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WSP cuts 1,000 jobs over past six months as profit tumbles

Consultant WSP has cut 1,000 jobs over the past six months after restructuring the business to cope with a fall in profits during the downturn.

WSP’s pre-tax profit in the six months to 30 June fell to £17.7 million from £23 million the year earlier while turnover climbed to £376.9 million from £363.5 million.

The firm’s workforce has reduced from more than 10,000 at the beginning of the year to 9,000 today.

WSP chief executive Chris Cole said: “The diversification of our business across many sectors and regions has enabled the group to deliver sound financial results in a difficult business climate.

“The group is well financed and we believe that its diversification and reputation, together with its experienced, talented and committed workforce, means we are well placed to trade through the current economic environment and to take advantage when the market improves.”

While the company’s transport and infrastructure division, which is almost entirely focused on the public sector, saw turnover climb by 29 per cent to £115.8 million, property revenues fell by 5 per cent to £172 million

Turnover from the environment and energy division fell 6 per cent to £43.6 million and management and industrial revenues were down by 3 per cent at £45.5 million.