BusinessCompany NewsWS Atkins hit by Middle East late payments

WS Atkins hit by Middle East late payments

WS Atkins takes late payments on the chin

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.

Further reading:

New FD for engineering consultancy
WS Atkins

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