Shares in engineering group rise after announcement of increased profit on back of revenue growth abroad

Shares at engineering firm Waterman Group rose seven points this morning after it posted a 37% rise in full-year profit.

The consultant said pre-tax profit had risen to £7m for the year to 30 June, up from £5.1m in 2007. Revenue rose 31% to £136.4m, largely as a result of growth in overseas markets including Abu Dhabi and Kazakhstan.

The firm said that both revenue and profit were ahead of market expectations and its order book was at a record level of £225m, up from £205m last year.

Chief executive Nick Taylor said he was particularly pleased with Waterman's overseas operations, which increased by 57% and accounted for 32% of group turnover.

He added: “Looking ahead, our balance sheet is in good health and gearing across the group is low. We are very conscious of the current difficulties in the financial sector, but the group remain committed to maintaining our strong reputation and growth in expanding markets.”

Waterman also announced it is to open an office in Chennai, India, and confirmed that it has been appointed as lead engineering consultant on the 582,000m_ Abu Dhabi Plaza development in Astana, Kazakhstan.