TIDMHYC
RNS Number : 2220W
Hyder Consulting PLC
16 November 2010
Hyder Consulting PLC (HYC.L)
Interim Results Announcement
Interim results for the half year ended 30 September 2010
Strong performance and established global platform for growth
Hyder Consulting, the multi-national advisory and design consultancy, today
announces its interim financial results for the half year ended 30 September
2010.
Highlights
- Adjusted operating profit* up 31% to GBP10.6m (2009: GBP8.1m)
- Pre-tax profit up 67% to GBP9.5m (2009: GBP5.7m)
- Net operating margins of 8.1% (2009: 6.1%)
- Adjusted diluted earnings per share up 44% to 21.61p (2009: 15.04p)
- Revenues of GBP149.9m (2009: GBP156.3m)
- Interim dividend up 17% to 1.75p per share
- Net cash balances of GBP5.3m (2009: net debt GBP16.2m)
- Order book of GBP325m and strong pipeline of opportunities
- 85% of operating profit and 73% of revenue generated from overseas
* Adjusted operating profit excludes amortisation of intangible assets arising
on business combinations
Ivor Catto, Chief Executive, said "85% of our operating profits are from
overseas and across four attractive market sectors providing Hyder with both
resilience and new opportunities. Whilst conscious of the economic conditions,
we believe that the actions we have taken, together with our net cash position,
headroom and GBP325 million order book, put us in a good position to grow."
Contacts:
+--------------------------------------+-----------------------+
| Hyder Consulting PLC | |
+--------------------------------------+-----------------------+
| Ivor Catto, Chief Executive | Tel: +44 (0)20 7904 |
| | 9011 |
+--------------------------------------+-----------------------+
| Russell Down, Group Finance Director | Tel: +44 (0)20 7904 |
| | 9020 |
+--------------------------------------+-----------------------+
| | |
+--------------------------------------+-----------------------+
| Citigate Dewe Rogerson | |
+--------------------------------------+-----------------------+
| Ginny Pulbrook | Tel: +44 (0)20 7282 |
| | 2945 |
+--------------------------------------+-----------------------+
| Ged Brumby | Tel: +44 (0)20 7282 |
| | 2996 |
+--------------------------------------+-----------------------+
There will be an Interim results presentation for stockbroking analysts today at
9.00am, to be held at Citigate Dewe Rogerson, 3 London Wall Buildings, London
Wall, EC2M 5SY
Interim Management Statement
I am pleased to report another good set of results which are well ahead of the
previous year. Adjusted operating profits have increased 31% compared to the
same period last year, and net cash balances increased to GBP5.3m.
Results overview
We have sought to adapt rapidly to market changes and to realign the business to
those geographies and sectors which are the most resilient. 73% of our revenues
and 85% of operating profits are now earned outside the UK and this
international spread is providing us with both stability and a strong foundation
from which to grow.
Together with careful targeting, intensive steps to improve client management
have helped us expand in Asia Pacific during the period. We have realigned our
businesses in Europe and the Middle East and revenues have fallen slightly as a
consequence, but revenues from our targeted clients have increased and the
prospects for future growth strengthened.
We have won a number of important contracts in the period including the Hunter
Expressway Alliance contract and Innisfail water treatment plant in Australia;
the Lupanshui Cultural Plaza in China; framework contracts for Crossrail utility
diversions and the National Grid in the UK; Emirati Neighbourhoods in Abu Dhabi,
and Jubail Industrial City in Saudi Arabia; and the Halle Stadium in Germany.
Financial results
Operating profit increased by 41% to GBP9.6m (2009: GBP6.8m) benefiting from
performance bonuses in Australia, following the successful completion of
Alliance contracts there, and from translation foreign exchange gains. Adjusted
operating profit was up 31% to GBP10.6m (2009: GBP8.1m).
We have improved the operational efficiency in each of the businesses to improve
operating margins. Headcount has been reduced by 7% to approximately 3,900
during the first half, primarily in the UK and Middle East regions. Redundancy
costs of GBP1.8m (2009: GBP1.6m) were absorbed within operating profits.
Revenue for the period was GBP149.9m (2009: GBP156.3m) and net fees GBP130.1m
(2009: GBP134.2m). Our order book stood at GBP325m (31 March 2010: GBP346m)
which provides us with good visibility of future earnings.
Net finance costs reduced to zero in the period (2009: GBP1.1m) as a result of
lower finance costs on the pension scheme and lower external borrowings.
The effective rate of tax increased to 21.7% (2009: 17.1%) reflecting an
increased proportion of profits from Australia where tax rates are higher than
the UK, and reduced profits from the lower-taxed Middle East region.
Adjusted diluted earnings per share increased by 44% to 21.61p (2009: 15.04p).
Dividend
The Board has declared a 17% increase in the interim dividend to 1.75p (2009:
1.5p) payable on 12 January 2011 to shareholders on the register at 10 December
2010.
Funding
Net cash was GBP5.3m at 30 September 2010, compared to net debt of GBP16.2m at
30 September 2009, and net cash of GBP3.6m at 31 March 2010. Cash generated
from operations was GBP6.0m (2009: GBP5.5m outflow) suggesting a less pronounced
weighting towards the second half this year. This reflects improvements in the
management of working capital and has been achieved despite delayed contract
settlements in the Middle East. Cash balances of GBP16.2m and unutilised
committed banking facilities of GBP38.6m provide the headroom to pursue organic
growth, enhance our competitive position and take advantage of acquisition
opportunities.
Pension fund
The deficit in the AGPS and annuitants' schemes as reported under IAS19 has
increased by GBP0.4m, net of deferred tax, to GBP21.2m. Actuarial gains of
GBP3.3m were recognised following improved asset returns, offset by actuarial
losses from lower discount rates of GBP5.9m. During the period the group made
cash contributions of GBP3.0m, including annual contributions of GBP1.3m.
Regional review
Asia Pacific
Revenue increased by 32% to GBP59.4m (2009: GBP45.0m), and operating profits
increased by 76% to GBP8.6m (2009: GBP4.9m).
