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WSP profits leap

Engineering firm WSP has posted pre-tax profits of £37.4 million for 2007 – a jump of 42 per cent.

The group announced revenues of £577.4 million for the year to December, up 28 per cent from 2006.

Chairman David Turner said the group’s strategy of international expansion and cross-sector diversification helped it perform ahead of market expectations, with revenue and profits likely to increase this year despite "challenging economic indicators”.

WSP has a record order book of £940 million – with two-thirds of target revenue for the current year already secured along with 40 per cent of 2009 target revenue.

Net debt climbed significantly, up 75 per cent to £61 million with the group paying £43 million for acquisitions. But Mr Turner said borrowings remained “comfortably within our overall bank facilities of more than £110 million”.