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WSP

Companies: WSH ��
05/03/2007

‘We’ve seen strong US markets, a good performance from our UK business, and Africa and the Middle East were enormously strong for us,’ enthused Malcolm Paul, finance director of WSP, which scored 35% adjusted pre-tax profits growth to �27.5m for calendar 2006.

The diversified consultant, delivering services into the property, transport and environmental sectors, enjoyed 20% top-line growth at �449.4m and cash from trading activities improved to �34.8m (�32m), underpinning a 40% hike in the total dividend to 9p.

WSP continues to build strong positions in its chosen markets, boasts a �700m order book and has ‘a pipeline of attractive opportunities on the horizon’, with strong activity likely to continue in the US and the Middle East, and in the property and environmental sectors. WSP continues to win a slew of major international projects, among them Towers 2 and 3 at Ground Zero in New York and the Dubai World Trade Centre development – projects providing revenue visibility and enhancing the group’s market reputation.

Paul sees another strong year shaping up and says the group’s service, sector and geographical diversity in a globalising marketplace sets WSP apart from its rivals. Last year, WSP began meaningful operations in Australia, India and Romania, and supported the rapid growth of its Dubai business through a further acquisition. A key US highlight was the acquisition of Environmental Strategies.

Numis’ Francesca Raleigh has upgraded her 2007 profit forecast by 5% to �31.8m and earnings by 8% to 35p, ahead of �35.6m and 39.2p of earnings for 2008. Trading updates and sensibly priced acquisitions could prompt upgrades and, with WSP offering income as well as capital growth, we like the look of the shares, trading on a forward multiple of 17.5 with a decent yield. Add.

James Crux

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