In Australia, Hyder has performed well on a number of transport related Alliance
contracts which were completed during the period, resulting in performance
bonuses. In the utilities sector we have secured new work in line with our plan
to expand in this area, although workload in the private sector property and
environment sectors has been subdued. Results are substantially ahead of the
prior year, helped by foreign exchange gains, and we are continuing to win new
projects giving us confidence for the full year. We purchased the business and
assets of a small, Sydney-based, transport modelling consultancy, Strategic
Design and Development (Sd+D), earlier this month at a cost of GBP0.25m.
In Asia, we opened new offices in Shanghai and Beijing to accommodate new work
there, and cut back in Hong Kong where, as elsewhere, we are concentrating
sharply on sectors where we have truly differentiated capabilities.
Middle East
Revenues were 31% lower at GBP35.0m (2009: GBP50.7m) whilst operating profits
reduced by 62% to GBP1.4m (2009: GBP3.7m).
In the Middle East, project awards and contract settlements have been slower to
come to fruition than anticipated during the early part of this year. This
resulted in lower revenues and a 13% reduction in headcount leading to GBP0.6m
of redundancy costs which were absorbed within operating profit. In recent
months, substantial new projects have been secured in Abu Dhabi which we
anticipate will result in a stronger second half performance.
Europe
Revenues were 8% lower at GBP55.5m (2009: GBP60.6m) whilst operating profits
increased 130% to GBP2.3m (2009: GBP1.0m).
In the UK, our transportation business has performed well over the half-year,
with a strong workload and good opportunities in the rail sector. Results in the
property and environment sectors have improved, and in the water sector we are
designing major capacity upgrades for Thames Water at Crossness and Beckton, two
of the largest wastewater treatment plants in Europe. During the period we
reduced the headcount by 10% which improved operational efficiency; redundancy
costs of GBP0.9m were absorbed within operating profit.
In Germany our results have improved significantly since last year: trading
under the single Hyder brand is working well and we are seeing increased
opportunities with our major international clients.
Outlook
Approximately 85% of our operating profits are generated overseas, and across
four main market sectors which provide Hyder with both opportunity and
stability. We continue to expect reductions in government spending in some
regions. However with a strongorder book and pipeline, and approximately 60% of
the next 12 months' forecast revenue secured, the board has confidence in the
full year out-turn and the future prospects of the group.
I would as always like to express appreciation to our clients for their
continued support, and to thank our staff for enabling us to report these good
results.
Sir Alan Thomas
Chairman
16 November 2010
+---------------------------------+------+-----------+----------+-----------+----------+---------+----------+
| Consolidated income statement for the six months ended 30 September 2010 (unaudited) | |
+------------------------------------------------------------------------------------------------+----------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | As at | | As at | | As at | |
| | | 30 | | 30 | | 31 | |
| | | September | | September | | March | |
+---------------------------------+------+-----------+----------+-----------+----------+---------+----------+
| | | 2010 | | 2009 | | 2010 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | Note | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Revenue | 2 | 149,949 | | 156,257 | | 308,606 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Cost of sales | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Sub-consultant costs | | (19,835) | | (22,026) | | (41,684) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Other operating costs | | (92,765) | | (94,203) | | (189,527) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Gross profit | | 37,349 | | 40,028 | | 77,395 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Administration expenses | | (27,784) | | (33,231) | | (62,218) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Group operating profit | 2 | 9,565 | | 6,797 | | 15,177 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Analysed as: | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| EBITA | | 11,472 | | 8,828 | | 19,734 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Amortisation of intangible | | | | | | |
| assets | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| - Software | | (863) | | (694) | | (1,732) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| - Business combinations | | (1,044) | | (1,337) | | (2,825) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Group operating profit | 2 | 9,565 | | 6,797 | | 15,177 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Finance costs | 3 | (464) | | (1,219) | | (2,178) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Finance income | 3 | 437 | | 88 | | 468 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Profit before taxation | | 9,538 | | 5,666 | | 13,467 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Taxation | | (2,073) | | (969) | | (2,300) |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Profit for the period | | 7,465 | | 4,697 | | 11,167 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Profit attributable to equity | | 7,465 | | 4,697 | | 11,167 |
| holders of the parent | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Earnings per share (p) | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Basic | 4 | 19.49 | | 12.26 | | 29.08 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Diluted | 4 | 19.31 | | 12.20 | | 28.87 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Equity - Ordinary 10p shares | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Dividends (GBP'000) - Paid | 5 | 1,697 | | 1,172 | | 1,730 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Dividend per share (p) | 5 | 4.50 | | 3.15 | | 4.65 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Dividends (GBP'000) - Proposed | | 660 | | 557 | | 1,701 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Dividend per share (p) | 5 | 1.75 | | 1.50 | | 4.50 |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| All activities are continuing. | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+--------------------+
| Adjusted earnings per share is | | | | | | |
| disclosed in Note 4. | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+---------+----------+
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Consolidated statement of comprehensive income (unaudited) |
+----------------------------------------------------------------------------------------------+
| | | As at | | As at | | As at |
| | | 30 | | 30 | | 31 |
| | | September | | September | | March |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| | | 2010 | | 2009 | | 2010 |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Profit for the period | | 7,465 | | 4,697 | | 11,167 |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Other comprehensive (expense) / | | | | | | |
| income for the period | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Foreign exchange movements | | (2,424) | | (2,224) | | 1,029 |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Cash flow hedges | | (60) | | 79 | | 49 |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Actuarial loss on defined | | (2,301) | | (2,789) | | (2,528) |
| benefit pension schemes | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Total other comprehensive | | (4,785) | | (4,934) | | (1,450) |
| expense for the period | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| Total comprehensive income / | | | | | |
| (expense) for the period | 2,680 | | (237) | | 9,717 |
| attributable to equity shareholders | | | | | |
+--------------------------------------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
| All balances are shown net of | | | | | | |
| taxation. | | | | | | |
+---------------------------------+----+-----------+----------+-----------+----------+---------+
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Consolidated statement of | | | | | | |
