WSP upgrades 2023 expectation on Q2 results

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WSP’s latest financial report shows more than 30% growth in revenues and EBITDA from one year ago, leading to a rise in forecast for the year.

In the second quarter of 2023, higher-than-expected organic growth in net revenues across all reportable segments and improved adjusted EBITDA margins have seen WSP revise up its revenue and profit expectations for the year. 

Net revenue organic growth of 9.3% in the quarter, attributable to all reportable segments, was highest in the USA, Australia, the UK and New Zealand. Acquisition growth was 16.9% and was driven mainly by the acquisition of the environment & infrastructure business of John Wood Group plc, completed in September 2022.

As a result, WSP has revised its revenue forecast upwards for 2023 from $10bn-$10.6bn, to $10.7bn-$11bn. The company has also raised its EBITDA forecast from $1.76bn-$1.84bn to $1.9bn-$1.93bn. 

Alexandre L’Heureux, president and CEO of WSP, said: “I am very pleased with our second-quarter performance, and the successful first half of the year. Our growth has surpassed expectations and was driven by continued momentum across our business and the high demand for our services. Considering these positive trends, our record-high backlog and recent wins, we are raising our financial outlook and are moving into the second half of the year with confidence and a continued focus on rigorously executing our plan.”

WSPJuly 1 2023April 1 2023
Revenues (millions)$3,626.0 $3,489.5
Adjusted EBITDA (millions)$461.6$413.3
Adjusted EBITDA Margin (%)16.915.5
Net debt to adjusted EBITDA (ratio)2.01.8
Order Book (millions)$14,311.6$13,833.7
Booking-to-revenue (ratio)0.991.01