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Waterman Group PLC (WTM)

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Wednesday 02 July, 2003

Waterman Group PLC


Waterman Group PLC
02 July 2003

                               Waterman Group plc

                         WATERMAN INVESTMENT CONTINUES

                           WITH EUROPEAN ACQUISITION

Waterman Group plc ('Waterman'), one of the UK's leading multi-disciplinary
engineering and environmental consultancies, is pleased to announce that it has
completed the acquisition of 100% of the share capital of Technical Computer
Applications NV, ('TCA') a consulting engineer specialising in the design and
management of civil and structural engineering projects. TCA is based in
Brussels, Belgium with a branch office in Bucharest, Romania. This acquisition
is part of Waterman's strategy of investing in sectors and regions that will
deliver long term growth.

Founded in 1981, TCA is a leading civil and structural engineering consultant in
Belgium. The Company employs 37 staff and has established a wide-ranging client
base throughout the Benelux Countries. The company name has been changed to
Waterman TCA NV and the current directors, Jean Tisseghem and Christophe
Didisheim will remain on the new board. Jean Tisseghem has been appointed as
Managing Director. Two Waterman International directors, Simon Harden and Arthur
Austin have also been appointed to the new board.

In the year ended 31 December 2002, TCA made an operating profit of Euro 125,000
(£87,000) on a turnover of Euro 1.92 million (£1.34 million). Results for the
six months ended 30 June 2003 are expected to be in line with last year and the
forward order book is healthy. As at 31 December 2002, TCA had net assets of
Euro 592,000 (£412,000).

Total consideration for the acquisition comprises the aggregate of:

         an initial consideration of Euro 1.0m (£696,000), subject to a net 
         asset value adjustment, to be satisfied in cash; and

         a deferred consideration up to a maximum of Euro 425,000 (£296,000) 
         which will be payable in cash depending upon the pre-tax profits 
         earned by the Company during the next five years.

TCA is a high quality engineering consultancy, working on a number of large and
prestigious projects for leading Belgian and international development
companies. Current projects include:

.  The Corporate Village          - a multi-phase business park (200,000 m2 ) 
                                  near Brussels airport. Client: Holdinter, 
                                  Kairos & KVH

.  LEX 2000                       - a conference centre and office complex 
                                  (84,000 m2 ) for the E.U. Client: SEL

.  Tour Madou                     - refurbishment of 33 storey office tower with 
                                  new extensions. Client: IVG

.  Tour Botanique                 - refurbishment and new office tower (30,000 
                                  m2 ). Client: Bernheim Comofi

.  Espace Kirchberg               - new office development in Luxembourg (80,000
                                  m2 ). Client: CODIC Atenor Leasinvest

As part of the Waterman Group, TCA will provide access to the European market
for multi-discipline engineering services and the established base in Romania
will provide new opportunities in the EU accession countries.

Bob Campbell, Managing Director of Waterman said,

' I am delighted to announce this acquisition. TCA represents an excellent
platform for the development of the Group's multi-discipline engineering
services in Europe. The Romanian office will enable us to offer a wide range of
engineering services to our existing and new clients in the EU accession
countries where we expect to see considerable growth in the construction market.

' I am also delighted that Jean Tisseghem and Christophe Didisheim have agreed
to remain as directors of the company and we look forward to working with them
to develop the business in the future.'

                                    - ends -

Date:     2 July 2003

For further information contact:

Waterman Group plc                                     City Profile Group

Bob Campbell, Managing Director                        Simon Courtenay

Graham Hiscocks, Finance Director

020-7928-7888                                          020-7448 3244


                      This information is provided by RNS
            The company news service from the London Stock Exchange