Scott Wilson Release Interim Results
Scott Wilson Group plc, (”Scott Wilson” or “the Group”), the international consultancy based in Basingstoke offering integrated professional services in the transportation, property, environmental and natural resources sectors, today reports its interim results for the 26 week period ended 28 October 2007.
Highlights
- Another period of significant growth with performance continuing to exceed the five-year strategic plan
- Record order book of £280m, providing good visibility through the second half of the year and beyond
- Two acquisitions completed during the period further improve the Group’s diversity and balance; integration of 2006 acquisitions on track and continuing to deliver significant operating synergies
- Medium term growth targets upgraded: operating margin of at least 10 per cent by 2013; EPS growth of 15 per cent per annum
- Sean Cummins appointed as Group Finance Director on 1 October 2007
The Directors believe that the presentation of adjusted operating profit, adjusted operating margin, adjusted profit before tax and adjusted earnings per share assists with the understanding of the performance of the Group.
- Adjusted operating profit is operating profit adjusted for the impact of amortisation of business combination intangibles, changes in the fair value of derivative financial instruments and the Group’s share of taxation in relation to joint ventures.
- Adjusted operating margin is adjusted operating profit expressed as a percentage of revenue including share of joint ventures.
- Adjusted profit before taxation is profit before taxation adjusted for the impact of amortisation of business combination intangibles, changes in the fair value of derivative financial instruments and the Group’s share of taxation in relation to joint ventures.
- Adjusted earnings per share is earnings per share adjusted for the impact amortisation of business combination intangibles and changes in the fair value of derivative financial instruments.
Reconciliations of these measures to operating profit, operating margin, profit before tax and earnings per share are set out in notes 6 and 13 to the condensed consolidated financial statements.
Financial summary
| 2007/2008 | 2006/2007 | Change | |
|---|---|---|---|
| Revenue including share of joint ventures | £153.1m | £113.2m | +35% |
| Group revenue | £146.9m | £108.6m | +35% |
| Operating profit | £9.6m | £7.1m | +35% |
| Adjusted* operating profit | £11.0m | £7.2m | +53% |
| Adjusted* operating margin 7.2% 6.3% +14% | £153.1m | £113.2m | +35% |
| Adjusted* basic earnings per share | 10.2p | 7.6p | +34% |
| Basic earnings per share | 9.0p | 7.6p | +18% |
| Diluted earnings per share | 8.5p | 7.4p | +15% |
| Interim dividend | 1.2p | 1.0p | +20% |
Geoff French, Chairman of Scott Wilson commented:
This has been another period of significant growth for Scott Wilson, during which we have continued to take full advantage of strong market conditions and reap the rewards of the strategic acquisitions we have made. The important project wins, in both our domestic and international business, during the first half of the year demonstrate the increasing diversity of the Group, both in terms of geography and market sectors. The combination of our broader service offering with a record order book and continuing high demand means that we are confident we will deliver results in line with full year expectations


