Engineer bounces back from June's full-year loss to record interim profit of £42.7m
Atkins has reported a 46% profit rise in its half year results as it stages a recovery from its Metronet losses.
The engineer reported £42.7m pre-tax profit for the six months to 30 September, compared with £29.3m in the same period last year. Turnover increased to £633.8m from £569m over the six months.
The result is a welcome recovery after Atkins’ £37m full year loss in June – the company’s worst ever results under chief executive Keith Clarke – when the company wrote off its equity involvement in Metronet.
The consultant has also announced a £100m share buyback to strengthen its balance sheet following the resolution of the uncertainty surrounding the group’s involvement in Metronet, which was placed in administration in July.
Keith Clarke said: “These are very good results and we are well positioned to improve and grow in our key business of engineering and design. This is a great business in great shape which is scaleable and enduring.”