| changes in equity (unaudited) | | | | | | |
+------------------------------------+---------+----------+----------+---------+-----------+---------+
| | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | Share | Share | Retained | Other | Total | Minority | Total |
| | | capital | premium | earnings | reserves | | interests | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| At 1 April 2009 | | 3,776 | 28,840 | 13,556 | 12,648 | 58,820 | 30 | 58,850 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| New shares issued | | 1 | - | - | - | 1 | - | 1 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Premium on new | | - | 20 | - | - | 20 | - | 20 |
| shares issued | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Profit for the | | - | - | 4,697 | - | 4,697 | - | 4,697 |
| period | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Dividends paid | | - | - | (1,172) | - | (1,172) | - | (1,172) |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Actuarial loss on | - | - | (2,789) | - | (2,789) | - | (2,789) |
| defined benefit pension | | | | | | | |
| schemes | | | | | | | |
+--------------------------+---------+---------+----------+----------+---------+-----------+---------+
| Share option charges | | - | - | 12 | - | 12 | - | 12 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Cash flow hedges | | - | - | - | 79 | 79 | - | 79 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Employee trust | | - | - | - | (84) | (84) | - | (84) |
| purchase of own | | | | | | | | |
| shares | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Non-controlling | | - | - | - | | - | - | - |
| interest acquired | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| LTIP reserve charge | | - | - | - | 207 | 207 | - | 207 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Foreign exchange | | - | - | - | (2,224) | (2,224) | - | (2,224) |
| movements | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| At 30 September 2009 | | 3,777 | 28,860 | 14,304 | 10,626 | 57,567 | 30 | 57,597 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| New shares issued | | 60 | - | - | - | 60 | - | 60 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Premium on new | | - | 421 | - | - | 421 | - | 421 |
| shares issued | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Profit for the | | - | - | 6,470 | - | 6,470 | - | 6,470 |
| period | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Dividends paid | | - | - | (558) | - | (558) | - | (558) |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Actuarial loss on | - | - | 261 | - | 261 | - | 261 |
| defined benefit pension | | | | | | | |
| schemes | | | | | | | |
+--------------------------+---------+---------+----------+----------+---------+-----------+---------+
| Share option charges | | - | - | 177 | - | 177 | - | 177 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Cash flow hedges | | - | - | - | (30) | (30) | - | (30) |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Employee trust | | - | - | - | - | - | - | - |
| purchase of own | | | | | | | | |
| shares | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Non-controlling | | - | - | - | - | - | (30) | (30) |
| interest acquired | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| LTIP reserve charge | | - | - | - | (2) | (2) | - | (2) |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Foreign exchange | | - | - | - | 3,253 | 3,253 | - | 3,253 |
| movements | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| At 31 March 2010 | | 3,837 | 29,281 | 20,654 | 13,847 | 67,619 | - | 67,619 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| New shares issued | | 8 | - | - | - | 8 | - | 8 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Premium on new | | - | 144 | - | - | 144 | - | 144 |
| shares issued | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Profit for the | | - | - | 7,465 | - | 7,465 | - | 7,465 |
| period | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Dividends paid | | - | - | (1,697) | - | (1,697) | - | (1,697) |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Actuarial loss on | - | - | (2,301) | - | (2,301) | - | (2,301) |
| defined benefit pension | | | | | | | |
| schemes | | | | | | | |
+--------------------------+---------+---------+----------+----------+---------+-----------+---------+
| Share option charges | | - | - | 29 | - | 29 | - | 29 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Cash flow hedges | | - | - | - | (60) | (60) | - | (60) |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Employee trust | | - | - | - | (559) | (559) | - | (559) |
| purchase of own | | | | | | | | |
| shares | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| LTIP reserve charge | | - | - | - | 254 | 254 | - | 254 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| Foreign exchange | | - | - | - | (2,424) | (2,424) | - | (2,424) |
| movements | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| At 30 September 2010 | | 3,845 | 29,425 | 24,150 | 11,058 | 68,478 | - | 68,478 |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| | | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
| All balances are shown | | | | | | | |
| net of taxation. | | | | | | | |
+----------------------+---+---------+---------+----------+----------+---------+-----------+---------+
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Consolidated statement of financial position for the six months ended 30 September 2010 |
| (unaudited) |
+------------------------------------------------------------------------------------------------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | As at | | As at | | As at |
| | | 30 | | 30 | | 31 March |
| | | September | | September | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | 2010 | | 2009 | | 2010 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | Note | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Non-current assets | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Intangible assets | 6 | 40,027 | | 44,277 | | 42,231 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Property, plant and equipment | 6 | 8,993 | | 11,496 | | 10,456 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Deferred tax assets | | 11,195 | | 13,886 | | 10,834 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | 60,215 | | 69,659 | | 63,521 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Current assets | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Trade and other receivables | | 113,772 | | 128,134 | | 115,636 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Corporation tax recoverable | | 503 | | 498 | | 1,141 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash and cash equivalents | 8 | 16,165 | | 14,120 | | 21,399 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | 130,440 | | 142,752 | | 138,176 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Current liabilities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Trade and other payables | | (65,546) | | (74,760) | | (70,160) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Current tax liabilities | | (4,415) | | (2,885) | | (4,653) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Borrowings | | (746) | | (3,606) | | (2,630) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Provisions | 7 | (4,570) | | (5,045) | | (4,650) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | (75,277) | | (86,296) | | (82,093) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net current assets | | 55,163 | | 56,456 | | 56,083 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Non-current liabilities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Borrowings | | (10,105) | | (26,718) | | (15,136) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Retirement benefit obligations | 9 | (33,382) | | (33,988) | | (33,527) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Provisions | 7 | (371) | | (1,271) | | (1,090) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Deferred tax liabilities | | (1,203) | | (3,671) | | (1,014) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Other non-current liabilities | | (1,839) | | (2,870) | | (1,218) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | (46,900) | | (68,518) | | (51,985) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net assets | | 68,478 | | 57,597 | | 67,619 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Equity | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Called up ordinary share | | 3,845 | | 3,777 | | 3,837 |
