is in the first year of a three-year plan to triple its adjusted pre-tax profits. In the first half of its current financial year it made progress on this, raising them from £500,000 to £700,000. Revenue for the six months to 31 December 2014 was £34.0m, up from £31.3m last time, with 84% of revenue now coming from the UK.
Withdrawal from the UAE began in July 2013 and completed at the end of January 2014.
On 14 January, the board implemented the second phase of restructuring overseas operations and began withdrawal from Russia. The Russian operation made an operating loss of £88,000 in the first half and by year-end is expected to make a £1.9m dent in the accounts.
UK revenues grew solidly in the first half from £24.1m last time to £28.4m. The civil & transportation division, largely based outside London, continue to struggle though, making an operating loss of £583,000, which was even worse than its £139,000 first-half loss last time. This business is now being merged with the energy, environment & design division.
Waterman also has offices in Australia, Ireland and Poland
Commenting on the results, chief executive Nick Taylor said: "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."
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