WSP reports 2014 financial results following huge acquisition
WSP Global of Montreal reported that its financial results for 2014 were “solid.” On March 18 the company (formerly GENIVAR) reported revenues and net revenues of $2,902.4 million and $2,349.9 million, up 44.0% and 40.1%, respectively.
The company said the increase was mainly as a result of acquisitions made during the year. In October 2014, the company acquired engineering giant Parsons Brinckerhoff from Balfour Beatty, and now numbers 32,000 employees in 500 offices on five continents. It acquired Texas Engineers in November and Dessau’s subsidiary in Colombia in December.
The 2014 year financial results showed that WSP had EBITDA of $253.5 million. The company backlog stands at $3,935 million, which represents approximately 8.7 months of revenues.
On March 24, following the announcement of the 2014 financial results, WSP said it had agreed to sell all its shares in Multiconsult AS of Norway to the Multiconsult Foundation. WSP had 24.7% of the shares of Multiconsult. The proceeds of the sale to WSP are $85-95 million.
Pierre Shoiry, chief executive officer of WSP Global, said: “WSP has been a long time shareholder of Multiconsult and we are selling our shares to the [Multiconsult] Foundation to provide the required float to ensure a successful IPO. It is not our strategy to hold minority positions in our operating companies and this scenario meets the objectives of both companies, while creating value for our shareholders. We wish Multiconsult continued success and hope for a successful IPO”.
To read WSP press releases on its financial results, click here.
To read the press release about the Multiconsult sale, click here.