Arup, the global design engineering firm, saw its turnover pass the £1 billion mark for the first time as the firm released its results for the financial year ending 31st March 2013.
Overall, Arup’s global income came in at £1.03 billion for the year, an increase of 3.9% on the previous 12 months. Operating profit for the period was positive at £23.7 million, so despite an extremely competitive global operating environment Arup once again demonstrated the resilience of the group.
Announcing the 2013 financial results, Arup Group Chairman, Philip Dilley, said:
“I am delighted to be able to say that for the first time in its history Arup is a £1 billion firm. It is a significant milestone that comes with winning and delivering great projects such as Kunming Airport in China, the Fehmarnbelt Fixed Link between Germany and Denmark and the Second Avenue Subway in New York. While we are happy to have broken £1 billion, turnover is not a goal the firm strives to meet. We remain focused on the true metrics of success; employing fantastic people and delivering top quality projects for our clients and partners.”
The Chairman also pointed out that the Group’s unique employee ownership model and long-term strategy of diversifying across market sectors and geographies continued to show returns, helping to counteract economic difficulties in certain regions.
Philip Dilley said:
“We have faced challenges such as the resources downturn in Australia, for example, and some of our teams have been working in a very competitive environment as a result. At the same time, cashflow remains sound, our future order book is robust and we are employing more people to meet the global opportunities. Overall, I believe we have the strategy, skills and people to drive our performance over the coming year.”
Arup is wholly owned in Trust for the benefit of its employees. This means no dividends are taken from the business by external shareholders. Instead, all staff members share directly in a profit distribution scheme so that each individual is incentivised to do their best for the firm as a whole. This year, the profit share allocation was raised to £30 million, up £8 million on the previous period.