Merger profits engineering consultants in the GCC
“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 this 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.” Tom Bower, Managing Director of commented when asked by the local specialised media.
After the merger between the international construction and engineering consultants WSP and Parsons Binckerhoff Middle East, the resulting company financial reports “in line with expectations” were as planned in the context of the GCC region being profitable still. “After a full quarter of combined activities with Parsons Brinckerhoff, we are seeing the strength and promise of our combined business,” said Pierre Shoiry, CEO of WSP.
The figures for the 2015 first quarter are believed to be “solid” as the merged companies finances show revenues of $1.4bn – which it says come principally from all those recent regional business acquisitions. In the meantime, global growth were stated to be 14.2% up from the preceding period and at the same time share dividends have increased as well.
“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 worldwide showed substantial growth of 16.4% driven by basically the Middle East, the UK and Swedish operations with the lion’s share of course being that from the GCC.