WS Atkins reaffirms full-year expectations

Design, engineering and project management consultancy WS Atkins reaffirmed its expectations for the year to the end of March following a solid fourth quarter in which it traded well.

In a trading update for the year to the end of March, the company said the performance across its five operating segments has remained consistent with that reported in its third-quarter update in February.

The group said it continues to perform well in the major markets of the UK and North America where it expects to show further good progress in the full year. It noted that since its third-quarter update, market conditions have remained broadly unchanged in the Middle East and Asia Pacific, while in the energy division it is encouraged by the early signs of stabilisation in the oil and gas market.

Atkins said expects to report net debt of around £10m at 31 March 2017, adding that during the period, its £100m revolving credit facility was extended by one year to a new maturity date of March 2020.

As announced last week, the company said it has reached agreement with the Trustee of the Atkins Pension Plan with respect to the 2016 triennial valuation, with the associated repayment plan unchanged from the previous valuation exercise in 2013. The agreed funding deficit at 31 March 2016 is £318 million versus £430m at 31 March 2013.

At 0808 BST, the shares were up 0.1% to 1,980p.