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Date: Monday 06 Oct 2008

LONDON (ShareCast) - Engineering and environmental consultancy Waterman Group raised its dividend as pre-tax profits and revenues came in ahead of market expectations.

Adjusted profit before tax in the year to June 30 climbed to £7.4m from £5.2m as revenue from continuing operations rose to £136.4m from £103.9m.

The group will now pay a total full year dividend of 6.3p, compared with 5.8p a year ago.

The group’s environmental companies benefited from an expansion in the environmental and sustainability sectors. Its civil engineering companies exceeded revenue and profit targets for the year and generated 46% of UK turnover.

Contracts with councils, Network Rail, London Underground infrastructure companies and British Airways provided a steady flow of work in highway design and planning, rail station improvements and projects at Heathrow and Gatwick Airports, Waterman said.

It added that demand for its services was increasing despite uncertainty over the global economy.

“Our balance sheet is in good health and gearing across the group is low,” chief executive Nick Taylor said.

“We are very conscious of the current difficulties in the financial sector, but the group remains committed to maintaining our strong reputation and growth in expanding markets.”

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