Consultancy firm’s profits rise 17-fold as costs cut

Pre-tax profits at consultancy firm WS Atkins Ireland last year increased 17-fold to €396,291.

The firm has offices in Cork, Dublin, and Galway, and new accounts show that the firm’s pre-tax profits increased from €22,773 to €396,291 in the 12 months to March 31, 2013.

According to the directors’ report, the increase in profit “is a very significant achievement and reflects efficiency and system improvements which have made Atkins Ireland more adaptable, responsive, efficient, and flexible in the manner in which it delivers work to the client base”.

The firm recorded the increase in profit as its gross profit increased from €2.21m to €2.35m.

Atkins provides consultancy across the civil and structural engineering areas, motorways, environmental, water, transportation planning, and project management.

The directors state that Atkins continues to trade in a challenging business environment. “The construction and civil engineering sectors have been adversely impacted by both Government capital spending reductions and overall weaker economic conditions.”

The directors say the service it provides “and the repeat business which it generates has helped us to withstand the difficulties of the very deep recession”.

It adds: “A strong client focus, a local service, delivery excellence, and an emphasis on adaptability, responsiveness, and efficiency all allied to the international support of the Atkins Group placed Atkins Ireland in a strong position to take advantage of the economic improvements that will occur over the next few years.”

The directors of the UK-owned firm say they are confident that Atkins Ireland “will grow and expand to provide increasing levels of excellent service to our client base in the years ahead”.

Atkins Ireland cut its employee numbers from 79 to 68 last year, with redundancy rising from €2,167 in 2012 to €111,682 last year.

Salary costs decreased in kind in 2012, falling from €4.2m to €3.8m.

The seven directors received remuneration of €637,556, down from €734,538 in 2012.

No dividend was paid by the firm, following the €1m dividend payout in 2012.

The figures show that the firm’s actuarial loss on the firm’s pension scheme in 2013 totalled €5.19m, compared to a loss in €540,000 in 2012.