| capital | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Share premium | | 29,425 | | 28,860 | | 29,281 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Retained earnings | | 24,150 | | 14,304 | | 20,654 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Other reserves | | 11,058 | | 10,626 | | 13,847 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Equity attributable to equity | | 68,478 | | 57,567 | | 67,619 |
| holders of the parent | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Non-controlling interest | | - | | 30 | | - |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Total equity | | 68,478 | | 57,597 | | 67,619 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Consolidated cash flow | | | | | | |
| statement (unaudited) | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | As at | | As at | | As at |
| | | 30 | | 30 | | 31 March |
| | | September | | September | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | 2010 | | 2009 | | 2010 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | Note | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash generated from / (used | 8(a) | 5,964 | | (5,532) | | 15,702 |
| in) operations | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net finance costs | | (126) | | (506) | | (753) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Taxation paid | | (1,862) | | (430) | | (498) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net cash generated from / | | 3,976 | | (6,468) | | 14,451 |
| (used in) operating activities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Deferred and contingent | | - | | (1,033) | | (1,168) |
| consideration paid | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Proceeds from disposal of | | 77 | | 421 | | 1,158 |
| property, plant and equipment | | | | | | |
| (incl. software) | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Purchase of property, plant | | (871) | | (1,452) | | (3,596) |
| and equipment (incl. software) | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net cash used in investing | | (794) | | (2,064) | | (3,606) |
| activities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Proceeds on issue of shares | | 152 | | 5 | | 476 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Employee trust purchase of own | | (559) | | (84) | | (84) |
| shares | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Repayments of obligations | | (820) | | (290) | | (1,124) |
| under finance leases | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net movement on borrowings | | (5,324) | | 6,033 | | (6,012) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Dividends paid | 5 | (1,697) | | (1,172) | | (1,730) |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net cash (used in) / generated | | (8,248) | | 4,492 | | (8,474) |
| from financing activities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| (Decrease) / increase in cash | | (5,066) | | (4,040) | | 2,371 |
| and cash equivalents | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Effects of exchange rate | | (168) | | 31 | | 899 |
| fluctuations on cash and cash | | | | | | |
| equivalents | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net (decrease) / increase in | | (5,234) | | (4,009) | | 3,270 |
| cash and cash equivalents | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash and cash equivalents at 1 | | 21,399 | | 18,129 | | 18,129 |
| April | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Cash and cash equivalents at | | 16,165 | | 14,120 | | 21,399 |
| period end | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Reconciliation of net cash / | | | | | | |
| (debt) | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | Six | | Six | | Year |
| | | months | | months | | ended |
| | | ended | | ended | | 31 March |
| | | 30 | | 30 | | |
| | | September | | September | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | 2010 | | 2009 | | 2010 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | Note | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net (decrease) / increase in | | (5,066) | | (4,040) | | 2,371 |
| cash and cash equivalents | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Decrease / (increase) in debt | | 6,844 | | (6,381) | | 6,249 |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Effect of exchange rate | | (97) | | (54) | | 742 |
| changes | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Change in net cash / (debt) | | 1,681 | | (10,475) | | 9,362 |
| during the period | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net cash / (debt) at start of | | 3,633 | | (5,729) | | (5,729) |
| period | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
| Net cash / (debt) at period | 8(b) | 5,314 | | (16,204) | | 3,633 |
| end | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+----------+
1. General information
(a) Basis of preparation
This condensed unaudited consolidated financial information for the half year
ended 30 September 2010 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34, "Interim
financial reporting" as adopted by the European Union (EU). The half year
condensed consolidated financial report should be read in conjunction with the
annual financial statements for the year ended 31 March 2010, which have been
prepared in accordance with International Financial Reporting Standards (IFRS)
as adopted by the EU.
The condensed consolidated half yearly financial statements have been prepared
in accordance with IFRS as adopted by the EU, and those parts of the Companies
Act 2006 related to reporting under IFRS. IFRS are subject to amendment or
interpretation by the International Accounting Standards Board and there is an
ongoing process of review and endorsement by the EU. For these reasons, it is
possible that the information presented in this report may be subject to change.
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reported
period. Although these estimates are based on management's best knowledge of
the amount, events or actions, actual results ultimately may differ from those
estimates.
The financial information does not constitute statutory accounts within the
meaning of section 434 of the Companies Act 2006. The financial information
relating to the year ended 31 March 2010 has been delivered to the Registrar of
Companies. The report of the auditors on these accounts was unqualified.
(b) Principal accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 31 March 2010, as described in those
financial statements.
The Group's significant accounting policies under IFRS are available on the
corporate website www.hyderconsulting.com within the "Investors" section.
(c) Principal risks and uncertainties
The group faces a number of risks which are regularly monitored by the board. A
structured risk management, internal control and internal audit process seeks to
provide a means of identifying, evaluating and prioritising risk. However these
systems can only operate to mitigate risk rather than eliminate it completely.
The principal risks and uncertainties facing the group relate to revenue
recognition on contracts; the recoverability of trade debtors and work in
progress, particularly in the Middle East; contractual disputes and claims;
significant changes in market conditions; recruitment and retention of key
staff; project execution; sustainability of IT systems; and foreign exchange
movements.
2. Segmental analysis by location of operations
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating
decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the board that
makes strategic decisions.
Reflecting the group's management and internal reporting structure, primary
segmental information is presented within the financial statements in respect of
geographical segments. The group manages its business on a global basis with
operations in three main geographical regions, Asia-Pacific, the Middle East,
and Europe. The UK is the home country of the parent. Inter-segment revenue
relates to contracts priced on an arm's length basis.
The group's revenue is derived from the provision of engineering consultancy
services.
