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32 Reviews Operating and Financial Review Segmental performance Continued Asset Management % change Key performance indicators 2008 2007 in year Financial metrics Revenue £52.4m £50.9m +3% Operating profit £2.8m £2.0m +40% Operating margin 5.3% 3.9% +1.4pp Share of post-tax JV profits £0.2m £2.2m -91% Work in hand 99% 99% – People Staff numbers at 31 March 669 680 -2% Average staff numbers 674 669 +1% Note 2007 has been restated to include the continuing elements of the former Equity Investments segment. +40% Operating profit Revenue by client type Public Sector: Local Government Public Sector: National Government Private Sector Revenue by business Defence Managing Agent Managing Contractor Revenue by size of job Contracts > £1m Contracts between £0.1m and £1m Contracts < £0.1m WS <strong>Atkins</strong> plc Annual Report 2008
Reviews 33 Asset Management had a good year with results broadly in line with our expectations. There is strong demand for our managing agent service offering support to both private and public sector clients with large property portfolios. Our contract with Barclays Bank has been extended to 2012 and in March 2008 we were awarded a contract that will enable the Home Office to improve the management and sustainability of its property estate. Outlook Our Asset Management business remains a small but profitable part of the Group. Work in hand at 31 March 2008 represented 99% of budgeted revenue for 2008/09. Discontinued operations Lambert Smith Hampton The disposal of Lambert Smith Hampton (LSH) to the management team was completed on 20 July 2007. Cash received during the year was £45.5m with a further £6.5m deferred in the form of loan notes. The disposal resulted in a gain of £20m. In the period to disposal, LSH recorded revenue of £16.0m and a profit after tax of £0.2m. Metronet Enterprise The Metronet infrastructure companies entered PPP Administration on 18 July 2007 and Trans4m’s contracts were terminated on 30 August 2007. An exceptional accounting gain of £17.2m has arisen on the accelerated release of deferred income following Metronet entering administration. This relates to the unamortised balance of amounts received by the Group in April 2003 in respect of bid cost recoveries and project development fees. The amount received was previously being released to the income statement over the 30-year life of the contract in accordance with the Group’s policy in relation to bid recovery fees on PPP/PFI investments. Profit after tax relating to discontinued Metronet activities was £11.2m. On 27 May 2008, certain trade and assets of the Metronet infrastructure companies were transferred by the PPP Administrator to two new entities established by Transport for London. We retain our 25% shareholding in Trans4m Limited and our 20% shareholding in the residual groups headed by Metronet Rail BCV Holdings Limited and Metronet Rail SSL Holdings Limited, although these entities are not currently trading. Introduction Reviews Governance Financial Statements Investor Information WS <strong>Atkins</strong> plc Annual Report 2008
Page 1 and 2: WS Atkins plc Annual Report 2008 Pl
Page 3 and 4: Financial Highlights Introduction 0
Page 5 and 6: Introduction 03 North America 680 *
Page 7 and 8: Introduction 05 Revenue £374m £27
Page 9 and 10: Introduction 07 Results I am please
Page 11 and 12: Introduction 09 Atkins is a consult
Page 13 and 14: Introduction 11 Each business consi
Page 15 and 16: Reviews Reviews 14 Human Resources
Page 17 and 18: Reviews 15 +24% Increase in headcou
Page 19 and 20: Reviews 17 Reward We continue to mo
Page 21 and 22: Reviews 19 Key performance indicato
Page 23 and 24: Reviews 21 Design and Engineering S
Page 25 and 26: Reviews 23 Our Highways and Transpo
Page 27 and 28: Reviews 25 The Rail segment perform
Page 29 and 30: Reviews 27 This year we have reorga
Page 31 and 32: Reviews 29 Europe As a whole, the E
Page 33: Reviews 31 The performance of the M
Page 37 and 38: Reviews 35 £168.4m Net funds Net c
Page 39 and 40: Operating and Financial Review Prin
Page 41 and 42: Reviews 39 to be the driver if our
Page 43 and 44: Reviews 41 During the year our US o
Page 45 and 46: Governance Governance 44 Board of D
Page 47 and 48: Governance 45 James Morley Non-exec
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Page 51 and 52: Governance 49 The directors confirm
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Page 55 and 56: Governance 53 A continuing professi
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Page 59 and 60: Governance 57 The targets against w
Page 61 and 62: Governance 59 Audited information D
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Page 65 and 66: Financial Statements Financial Stat
Page 67 and 68: Consolidated and Parent Company Sta
Page 69 and 70: Financial Statements 67 Consolidate
Page 71 and 72: Financial Statements 69 Transaction
Page 73 and 74: Financial Statements 71 The results
Page 75 and 76: Financial Statements 73 Other recei
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Page 79 and 80: Financial Statements 77 Derivative
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Financial Statements 83 6. Employee
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Financial Statements 85 b) Factors
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Financial Statements 87 Metronet an
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Financial Statements 89 14. Goodwil
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Financial Statements 91 16. Other i
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Financial Statements 93 18. Investm
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Financial Statements 95 21. Invento
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Financial Statements 97 The carryin
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Financial Statements 99 29. Retirem
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Financial Statements 101 Atkins Rai
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Financial Statements 103 Movements
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Financial Statements 105 At 31 Marc
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Financial Statements 107 The effect
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Financial Statements 109 33. Statem
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Financial Statements 111 37. Operat
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Financial Statements 113 41. Subsid
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Financial Statements 115 Consolidat
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Investor Information Introduction R
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Notes Investor Information 119 Intr
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This Annual Report is printed by a
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