Listed consulting engineer Waterman Group has reported a 50% rise in profits on revenue up 9% and beaten its three-year targets.
For the year ended 30th June 2016, Waterman generated revenue of £91.3m (2015: £83.9m) and profit before tax of £4.3m (2015: £3.4m).
The board had previously set targets for the three years to 30th June 2016 of making £3.3m pre-tax profit and increasing return on capital employed to more than 20%. On the latter count, it delivered 47% in the past year.
Chief executive Nick Taylor said: “Waterman is in excellent shape, having reported results which exceed its previously declared financial objectives.”
He said: “Over the last three years, the group has delivered a six times increase in the annual dividend paid to shareholders to 3.0p from 0.5p and during the same period, after paying shareholders dividends of £1.4m, net funds have increased to £5.5m from £1.1m.
“Our future aspiration remains to improve the group’s adjusted operating profit margin towards 6% over the next three years and to continue to increase our dividend payout consistent with the cash generative nature of the business.”
This article was published on 10 Oct 2016 (last updated on 10 Oct 2016).
