The WSP Global Inc. logo is seen in this undated handout photo. THE CANADIAN PRESS/HO, WSP Global Inc. *MANDATORY CREDIT*
MONTREAL – The head of WSP Global Inc. says it aims to keep expanding following its latest spate of acquisitions.
Chief executive Alexandre L’Heureux says the engineering firm projects between $10 billion and $10.6 billion in revenues this year, marking a jump of up to 19 per cent from 2022.
He says the bigger WSP footprint will come from more acquisitions as well as organic net revenue growth, which it pegs at three to six per cent this year following a record 7.3 per cent organic growth in 2022.
The CEO’s comments came on an conference call to discuss the company’s latest results. WSP reported a profit of $120 million for the quarter ended Dec. 31, down 5.3 per cent from the same period a year earlier.
Raymond James analyst Frederic Bastien says the expected boost in net revenue reflects “strong prospects for the U.S. and Canadian operations, coupled with a more cautious outlook” in the U.K. and Europe.
WSP has closed six acquisition deals since June, and more than 120 since 2006.
Once a boutique firm called Genivar, the 64-year-old company has more than doubled its head count over the past decade, swelling to 66,200-plus employees with an additional 10,900 in 2022.
This report by The Canadian Press was first published March 9, 2023.
Companies in this story: (TSX:WSP)
