WSP announces post-deal revenue increase

Firm says revenues grow through Parsons Brinckerhoff acquisition, but profits hit by one-off costs

WSP's Middle East practice designed the platform for the Burj Khalifa base jump
WSP's Middle East practice designed the platform for the Burj Khalifa base jump

Consulting engineer WSP has announced that it achieved a 44% increase in revenues for 2014 to $2.9bn, which was partly due to its $1.3bn acquisition of Parsons Brinckerhoff in September.

It reported global organic growth of 10.4%, but its net profit dropped by 11% to $62.2m (2013: $70.2m), which was largely due to an increase in one-off costs.

Acquisitions of WSP and a number of other businesses during the year, including US-based Texas Engineers and the former Dessau business in Colombia has allowed the firm to more than double its backlog in the final quarter of the year to over $3.9bn (Q3 2014: $1.9bn).

Pierre Shoiry, WSP's president and CEO, said: "Going into 2015, we intend to continue our strong execution, with a focus on integration, organic growth-based performance and continued improvements in our project delivery capabilities."

Its Rest of the World division, which includes the firm's Middle East operations, grew sales by 68.6% tp $406.3m, but 44.6% of this was as a result of acquisitions.

Growth was led by its Middle East, Asian and Colombian operations.

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