GENIVAR pleased with 2012 results after acquisition of WSP

Quebec-based, publicly traded company GENIVAR has just announced its financial results for the year ended 2012. The results include those of WSP Group plc, the U.K. company of 9,000 employees that Genivar acquired on August 1, 2012.

The results include the costs of integration and restructuring expenses related to the acquisition.

Total revenues were $1,257.5 million, compared to $651.9 million in 2011, an increase of 92.9%. For the same period, net revenues amounted to $1,020.1 million, representing a 92.8% increase as compared to 2011.

Organic growth of 4.9% on net revenues for WSP on a trailing-12-month basis, and a flat organic growth for Genivar excluding the WSP acquisition.

On a comparable year-over-year basis, excluding Unusual Items, EBITDA increased to $125.4 million or $3.11 per share in 2012, up from $89.7 million in 2011. As a percentage of net revenues, the EBITDA margin, excluding Unusual Items, stood at 12.3% for 2012, compared to 17.0% for 2011.

Adjusted net earnings amounted to $61.4 million or $1.52 per share.

In its announcement of March 13, Pierre Shoiry, President and Chief Executive Officer of Genivar, said: “We are extremely pleased with our results and thankful to all our employees around the world for a strong 2012 performance. This landmark year for our company saw our net revenues almost double and break the $1 billion threshold. This was achieved thanks to a strong contribution from our merger to WSP, one of the largest transactions in our industry in 2012.

Shoiry added, “We ended the year with a strong statement of financial position, were included in the TSX S&P Composite Index, and [we] received continued support from our two main shareholders, which are Canada’s two largest institutional investors; all the right elements which will be the foundation of our continued growth.”

Genivar’s board declared a dividend of $0.375 per share payable around April 15.