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| Holland's Arcadis shows solid 3q 2011 results Dutch design giant Arcadis has announced its third quarter 2011 results, which are in line with the trading update, published on October 17 in relation to the merger with EC Harris. Due to currency effects and divestments, gross revenues declined 3% to € 485 million. Organic growth was 3% and mainly came from the U.S. environmental market, South America and Asia. Reduced government spending caused a decline of activities in the Netherlands, Belgium and most notably Poland. Despite margin pressure mostly in the public sector, the underlying margin recovered to the target level of 10%. Net income from operations declined 5% to € 18.2 million. This was caused by currency effects and losses in Poland resulting from the stopping of road projects. In the first nine months gross revenues were € 1,441 million, slightly below last year. Organic growth was 3%. Net income from operations rose 1% to € 55.2 million. Mid-October the merger with EC Harris was announced, an international consultancy company headquartered in London providing high-value consulting and management services for the realization and operation of buildings, manufacturing and processing plants and infrastructure facilities. EC Harris has annual gross revenues of approximately € 290 million and 2,600 employees. The merger is partly financed by the issuance of 3 million Arcadis shares to the selling partners. Closing of the transaction is anticipated by early November. write your comments about the article :: © 2011 Construction News :: home page |