WSP announces post-deal revenue increase
Firm says revenues grow through Parsons Brinckerhoff acquisition, but profits hit by one-off costs
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.