Efforts have been focused on developing existing business and seeking growth within countries and markets where the company already has a strong position. Client satisfaction remains consistently high and a new integrated approach to project management has been introduced to further raise the bar on project success. In a move to encourage closer internal collaboration and faster decision making, the company structure has been streamlined from 8 to 4 Business Lines. The new structure supports delivery of the increasingly integrated solutions which are required to solve the complex challenges faced in society.
Sound financial performance and strong growth in orders
Project wins spurred the company’s growth with an order portfolio up by 27% at the end of 2015. Increased activities in Aviation and Buildings produced healthy organic growth of 2%. Business in the Netherlands was good and after difficult market conditions the previous year, the South African operation recovered in 2015 while part of the UK business struggled. The company reports healthy cash flow and a small increase in utilisation rate.
The net result is impacted by a number of exceptional items, including divestments, restructuring costs and goodwill impairments and a book profit on the sale-leaseback transaction for office buildings in the Netherlands. Excluding all exceptional items, the net result would have been €12.1 million.
Financial key figures
|(€ million, unless stated otherwise)
|Operating margin (recurring)||4.0%||2.3%|
|Total cash flow **||57.1||29.5|
*EBITA excluding non-operational items.
**including €31.5 million from sale-leaseback transaction for office buildings in the Netherlands.
Major project wins reaffirm company's leading position
A succession of major project wins during the year confirmed the company’s leading global position across key services. These included:
- Mexico City’s new international airport whose revolutionary design is setting new standards in the industry.
- The new canal Seine-Nord Europe which links Paris to Lille and creates a gateway from France to Belgium, eliminating a major bottleneck on the European waterway network.
- Widening of the eastern part of the A1 Highway in the Netherlands relieving traffic congestion.
- Dogger Bank wind farm that will generate power to some 2 million homes in the UK.
- Denmark’s first national centre for particle therapy which will offer state-of-the-art treatment to thousands of cancer patients.
- A coastal protection programme in Bangladesh bringing safety from flooding to hundreds of thousands of people.
- Deployment of the Nereda wastewater treatment technology at the new Irish Water plant for Cork Lower Harbour, significantly enhancing the water quality and the environment in the harbour.