Consultant hopes bail out money from Abu Dhabi will result in contracts being paid in Dubai
WSP Group has revealed it is owed around £15m from contracts with clients in Dubai.
In its pre-close trading update, the group admitted the recent announcements in Dubai had increased its uncertainty as to when and how the resolution of its contracts would be resolved.
But it said it was encouraged by the recent indication of support from Abu Dhabi, and would continue to “actively pursue its contractual entitlements to amounts due”.
WSP acknowledged that the year had proved to be “challenging in some very testing markets”. However it said its European operations had proved particularly resilient, where activities were weighted towards the public sector.
The group’s long term order book has fallen from that reported at the half year, to £970m, and it said it expected conditions in the private sector to remain subdued, and anticipated public expenditure to come under further pressure.