WSP hit by UK spending cutbacks

28th Feb 2011 13:50

Sales and profits fell last year at civil engineering consultant WSP. Revenue dropped 2% to £707m while operating profit, before exceptional items, reduced to £38m from £41.3m. Pre-tax profits fell to £19.2m from £25.4m.WSP's strongest region last year was Northern Europe, especially Sweden. In the UK, there was some modest recovery in the Property sector although Transport & Infrastructure saw a significant decline reflecting the impact of the government's spending review and the conclusion of the Area 12 Highways Agency contract.WSP anticipates trading patterns will be broadly maintained in 2011, with the private sector trading environment improving, albeit slowly. The dividend for the year is held at 15p.