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| (a) Segment | | | | | | | | | | | |
| revenue | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | Inter-segment | | Six | | Six | | Year |
| | | | | | revenue | | months | | months | | ended |
| | | | | | | | ended | | ended | | 31 |
| | | | | | | | 30 | | 30 | | March |
| | | | | | | | September | | September | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | 2010 | | 2010 | | 2010 | | 2009 | | 2010 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Australia | | | 47,735 | | (149) | | 47,586 | | 35,974 | | 75,929 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Asia | | | 11,951 | | (121) | | 11,830 | | 9,008 | | 18,865 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Asia Pacific | | | 59,686 | | (270) | | 59,416 | | 44,982 | | 94,794 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Middle East | | | 35,474 | | (460) | | 35,014 | | 50,686 | | 93,859 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| UK | | | 44,306 | | (140) | | 44,166 | | 46,707 | | 95,925 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Germany | | | 11,382 | | (29) | | 11,353 | | 13,882 | | 24,028 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Europe | | | 55,688 | | (169) | | 55,519 | | 60,589 | | 119,953 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | 150,848 | | (899) | | 149,949 | | 156,257 | | 308,606 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| (b) Segment | | | | | | | | | | | |
| results | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | Six | | Six | | Year |
| | | | | | | | months | | months | | ended |
| | | | | | | | ended | | ended | | 31 |
| | | | | | | | 30 | | 30 | | March |
| | | | | | | | September | | September | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | 2010 | | 2009 | | 2010 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Regional | | | | | | | GBP'000 | | GBP'000 | | GBP'000 |
| operating | | | | | | | | | | | |
| profit | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Australia | | | | | | | 8,285 | | 4,464 | | 9,865 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Asia | | | | | | | 364 | | 434 | | 595 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Asia Pacific | | | | | | | 8,649 | | 4,898 | | 10,460 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Middle East | | | | | | | 1,352 | | 3,677 | | 7,150 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| UK | | | | | | | 1,870 | | 1,160 | | 3,127 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Germany | | | | | | | 444 | | (159) | | 271 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Europe | | | | | | | 2,314 | | 1,001 | | 3,398 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Corporate | | | | | | | (1,706) | | (1,442) | | (3,006) |
| overheads | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Group adjusted operating | | | | | 10,609 | | 8,134 | | 18,002 |
| profit | | | | | | | | | |
+----------------------------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Amortisation on business | | | | (1,044) | | (1,337) | | (2,825) |
| combinations | | | | | | | | |
+---------------------------------------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Group | | | | | | | 9,565 | | 6,797 | | 15,177 |
| operating | | | | | | | | | | | |
| profit | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| (c) Total | | | | | | | | | | | |
| assets | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | Six | | Six | | Year |
| | | | | | | | months | | months | | ended |
| | | | | | | | ended | | ended | | 31 |
| | | | | | | | 30 | | 30 | | March |
| | | | | | | | September | | September | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | 2010 | | 2009 | | 2010 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Australia | | | | | | | 35,161 | | 37,219 | | 41,892 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Asia | | | | | | | 17,475 | | 18,810 | | 18,856 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Asia-Pacific | | | | | | | 52,636 | | 56,029 | | 60,748 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Middle East | | | | | | | 58,441 | | 74,920 | | 69,744 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| UK | | | | | | | 53,199 | | 51,091 | | 43,376 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Germany | | | | | | | 26,379 | | 30,371 | | 27,829 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| Europe | | | | | | | 79,578 | | 81,462 | | 71,205 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | | | | | |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
| | | | | | | | 190,655 | | 212,411 | | 201,697 |
+--------------+--+----------+----------+----------+---------------+----------+-----------+----------+-----------+----------+----------+
+-----------------------------------------+------------+----------+------------+----------+---------+
| 3. Net finance costs | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | March |
| | September | | September | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | 2010 | | 2009 | | 2010 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Bank borrowings | (188) | | (282) | | (485) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Interest expense on tax balances | (12) | | - | | (13) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Finance leases | (33) | | (132) | | (222) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Bond facilities | (121) | | (83) | | (259) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Unwinding of discounts in provisions | (52) | | (98) | | (185) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Unwinding of discounts on contingent | (58) | | (100) | | - |
| consideration | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Net finance cost on pension schemes | - | | (524) | | (1,014) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Finance costs | (464) | | (1,219) | | (2,178) |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Investment interest income | 228 | | 62 | | 191 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Interest income received on tax refunds | - | | 26 | | 35 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Unwinding of discounts on contingent | - | | - | | 242 |
| consideration | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Net finance income on pension schemes | 209 | | - | | - |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Finance income | 437 | | 88 | | 468 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Net finance costs | (27) | | (1,131) | | (1,710) |
+-----------------------------------------+------------+----------+------------+----------+---------+
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| 4. Earnings per share | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| (a) Number of shares | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | March |
| | September | | September | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | 2010 | | 2009 | | 2010 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Weighted average number of shares in | 38,293,756 | | 38,316,108 | | 38,389,312 |
| issue | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Effect of dilution | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Share options | 364,573 | | 172,525 | | 284,285 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Weighted average shares (diluted) | 38,658,329 | | 38,488,633 | | 38,673,597 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| (b) Earnings used in the calculation of | | | | | |
| earnings per share | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | March |
| | September | | September | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | 2010 | | 2009 | | 2010 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Profit attributable to equity | 7,465 | | 4,697 | | 11,167 |
| shareholders | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Add back amortisation of intangible | 1,044 | | 1,337 | | 2,825 |
| assets on business combinations | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Less tax on adjusted items | (155) | | (243) | | (525) |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Adjusted earnings | 8,354 | | 5,791 | | 13,467 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| (c) Earnings per share | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | March |
| | September | | September | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | 2010 | | 2009 | | 2010 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | p | | p | | p |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Basic earnings per share | 19.49 | | 12.26 | | 29.08 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Add back amortisation of intangible | 2.72 | | 3.49 | | 7.36 |
