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16 Apr 2009
WS Atkins has been hit by £25m in late payments in its Middle East division.
In a trading update the construction firm said late payments had risen to £25m in the region, amounting to around half of its Middle East revenues in the first three months of 2009.
Chief executive Keith Clarke said the region had been affected by short term liquidity issues rather than longer lasting problems, reported the FT.
'We still have not written this money off, nor are we carrying bad debts,' said Clarke. 'If you’re a performing company there are still projects out there you can win at sensible margins.'
The firm also appointed a new FD, Heath Drewett, who takes on the role from Robert Macleod in June.
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Briefings
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