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Waterman turnover up 12pc after redundancy savings

Waterman Group has reported a 12 per cent increase in turnover after recent redundancies helped the firm to a £9 million annual saving.

The engineering consultancy saw turnover increase 12 per cent in the six months to 31 December from £63.6 million in 2007 to £71.1 million.

Pre-tax profit dropped slightly during the same period, from £3.3 million to £3.1 million.

The company admitted that it had made “reductions to temporary and permanent staff”, saving £9 million a year, though it did not specify how many had lost their jobs.

Waterman earns one-third of its total turnover overseas, in areas such as the Middle East, Australia and Russia. It said that work in the UAE had dropped off, but that opportunities remained in Libya and Qatar.

Chief executive Nick Taylor said: “Trading conditions proved challenging.

“Certain sectors and economies in various countries are slowing which is providing uncertainty to our future workload. In particular Dubai.”