| assets and business combinations | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Add back tax on adjusted items | (0.40) | | (0.64) | | (1.37) |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
| Adjusted basic earnings per share | 21.81 | | 15.11 | | 35.07 |
+-----------------------------------------+-------------+----------+-------------+----------+-------------+
+-----------------------------------------+------------+----------+------------+----------+--------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | March |
| | September | | September | | |
+-----------------------------------------+------------+----------+------------+----------+--------+
| | 2010 | | 2009 | | 2010 |
+-----------------------------------------+------------+----------+------------+----------+--------+
| | p | | p | | p |
+-----------------------------------------+------------+----------+------------+----------+--------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+--------+
| Diluted earnings per share | 19.31 | | 12.20 | | 28.87 |
+-----------------------------------------+------------+----------+------------+----------+--------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+--------+
| Add back amortisation of intangible | 2.70 | | 3.47 | | 7.30 |
| assets and business combinations | | | | | |
+-----------------------------------------+------------+----------+------------+----------+--------+
| Add back tax on adjusted items | (0.40) | | (0.63) | | (1.36) |
+-----------------------------------------+------------+----------+------------+----------+--------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+--------+
| Adjusted diluted earnings per share | 21.61 | | 15.04 | | 34.81 |
+-----------------------------------------+------------+----------+------------+----------+--------+
+-----------------------------------------+------------+----------+------------+----------+---------+
| 5. Dividends | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 31 |
| | 30 | | 30 | | March |
| | September | | September | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | 2010 | | 2009 | | 2010 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Dividends charged to equity in the | 1,697 | | 1,172 | | 1,730 |
| period | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Equity - Per Ordinary 10p share | | | | | |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Final dividend paid (pence) | 4.50 | | 3.15 | | 3.15 |
+-----------------------------------------+------------+----------+------------+----------+---------+
| Interim dividend paid (pence) | - | | - | | 1.50 |
+-----------------------------------------+------------+----------+------------+----------+---------+
The directors are proposing an interim dividend of 1.75p per share (2009: 1.5p).
In accordance with IFRS the dividend has not been recognised in the financial
statements but if approved by shareholders will be paid on 12 January 2011 to
shareholders on the register as at 10 December 2010.
+--------------------------------------------------+------------+-----------+
| 6. Property, plant and equipment and intangible | | |
| assets | | |
+--------------------------------------------------+------------+-----------+
| | | |
+--------------------------------------------------+------------+-----------+
| | Intangible | Property, |
| | | plant |
| | Assets | and |
| | | equipment |
+--------------------------------------------------+------------+-----------+
| | GBP'000 | GBP'000 |
+--------------------------------------------------+------------+-----------+
| | | |
+--------------------------------------------------+------------+-----------+
| Net book value | | |
+--------------------------------------------------+------------+-----------+
| At 1 April 2009 | 46,728 | 13,477 |
+--------------------------------------------------+------------+-----------+
| Exchange adjustments | (1,283) | 143 |
+--------------------------------------------------+------------+-----------+
| Additions | 863 | 955 |
+--------------------------------------------------+------------+-----------+
| Disposals | - | (1,070) |
+--------------------------------------------------+------------+-----------+
| Depreciation and amortisation | (2,031) | (2,009) |
+--------------------------------------------------+------------+-----------+
| | | |
+--------------------------------------------------+------------+-----------+
| At 30 September 2009 | 44,277 | 11,496 |
+--------------------------------------------------+------------+-----------+
| Exchange adjustments | 1,396 | 163 |
+--------------------------------------------------+------------+-----------+
| Additions | 1,347 | 1,318 |
+--------------------------------------------------+------------+-----------+
| Disposals | (21) | (799) |
+--------------------------------------------------+------------+-----------+
| Amendmentts to the fair value of consideration | (2,242) | - |
+--------------------------------------------------+------------+-----------+
| Depreciation and amortisation | (2,526) | (1,722) |
+--------------------------------------------------+------------+-----------+
| | | |
+--------------------------------------------------+------------+-----------+
| At 31 March 2010 | 42,231 | 10,456 |
+--------------------------------------------------+------------+-----------+
| Exchange adjustments | (707) | (125) |
+--------------------------------------------------+------------+-----------+
| Additions | 410 | 461 |
+--------------------------------------------------+------------+-----------+
| Disposals | - | (34) |
+--------------------------------------------------+------------+-----------+
| Depreciation and amortisation | (1,907) | (1,765) |
+--------------------------------------------------+------------+-----------+
| | | |
+--------------------------------------------------+------------+-----------+
| At 30 September 2010 | 40,027 | 8,993 |
+--------------------------------------------------+------------+-----------+
+------------------------+---------------+--------------+-----------+----------+
| 7. Provisions | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | | Professional | | |
| | Restructuring | indemnity | Vacant | Total |
| | | insurance | property | |
+------------------------+---------------+--------------+-----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| At 1 April 2010 | - | 3,660 | 2,080 | 5,740 |
+------------------------+---------------+--------------+-----------+----------+
| Exchange adjustments | - | (21) | 2 | (19) |
+------------------------+---------------+--------------+-----------+----------+
| Charged to the Income | - | 341 | 66 | 407 |
| Statement | | | | |
+------------------------+---------------+--------------+-----------+----------+
| Utilised / released to | - | (278) | (961) | (1,239) |
| the Income Statement | | | | |
+------------------------+---------------+--------------+-----------+----------+
| Amortisation of | - | - | 52 | 52 |
| discount | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| At 30 September 2010 | - | 3,702 | 1,239 | 4,941 |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| At 30 September 2010 | | | | |
+------------------------+---------------+--------------+-----------+----------+
| Current liabilities | - | 3,702 | 868 | 4,570 |
+------------------------+---------------+--------------+-----------+----------+
| Non-current | - | - | 371 | 371 |
| liabilities | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | - | 3,702 | 1,239 | 4,941 |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| At 30 September 2009 | | | | |
+------------------------+---------------+--------------+-----------+----------+
| Current liabilities | 1,174 | 2,823 | 1,048 | 5,045 |
+------------------------+---------------+--------------+-----------+----------+
| Non-current | - | - | 1,271 | 1,271 |
| liabilities | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | 1,174 | 2,823 | 2,319 | 6,316 |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| At 31 March 2010 | | | | |
+------------------------+---------------+--------------+-----------+----------+
| Current liabilities | - | 3,660 | 990 | 4,650 |
+------------------------+---------------+--------------+-----------+----------+
| Non-current | - | - | 1,090 | 1,090 |
| liabilities | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | | | | |
+------------------------+---------------+--------------+-----------+----------+
| | - | 3,660 | 2,080 | 5,740 |
+------------------------+---------------+--------------+-----------+----------+
Restructuring
The provision represents redundancy costs that were not paid out at the prior
period end.
