Support services group WSP has declared that it has turned around its business after a disastrous 2002.
This week, the company announced a pre-tax profit of £5.6m, up from £400,000 the previous year. Turnover reached £284m from £261m in 2002.

The £400,00 figure in 2002 had represented a 96% drop in pre-tax profit. Downturns in the commercial, financial, corporate and leisure sectors led WSP to undertake a restructuring exercise.

Chief executive Chris Cole said: "We've been controlling costs, doing good jobs, getting our heads down. We're about £500,000 ahead of market expectations (for pre-tax profit). We've turned it around."

Cole added that there are signs of growth both in the UK commercial market and in the USA. He predicted that the uplift in the UK would not boost the company until its 2005 results, after commercial clients started to show increased demand for their office space this year.

Cole added that WSP has drawn up a shortlist of sectors in which they wished to make acquisitions.

These are transportation, infrastructure and roads, with particular interest being shown in Dutch and Danish markets.

WSP would spend £10-20m on any one purchase.

WSP will not aim to win work in Iraq, despite its Middle Eastern operations. Cole said there were too many companies competing for contracts in the country and that it was unsafe.

Last week Mowlem boss Sir John Gains echoed the safety concerns, and said that it would not work in Iraq unless British and American forces guarded its staff.