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WSP Keeps Momentum with Robust Q2 Results

WSP completed its second quarter and first half of the year with robust organic net revenue growth, record-high level of backlog and significant increase in the number of employees, which bolster confidence as the Corporation enters the second half of 2022.

Here are some of the Q2 2022 financial highlights:

  • Revenues and net revenues for the quarter reached $2.8 billion and $2.1 billion, up 5.0% and 4.0%, respectively, compared to Q2 2021. Net revenue organic growth of 5.0% in the quarter is attributable to all reportable segments, led by the UK with double-digit growth, Canada and Australia. 
  • Backlog as at July 2, 2022 stood at $11.4 billion, representing 12.5 months of revenues. In the twelve-month period ended July 2, 2022, backlog grew organically by 19.1% across all reportable segments, setting the Corporation in a favourable position for continued future performance.
  • Since the start of the year, the number of employees has increased by approximately 2,200, with 1,700 in the second quarter alone.
  • Adjusted EBITDA in the quarter of $352.2 million, up 2.8%, compared to $342.6 million in Q2 2021. Adjusted EBITDA margin for the quarter reached 16.7%, compared to 16.9% in Q2 2021. Adjusted EBITDA margin was largely stable and in-line with management expectations.

“I am pleased with our second-quarter results and our performance for the first half of the year,” said Alexandre L’Heureux, WSP's President and CEO. “Our backlog continues to grow significantly and stands at a record-high level, which is in turn fuelling our organic growth across all regions. With 2,200 additional professionals since the beginning of the year, we are in a great position to deliver on our clients’ projects.”

“As we head into the second half of 2022, we feel confident this momentum will carry us through the rest of the year, and we expect to continue to execute  our plan with focus and disciplined approach,” added Alexandre L’Heureux.

Detailed information on WSP’s financial performance can be found in the official press release.

ABOUT WSP
As one of the world's leading professional services firms, WSP exists to future-proof our cities and our environment. We provide strategic advisory, engineering, and design services to clients in the transportation, infrastructure, environment, building, power, energy, water, mining and resource sectors. Our 63,000 trusted professionals are united by the common purpose of creating positive, long-lasting impacts on the communities we serve through a culture of innovation, integrity and inclusion. Sustainability and science permeate our work. WSP derived about half of its $10.3B (CAD) 2021 revenues from clean sources. The Corporation's shares are listed on the Toronto Stock Exchange (TSX: WSP). To find out more, please visit www.wsp.com.