Professional indemnity insurance
The provision reflects management's estimate of the likely cost of claims
including professional indemnity insurance excesses and has been provided in
accordance with group policy. These provisions will be carried forward until
the claims to which they relate are agreed and amounts utilised or released as
appropriate.
Vacant property
The provision represents the estimated net present value of future rentals where
properties are vacant. These provisions will be utilised up until such time as
the vacant properties are re-let (when the requirement for a provision will be
reassessed), or the lease terminates, whichever occurs earlier.
+-----------------+--+--+-+-------+--+-+-------+---------+------------+------------+--------------+
| 8. Notes to the Consolidated Cash | | | | | |
| Flow Statement | | | | | |
+--------------------------------------+-------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| (a) Cash flows from operating | | | | | |
| activities | | | | | |
+--------------------------------------+-------+---------+------------+------------+--------------+
| | | | | | Six | Six | Year |
| | | | | | months | months | ended |
| | | | | | ended | ended | 31 |
| | | | | | 30 | 30 | March |
| | | | | | September | September | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| | | | | | 2010 | 2009 | 2010 |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| | | | | | GBP'000 | GBP'000 | GBP'000 |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Profit for the | | | | | 7,465 | 4,697 | 11,167 |
| financial | | | | | | | |
| period | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Adjustments | | | | | | | |
| for: | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Taxation | | | | | 2,073 | 969 | 2,300 |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Depreciation | | | | | 1,765 | 2,009 | 3,731 |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Amortisation - | | | | | 863 | 694 | 1,732 |
| Software | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Amortisation - Business | | | 1,044 | 1,337 | 2,825 |
| Combinations | | | | | |
+--------------------------------------+-------+---------+------------+------------+--------------+
| Interest | | | | | (437) | (88) | (468) |
| receivable | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| Interest payable and | | | | 464 | 1,219 | 2,178 |
| similar charges | | | | | | |
+-----------------------+--------------+-------+---------+------------+------------+--------------+
| EBITDA | | | | | 13,237 | 10,837 | 23,465 |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+-----+--------------+-------+---------+------------+------------+--------------+
| (Profit) / loss on disposal of property, | | (43) | 649 | 732 |
| plant and equipment | | | | |
+----------------------------------------------+---------+------------+------------+--------------+
| Fair value gain on financial | | | (41) | (199) | (183) |
| instruments | | | | | |
+------------------------------------+---------+---------+------------+------------+--------------+
| Share option | | | | | 283 | 217 | 421 |
| costs | | | | | | | |
+-----------------+-----+------------+---------+---------+------------+------------+--------------+
| Decrease in | | | | | (799) | (4,020) | (4,596) |
| provisions | | | | | | | |
+-----------------+-----+------------+---------+---------+------------+------------+--------------+
| Defined benefit | | | | 1,817 | 1,350 | 3,131 |
| scheme charges | | | | | | |
+-----------------------+------------+---------+---------+------------+------------+--------------+
| Special contributions to defined | | | - | (3,000) | (3,000) |
| benefit schemes | | | | | |
+------------------------------------+---------+---------+------------+------------+--------------+
| Normal contributions to defined | | | (4,141) | (2,609) | (5,204) |
| benefit schemes | | | | | |
+------------------------------------+---------+---------+------------+------------+--------------+
| Changes in | | | | | | | |
| working | | | | | | | |
| capital: | | | | | | | |
+-----------------+-------+----------+---------+---------+------------+------------+--------------+
| Decrease in trade and other | | | 2,089 | 9,167 | 23,093 |
| receivables | | | | | |
+------------------------------------+---------+---------+------------+------------+--------------+
| Decrease in trade and other | | | (6,438) | (17,924) | (22,157) |
| payables | | | | | |
+------------------------------------+---------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+-------+----------+---------+---------+------------+------------+--------------+
| Cash generated from / (used in) | | | 5,964 | (5,532) | 15,702 |
| operations | | | | | |
+------------------------------------+---------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+-----+------------+---------+---------+------------+------------+--------------+
| (b) Reconciliation of movement in net | | | | |
| (debt) / cash | | | | |
+----------------------------------------------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | At 30 | | | | | At 30 |
| | | September | At 1 April | | Non-cash | Exchange | September |
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | 2009 | 2010 | Cash | Movement | Movement | 2010 |
| | | | | flow | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| Cash at bank | | 14,120 | 21,399 | (5,066) | - | (168) | 16,165 |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| Debt due within | | (2,625) | (1,804) | 1,322 | 10 | 15 | (457) |
| 1 year | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| Debt due after | | (25,490) | (13,874) | 4,002 | (10) | - | (9,882) |
| 1 year | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| Finance leases due | (981) | (826) | 820 | (306) | 23 | (289) |
| within 1 year | | | | | | |
+--------------------+------------+------------+---------+------------+------------+--------------+
| Finance leases | | (1,228) | (1,262) | - | 1,006 | 33 | (223) |
| due after 1 | | | | | | | |
| year | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | (30,324) | (17,766) | 6,144 | 700 | 71 | (10,851) |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | (16,204) | 3,633 | 1,078 | 700 | (97) | 5,314 |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| | | | | | | | |
+-----------------+--+------------+------------+---------+------------+------------+--------------+
| The cash at bank balance includes GBP2.5m (September 2009: GBP2.6m, March 2010: |
| GBP3.3m) that is restricted and not available to the group for general use. |
+-------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | |
+-----------------+--+--+-+-------+--+-+-------+---------+------------+------------+--------------+
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| 9. Retirement | | | | | | | |
| benefit obligations | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Employees of the group participate in a number of pension schemes both in the UK and |
| overseas. The principal scheme in the UK is the Acer Group Pension Scheme (AGPS) which |
| is a defined benefit scheme. The group's net liabilities in respect of retirement |
| benefits comprise the following: |
+----------------------------------------------------------------------------------------------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | As at 30 | | As at | | As at 31 |
| | | | September | | 30 | | |
| | | | | | September | | March |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | 2010 | | 2009 | | 2010 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| AGPS and unfunded | | | 26,657 | | 27,443 | | 26,487 |
