Solid First Half Results - Margin Growth Target Remains Intact
Despite the uncertainty that followed the EU referendum, Waterman has continued to trade steadily with good levels of enquiries and new commissions. It has a sufficiently broad operational and geographic spread to provide continued resilience and is likely to benefit from the recent increase in government funding for road spending. In addition, the fall in sterling will positively affect reported profits from its overseas activities. The most recent trading update and interim results point to a consistent order book and indicate that the full year outturn will be a touch better than last year. In addition, the company is on track to deliver its objective to improve adjusted operating margin from its current level of 4% towards 6% by 2019. The share price has been adversely affected by worries over faltering UK construction markets and now offer significant upside compared to peer group valuations.​
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