Acquisition
20 Juli 2006 - 9:01AM
UK Regulatory
RNS Number:4456G
Hyder Consulting PLC
20 July 2006
HYDER CONSULTING PLC
("Hyder Consulting" or the "Company")
ACQUISITION AND TRADING UPDATE
Hyder Consulting, the international engineering design, advisory and specialist
management consultancy, is pleased to announce the acquisition of a planning and
landscape architecture consultancy in Asia.
ACQUISITION OF ACLA
The Company's East Asian business has entered into an agreement with Jetside
Limited (in Hong Kong), to acquire the entire issued share capital of ACLA Ltd
(in Hong Kong) and ACLA Pte Ltd (in Singapore) with completion scheduled for 26
July 2006. ACLA is a master planning and landscape architecture consultancy
operating primarily in China and Hong Kong, with small offices in Singapore,
Dubai and India.
The initial consideration for the acquisition amounts to #3.25 million, of which
#1.85 million is payable in cash, #0.7 million satisfied by the issue of Hyder
Consulting PLC shares (the "Consideration Shares") and a further #0.7 million in
cash is deferred for one year and subject to offset against any unanticipated
liabilities that may arise up to that time. A further payment of up to #2.1
million is payable in cash over three years dependent on future business
performance and the continued employment of the principals, Tomm Van Dyke and
Robbert Van Nouhuys, in the business. A team of around 50 staff will transfer.
Turnover for the year to 31 December 2005 amounted to approximately #2.0
million, with profits before interest and tax of #0.7 million. The gross assets
acquired are approximately #2.1 million with net assets of approximately #1.4
million. The acquisition provides Hyder Consulting with new complementary skills
and extends its access into the growing Chinese market for the provision of
advisory services.
TRADING UPDATE
Trading in the first quarter is in line with our expectations and order intake
has been good reflecting the strong trading conditions in most of our markets.
Significant project awards in the period include:
* Clearance and remediation of the northern half of the London 2012
Olympic Park site
* A three year leakage consultancy framework contract for Severn Trent
Water
* Design of the Navan Mid-Meath Water Supply Scheme in Ireland
* Infrastructure design of the Arabian Legends tourist development in
Dubai
* Scoping, specification and design of an Intelligent Transport System
network in Bahrain
* The design of twin towers for the Sunland Group in Dubai - D1 Tower and
the Versace Hotel, Dubai
* Independent verifier and concept design roles on major highways schemes
in Australia
* Feasibility studies for sports car and athletics events in Australia
The integration of our recent acquisitions BTP, Cresswells and Munnich is
progressing well.
APPLICATION FOR ADMISSION
Application will be made for the Consideration Shares, which rank pari passu in
all respects with the existing issued ordinary shares in the Company, to be
admitted to the Official List and to trading on the London Stock Exchange's
market for listed securities. Admission is expected to become effective on 1
August 2006.
Tim Wade, Chief Executive of Hyder Consulting commented, "I am delighted to
announce the acquisition of ACLA, which will increase our critical mass in Asia
and boost our growth in China. We continue to identify infill, specialist
consultancies that will enhance our advisory skill base and extend our
geographical coverage."
For further details:
Tim Wade, Chief Executive, Hyder Consulting Plc Tel: 020 7316 6000
Simon Hamilton-Eddy, Financial Director, Hyder Tel: 020 7316 6000
Consulting Plc
Shane Dolan, Biddicks Tel: 020 7448 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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