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Integrated Solutions for Tomorrow's World

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Integrated Solutions for Tomorrow's World Integrated solutions for tomorrow’s world WS Atkins plc Annual review 2001 WS Atkins’ vision is to be Contents the world’s first choice Chairman’s statement 2 supplier of technical services Chief Executive’s introduction 4 and integrated solutions. Review of the year 5 Our projects 20 Directors and advisers 24 WS Atkins plc is one of the world’s leading Summary report of the Directors 26 providers of professional, technologically-based Statement of the Independent Auditors 27 consultancy and support services. In recent Consolidated profit and loss account 28 years, it has expanded from its historical base Consolidated balance sheet 29 in traditional engineering, management Summary cash flow statement 30 consultancy and property services into related Summary Directors’ emoluments 31 technological consultancy and the management Five year summary 32 of outsourced facilities. Investors’ information 36 Atkins provides services for a wide range of public sector organisations and blue chip private sector companies. Atkins’ operations are based in some 125 offices throughout the UK, and a further 48 offices providing consultancy services in Continental Europe, the Middle East, Asia Pacific and the Americas. Employees by segment As at 31 March 2001, Atkins employed over 12,800 permanent staff providing services in more than 50 countries worldwide. 2 2,23 l – Tr na 30 an io 9 sp at o n USA 2, r r 53 ta te 2 t n 2 io I 0 s n ,3 d 1 a – R o est of world R 3 , 4 0 6 y r t s u d 8 n I 7 4 0 Rail & 4 Management WS Atkins plc t 9 , n & Industry * 1 12,843 e m e g De a s P ign n r 4 o a j 7 e 9 M c t S e r v Lambert Smith ic e 1 Hampton s ,1 8 6 1 21 Facilities Management 1, 1,623 94 4,9 y – Propert * includes 271 corporate support staff Highlights 2001 2000 Turnover† £674.0m £516.8m up 30% Operating profit†† £33.0m £29.4m up 12% Adjusted profit before tax††† £44.0m £38.5m up 14% Adjusted earnings per share††† 31.7p 26.1p up 21% Dividends per share 10.8p 10.0p up 8% 2001 – up 30%2001 – up 12% 2001 – up 14% £674m £33.0m £44.0m £29.4m £38.5m £517m £34.7m £23.8m £30.5m £21.4m £426m £26.7m £366m £17.5m £328m 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 Group turnover† Operating profit†† Adjusted Group profit before tax††† 2001 – up 21% 2001 – up 8% 2001 – up 10% 31.7p 10.8p 12,843 10.0p 11,633 9.25p 26.1p 23.2p 8.1p 8,522 20.2p 6.9p 7,826 17.3p 7,342 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 Adjusted earnings Dividends per share Employees per share††† † Excluding share of Joint Ventures †† Excluding Amortisation of ††† Excluding Amortisation of Goodwill, Employee Benefit Goodwill and Employee Trusts, Joint Ventures and Benefit Trusts Pension Credit Annual Review 2001 Annual WS Atkins plc 1 Chairman’s statement Performance – in-year Strategic progress I am pleased to report that the Group has continued to make Customers in both the private and the public sectors continue strong progress, achieving good in-year results. This has to increase their demand for integrated solutions underpinned been achieved against a background of increased investment by strong technology and the effective management of change. in business development and technology to give the Group This plays to Atkins’ core strengths and we have broadened greater competitive advantage in the future. our service offerings to benefit from this demand. We have expanded into new areas such as Facilities Management for For the ninth consecutive year (including five since Admission to Telkom SA Limited, Education Services for the London Borough the London Stock Exchange in July 1996), the year to 31 March of Southwark and Programme Management for 5,000 Shell 2001 continued the Group’s trend of record turnover and petrol stations in 12 European countries. In the private sector profit.Turnover increased by 30% to £674m (2000: £516.8m), we have won asset backed services contracts, both for power including an increase of 16% in organic turnover. Adjusted profit generation in the UK and heating and ventilation for Ford in before taxation rose by 14% to £44.0m (2000: £38.5m) and the United States. adjusted earnings per share were up 21% at 31.7p (2000: 26.1p). In addition, as a 20% shareholder of the Metronet consortium, The major acquisitions made in the year to March 2000 – the Group was selected in May 2001 as the preferred bidder Lambert Smith Hampton and Atkins Benham – have both for the Bakerloo, Central and Victoria lines franchise for the performed well in their first full year with the Group. London Underground Public Private Partnership. While negotiations