WSP’s latest financial report shows a strong start to 2023, with higher than predicted organic growth in net revenues and adjusted EBITDA in the first quarter.
In the first quarter of 2023, WSP reported revenues and net revenues of $3.49bn and $2.67bn. These were up 28.7% and 27% respectively when compared to the first quarter of 2022. The increase in net revenue was driven by acquisition growth (15.8%) and organic growth (8.6%). Organic growth was achieved across all reportable segments of the business.
The company has reported an order book of $13.8bn, which represents just over one year of revenues. This is up from $11bn last year. It also had an adjusted EBITDA margin of 15.5%, the same level as the comparable period in 2022.
Alexandre L’Heureux, president and CEO of WSP, said: “WSP continued to leverage its momentum and achieved higher than expected organic growth across all our geographies in the first quarter of 2023. These first quarter results highlight the diligent execution of our robust 2022-2024 Global Strategic Action Plan, driven by the positive industry dynamics, our enhanced presence in key regions, and the high demand for our services.”
|WSP||April 1 2023||April 1 2022|
|EBITDA Margin (%)||15.5||15.5|
|Net debt to adjusted EBITDA (ratio)||1.8||1.9|
|Order Book (millions)||$13,833.7||$11,021.4|
|Day Sales Outstanding (days)||74 days||70 days|