Waterman posts £5m loss

Engineering and environmental consultant Waterman Group has posted a £5m pre tax loss as revenue dips by over £40m.

In its preliminary results for the year ended 30 June 2010, the firm said trading had been difficult as property markets in the UK and overseas remained subdued by the downturn in the economy.

Revenue for the year was £83.2m down from £122.4m in 2009 for the same time last year while pre tax profit was £0.6m before provisions of £5.6m for exceptional items including redundancy costs and difficulties collecting on contracts in Europe.

Nick Taylor, chief executive said -“Waterman has traded through a difficult period when property markets in the UK and overseas have remained subdued by the downturn in the economy. Specific actions have been taken to align the business with future workload and prospects”

Looking forward he said: ” Although our markets are brighter than before, there is reason to expect a slow recovery. Government finances in deficit, reduced stimulus measures, rising borrowing margins, higher inflation and risks for falling asset prices may all be contributory factors. We remain alert to opportunities which will arise and the risk that new threats may become apparent.”