towards Financial Close – expected to be in late Having financed both the fixed and working capital requirements 2001 – continue to be subject to political considerations, we of its organic growth, the Group continues to have a liquid are optimistic that Metronet will deliver significant benefits, balance sheet, with net cash funds at 31 March 2001 of £11.5m both to the travelling public and to the Group. (2000: £7.1m) and committed borrowing facilities in place. Performance – five year record In terms of implementing our strategy and achieving in-year Adjusted earnings per share have risen from 14.4p in 1996 to results, the period represents a further good performance by 31.7p in 2001, equivalent to a Cumulative Annual Growth Rate our management team and over 12,800 WS Atkins’ people (‘CAGR’) of 17% over the five years. Total Shareholder Return world-wide. (‘TSR’) of 33% per annum has been achieved. Our operations and performance are reviewed in detail in the Dividends Review of the Year. The proposed final dividend of 7.20p per share, subject to shareholders’ approval at the Annual General Meeting on 7 August 2001, will be paid on 10 August 2001 to shareholders on the register at the close of business on 15 June 2001.This brings total dividends for the year to 10.80p (2000: 10.00p), an increase of 8% on the previous year, reflecting the Board’s confidence in the Group’s continued growth. As previously reported to shareholders, the Board is gradually Michael Jeffries increasing dividend cover.This year dividend cover is 2.9 times Chairman (2000: 2.6 times). Integrated solutions for tomorrow’s world tomorrow’s for Integrated solutions 2 Board During the year the Group commenced a major initiative to At the end of March Sir Alan Rudge, our Chairman since 1997, put in place a global knowledge management system. The and Sir William Ryrie, a non-executive director since 1994, core systems for Finance and Human Resources for the UK retired from the Board. On behalf of the Board, I take this Operations will also be replaced in 2002. opportunity to thank them both for their significant contributions to the Group’s development. I would particularly Corporate Governance like to add my personal thanks to Sir Alan who played a The Group continues to strive to achieve corporate governance significant part in securing the Group’s re-organisation into best practice. It has complied fully with the London Stock market facing National Business Streams in 1999. Exchange’s Principles of Good Governance and Code of Best Practice (“the Combined Code”). In January the Board announced that Robin Southwell would join the Group from BAe Systems plc as Chief Executive, and The Board believes that dialogue with shareholders is important that I would be appointed as Chairman with effect from and continues to welcome their views. In this regard, I will 1 April 2001. The Board also appointed two new be reporting on the response to our fourth shareholder annual non-executive directors: Struan Robertson and James Morley, survey with the 2001/2002 Interim Results. in August 2000 and January 2001 respectively. Prospects I welcome all three new directors to the Board and especially Over the last decade the Group has taken advantage of its markets extend my good wishes to Robin Southwell in his role as CEO. to grow, both organically and by way of acquisition. We have proved adept at identifying and executing opportunities, adding The changes provide a further impetus and strengthening to value through our long-standing culture of embracing change. the Group’s operations with continuity of strategic leadership. Looking to the future, based on rising demand for effective People infrastructure services from both the private and public sectors The Group’s success in the future remains wholly dependent around the world, we continue to see increasing opportunities upon the skills, quality and commitment of our people. for our services, both in our traditional markets, such as property Continuing to recruit and retain high quality people is ever and transport, and in new areas, such as education and health. more central to our success. Accordingly we have increased our investment in recruitment procedures and in training and Robin Southwell, our new Chief Executive, is supported by an personal development. Our policies and procedures take experienced Board and a talented and committed staff. With account of discussions and surveys with our staff. this in place, I have increasing confidence that the Group is well positioned to realise the opportunities for growth available to On behalf of the Board I am glad of this annual opportunity it and to continue to deliver sustainable good results.
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