ME project delays cramp Atkins’ quarterly earnings
Company not expecting an improved trading environment for the remainder of financial year
UK-based design and engineering consultancy group WS Atkins has said project delays in the Middle East, coupled with weak market conditions in the US are expected to drive its quarterly earnings downwards.
“The Middle East has seen delays in projects coming to market, constraining our anticipated headcount growth, and reaching client agreement on various contract variations,” the firm said.
The company, which helped design the London 2012 Olympics site and is renovating New York’s Statue of Liberty, said it does not expect an improvement in the trading environment during the remainder of this financial year and, as a result, has “taken action to further reduce head count to reflect anticipated market demand.”
Atkins has its GCC regional head office in Dubai, with other branches in Abu Dhabi, Al Ain, Sharjah, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia.
