HYC Hyder Cons

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RNS Number : 3530E

Hyder Consulting PLC

06 April 2011

Hyder Consulting PLC

Pre-close trading statement for the year ended 31 March 2011

Hyder Consulting PLC, the multi-national advisory and design consultancy, provides the following trading update in advance of results for the financial year ended 31 March 2011 which are scheduled to be announced on 8 June 2011.

Trading performance

The Group has performed in line with the Board's expectations. Over 70% of our revenues and approximately 80% of operating profits come from overseas, and this broad geographic spread strengthens our resilience.

In Australia our performance is well ahead of the prior year and in line with plan. Some opportunities there are being deferred following the Queensland flooding, although we do not anticipate that this will have a material effect. In the Middle East we operate in the UAE, Qatar, Bahrain and Saudi Arabia, and have won valuable work in each of these countries. Our offices in Bahrain (which account for less than 2.5% of Hyder's total headcount) are now trading normally after the recent unrest. As a result of operational improvements, our UK performance strengthened in the second half.

New Orders

Improved client relationships and key account management have helped us win a number of projects, notably:

-- Titenbar to Ewingsdale highway; Australia

-- Step Tunnel; Abu Dhabi

-- Muharaq Sewage Treatment Works; Bahrain

-- Ashgal infrastructure call off framework; Qatar

-- Southern Water AMP5 framework; UK

-- Stuttgart 21, Rail supervision; Germany

Financial position

Net cash balances are expected to be in line with the Board's expectations, although, as previously announced, collection of debt on certain Middle East accounts remains protracted.

Acquisition

In March we acquired Ingenieur Consult, a mechanical and electrical consultancy in Germany, for a maximum cash consideration of EUR1.3m.

Chief Executive Ivor Catto commented:

"We have won a number of new projects, and driven further operational efficiencies within the business. The Group's order book and track record in challenging markets mean we remain confident for the future."

Enquiries:

Hyder Consulting PLC

Ivor Catto, Chief Executive Tel: 020 3014 9000

Russell Down, Group Finance Director Tel: 020 3014 9000

Citigate

Ginny Pulbrook Tel: 020 7282 2945

Ged Brumby Tel: 020 7282 2996

Notes:

1. About Hyder Consulting : Hyder Consulting is a multi-national advisory and design consultancy operating in Asia, Australia, the Middle East, Germany and the UK. We employ approximately 4,000 people and apply our global expertise coupled with local knowledge to create award winning solutions for the transport, property, utilities and environment sectors.

2. This announcement is based on information sourced from unaudited management accounts.

3. This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of Hyder Consulting PLC. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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