Atkins shows profit and readiness for IFRS
Britain's largest engineering consultancy Atkins has posted a 50% rise in first-half profit, meeting all its forecasts.
Link: Burberry Group to publish IFRS results
The company, which provides consultancy and support services for rail, road, telecoms and defence projects, reported a strong outlook in all its main markets.
Atkins made a £26.6 million pre-tax profit in the six months to end of September, on turnover up 6% to £544 million.
‘Whilst overall turnover growth is expected to be modest next year, the prospects in all our core markets are good, especially in the UK where the government has committed to major investment to improve public sector infrastructure,’ said chairman Michael Jeffries.
Chief executive Keith Clarke said conversion to IFRS ‘should not affect the group’s operational prospects or its ability to generate cash,’ Reuters reported.
He also said that because of Atkins’s strong cashflow, it would boost payments to the company’s pension schemes to £10 million per year from the £4.3 million agreed with staff a year ago.