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Profit halves at WSP
Tue, 07 Feb, 2012
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Profit halves at WSP
Mon, 1 Mar 2010, 09:37:00
Engineering consultant <b>WSP</b> said annual pre-tax profit halved after restructuring charges and as the economic slowdown created a 'particularly testing year.' Profit before tax fell to £25.4m for the year ended 31 December 2009 from £52.1m the year before. Revenue declined to £723.3m from £755.2m in 2008. The group said its business markets in the UK and US were particularly difficult while the liquidity crisis in Dubai has also had a significant impact on its performance. Staff levels in Dubai have been reduced by over 40% to around 450 staff, it said. Operating profit, before exceptional items, fell to £41.3m after absorbing £6.2m of restructuring costs. WSP ended the year with net debt of £59.6m, a touch higher than the previous year. WSP declared a final dividend of 10p per share, taking the total dividend for the year to 15p, the same as the previous year.
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