Consultant reveals charges for bad debt overseas and restructuring costs in 2009 results
Turnover at engineering and environmental consultant Waterman fell 10% from £136.4m to £122.4m in the year ended 30 June 2009.
Meanwhile, pre-tax profit fell 63% from £7m to £2.6m as the group revealed it had taken a £2.8m hit for charges that included bad debt overseas and a £2.1m charge for redundancy and restructuring costs.
The group reduced net debt at the year-end from £12.5m to £10.2m.
The group cited Russia, the UAE and Ireland as countries where it is currently negotiating the repayment of outstanding fees. A third of its turnover comes from overseas.
Chief executive Nick Taylor said: “It will take time for the world's economy to recover. Waterman is a diversified business and over 30% of the company's revenue comes from overseas projects.
"Whilst we are in good shape, with over 55% of our budget revenue for the year ahead already secured and with net debt reduced, the next period in our development will continue to be challenging.”