Consultant and engineer Waterman has axed two directors as part of a restructure of the business
In a statement to the City this morning, the engineering and environmental consultant Waterman said it was “restructuring of the way it manages its internal business reporting lines” and as a result managing director of Waterman International Simon Harden and managing director of Warwerman’s civils business John Waiting had “agreed to step down as directors”.
Waterman said the two would leave the firm on 31 March “to pursue of interests”.
The firm said the changes were “fundamental” to its strategy to triple its pre-tax profit over the next three years.
The firm said it would now organise the business around two management boards - a Property Management Board and an Infrastructure, Environment and Energy Management Board.
It added: “The Board believes that this will simplify reporting and responsibilities within the business to give enhanced leadership and management to the two distinct halves of the Group.|”
The Property Board will be responsible for managing the Group’s Structures and Building Services businesses in the UK, Australia, Ireland, Russia and Poland.
The firm said the chief operating officer of this board would be Craig Beresford, who is currently managing director of the structures business in the UK.
The Infrastructure, Environment and Energy Board will be responsible for managing the Group’s Energy, Environment, Civil and Transportation businesses.
The chief operating officer of this Board will be Neil Humphrey, who is currently managing director of the energy, environment and design business.
Roger Fidgen, chairman of Waterman Group, said: “In restructuring the Group’s business reporting lines we have evolved the internal structure to more accurately reflect the recent changes to our business.
“We are confident that we remain on track with our strategy to triple the adjusted profit before tax over the next three years.”
Waterman reported a dip in pre-tax profit to £353,000 in the year to 30 June 2013, down from £530,000 the previous year.
Pre-tax profit was hit by redundancy costs from closing the firm’s Chinese operations and restructuring its UK business; office closures and provisions against losses from business in China. These formed the bulk of the company’s exceptional expenses totalling £414,000.
But the firm’s operating profit, which did not include these costs, remained stable at £1.1m.
The group also reported a dip in revenue to £66.8m down from £68.8m over the period.