| annuitants scheme | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Overseas schemes | | | 6,725 | | 6,545 | | 7,040 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | 33,382 | | 33,988 | | 33,527 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| AGPS and unfunded | | | As at 30 | | As at | | As at 31 |
| annuitants scheme | | | September | | 30 | | |
| | | | | | September | | March |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| The key assumptions | | | 2010 | | 2009 | | 2010 |
| used were: | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Rate of increase in | | | 3.30% | | 3.40% | | 3.80% |
| salaries | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Rate of increase to | | | | | | | |
| pensions in payment: | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| - Index linked pensions with max 3% | 2.45% | | 2.60% | | 2.60% |
| per annum increases | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+----------+
| - Other index linked | | | 3.15% | | 3.40% | | 3.55% |
| pension | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Discount rate | | | 5.00% | | 5.60% | | 5.60% |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Inflation | | | 3.30% | | 3.40% | | 3.80% |
| assumptions | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Longevity at age 65 for current | | | | | |
| pensioners | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+----------+
| - Men | | | 22.1 | | 22.0 | | 22.1 |
| | | | years | | years | | years |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| - Women | | | 24.0 | | 23.9 | | 24.0 |
| | | | years | | years | | years |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Longevity at age 65 | | | | | | | |
| for future | | | | | | | |
| pensioners | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| - Men | | | 24.0 | | 23.9 | | 24.0 |
| | | | years | | years | | years |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| - Women | | | 25.9 | | 25.8 | | 25.9 |
| | | | years | | years | | years |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| The amounts included in the consolidated statement of financial position for the AGPS and |
| unfunded annuitants scheme are as follows: |
+----------------------------------------------------------------------------------------------+
| | | | As at 30 | | As at | | As at 31 |
| | | | September | | 30 | | |
| | | | | | September | | March |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | 2010 | | 2009 | | 2010 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| At 1 April | | | (26,487) | | (27,178) | | (27,178) |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Current service | | | (778) | | (626) | | (1,077) |
| costs | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Past service costs | | | - | | - | | (131) |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Notional interest on | | | (3,526) | | (3,269) | | (6,603) |
| pension liability | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Expected return on | | | 3,744 | | 2,752 | | 5,611 |
| plan assets | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Contributions by | | | 2,962 | | 4,705 | | 6,387 |
| employers | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Actuarial gains / | | | | | | | |
| (losses) due to: | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| - Assets | | | 3,289 | | 12,582 | | 17,886 |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| - Liabilities | | | (5,861) | | (16,409) | | (21,382) |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Deficit in AGPS and unfunded | (26,657) | | (27,443) | | (26,487) |
| annuitants scheme | | | | | |
+-------------------------------------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Related deferred tax | | | 5,502 | | 5,822 | | 5,658 |
| asset | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| | | | | | | | |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
| Net pension deficit | | | (21,155) | | (21,621) | | (20,829) |
+----------------------+-------+------+-----------+----------+-----------+----------+----------+
10. Contingent liabilities
The group maintains professional indemnity insurance against claims for
professional negligence which in the ordinary course of business have been, or
may in the future be, received. The directors assess each claim and make
provision for legal and settlement costs where, on the basis of advice received,
it is considered that a liability may exist.
Hyder Consulting PLC and various group companies have entered into performance
guarantees and performance bonds supporting project requirements and certain
other bonds and guarantees in the ordinary course of business. The group's
liabilities under performance guarantees are only limited to the extent of the
underlying contracts. The directors do not consider any provision is necessary
in respect of guarantees and bonds.
11. Statement of Directors' Responsibilities
The directors confirm that to the best of their knowledge: (i) this condensed
set of financial statements has been prepared in accordance with IAS 34 as
adopted by the European Union; and (ii) the Interim Management Report herein
includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.
The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Company's website. Legislation in the
United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
A list of current directors is maintained on the Company's website:
www.hyderconsulting.com.
12. Cautionary statement
This half yearly financial report has been prepared solely for the Company's
members, as a body. The report may contain certain forward-looking statements
with respect to the financial condition, performance, results, strategy and
objectives, operations and businesses of the group. By their nature these
statements involve uncertainty because they relate to future events and
circumstances which are beyond the group's control. As a result the group's
actual future financial condition, performance and results may differ materially
from the plans or expectations in any forward-looking statement. The Company
assumes no obligation to update or revise any forward-looking statement,
resulting from new information, future events or otherwise. Nothing in this
half year report should be construed as a profit forecast.
13. Further information
An electronic version of this half yearly financial report and 31 March 2010
financial statements can be viewed on the Company's website:
www.hyderconsulting.com.
Independent review report to Hyder Consulting PLC
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2010, which comprises the Consolidated Income Statement, the
Consolidated Statement of Comprehensive Income, the Consolidated Statement of
Changes in Equity, the Consolidated Statement of Financial Position, the
Consolidated Cash Flow Statement, and related notes. We have read the other
information contained in the half-yearly financial report and considered whether
it contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. This report, including the conclusion, has been prepared for and only
for the company for the purpose of the Disclosure and Transparency Rules of the
Financial Services Authority and for no other purpose. We do not, in producing
this report, accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 September 2010 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Bristol
16 November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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