Merger profits engineering giants
Following the merger between engineering firms WSP and Parsons Binckerhoff Middle East the company has announced financial reports “in line with expectations” with the local region continuing to be a profitable region in which to operate.
Calling the figures for the first quarter of 2015 “solid” the company has revealed revenues of $1.4bn – which it says are the result of its business acquisitions.
Global growth is stated as being 14.2% up over the period while share dividends have also increased.
“After a full quarter of combined activities with Parsons Brinckerhoff, we are seeing the strength and promise of our combined business,” said Pierre Shoiry, WSP CEO.
“Our enlarged firm continues to perform in line with our expectations, and we are pleased with the impact that expected connectivity and revenue synergies will have on our growth. Our diversification across markets and geographies, our professional services business model, as well as the depth and breadth of our technical expertise provide increased opportunities for our clients and employees, which should sustain performance for our shareholders”.
The operating part of the business showed growth of 16.4% driven by – in the main – Middle East, UK and Swedish operations.
Tom Bower, managing director of WSP Parsons Brinckerhoff Middle East said: “We are pleased the Middle East region has continued on its upward trend of 2014; we have a good pipeline of secured work ahead of us.
“Proposal activity was strong during the quarter, particularly in the transportation and infrastructure – most notably rail – and property and buildings businesses. Our focus remained on project selection and ensuring we are retaining and attracting the best people.”