WSP lifts 2023 earnings target

Staff reporter

Montreal-based engineering services group WSP Global has raised full-year earnings and revenue projections on the back of first-half growth that “surpassed expectations”, according to CEO Alexandre L’Heureux.

Revenues and net revenues for the June quarter were C$3.63 billion and $2.74 billion, up 31.2% and 29.8%, respectively, compared with Q2 last year. WSP said strong organic revenue growth was led by activity in the USA, Australia, UK and New Zealand. John Wood Group’s former environment and infrastructure business, purchased in the second half of 2022, drove acquisition growth of 16.9%.

Record-high order intake in Q2 underpinned the improved outlook for 2023, which now has EBITDA in a $1.9-1.93 billion range versus $1.76-1.84b previously, and revenue at $10.7-11b compared with $10-10.6b.

WSP said its backlog on July 1, 2023, stood at a record-high $14.3b.


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