Genivar starting to integrate with WSP

Genivar announced its third quarter results last week, results which reflected its acquisition of WSP in the U.K.  Montreal-based Genivar acquired the large British firm in August. The British company employs 9,000 people.

Genivar’s total revenues for the third quarter were $396.1 million compared to $173.1 million in 2011. Net revenues for the quarter amounted to $321.4 million, representing a 131.9% increase compared to the same quarter last year.

Net earnings for the quarter were $16.2 million or $0.36 per share, compared to net earnings of $14.1 million or $0.564 per share in 2011.

Total revenues for the nine months were $741.0 million compared to $479.9 million in 2011, an increase of $54.4%.

Pierre Shoiry, president and chief executive officer of Genivar, said that now that they have completed the acquisition of WSP the company would be concentrating on integrating their support functions and operations.

“While we have already begun the integration of WSP’s former Environment and Energy division into our regional structure,” Shoiry said, “our next focus will be to fully integrate U.S. operations so that we can leverage this solid platform to pursue growth. As for potential revenue synergies, we have identified key sectors where synergies are most evident. We are currently in the process of auditing each of these sectors and should have a more precise analysis of our opportunities in the months to come.”

Shoiry also said: “While organic growth remains flat in Canada and below our expectations after three quarters in 2012, we are pleased with WSP’s 4.6% organic growth over the same period.”

A report in Canadian Business magazine on November 7, noted that Shoiry was thankful that Genivar’s business had expanded outside Quebec, which still accounts for 47% of its Canadian business.