Waterman鈥檚 Ebitda for the year to 30 June 2011 was 拢2.9m, turning around a loss of 拢2.3m last time.
Profit before tax was 拢600,000, compared to a loss of 拢5.0m in 2010. The pre-tax profits include a provision for exceptional items of 拢123,000 in 2011 but 拢5.6m in 2010.
Revenue fell 11% to 拢74.1m.
Employee numbers over the last 12 months have been cut from 1216 to 1052 鈥� a 13.5% headcount reduction 鈥� and reporting structures have been simplified.
Cost reduction has also focused on releasing unused office space back to landlords.
Chief executive Nick Taylor said: 鈥淥ur performance in the second half of the year improved relative to the first half with increased profitability and reduction in net debt as benefits materialised from the earlier re-structuring of the business with a greater focus on our core consultancy skills and geographical strengths."
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