HYC Hyder Cons

TIDMHYC

RNS Number : 5096X

Hyder Consulting PLC

16 February 2012

Hyder Consulting PLC

Interim Management Statement

Hyder Consulting PLC, the multi-national design and engineering consultancy, today issues its Interim Management Statement covering the period 1 October 2011 to 16 February 2012.

Trading performance

The Group continues to perform in line with our expectations.

A series of new contracts has led to a growing order book and it is now higher than at the previous year end. Recent awards include:

   --     Gerringong Highway Upgrade, Independent Verifier; Australia 
   --     Greening Master Plan, New Territories; Hong Kong 
   --     Hong Kong Housing Authority slope maintenance term consultancy; Hong Kong 
   --     Kahramaa water supply; Qatar 
   --     High Speed 2 engineering consultancy framework; UK 
   --     Sussex Train Lengthening Package 3; UK 

In Asia Pacific our Australian business has performed well and in line with plan. We have recently started work on a number of important highway and rail schemes. In the Middle East region we have secured a number of new projects in Qatar and Saudi Arabia, although mobilisation for newly secured projects in Qatar will take place over several months. We expect a higher level of working capital in the region due to slower payment terms on public sector contracts and delayed contract settlements which we continue to manage carefully. In the competitive UK market we have secured a number of new rail contracts, and recently started highways projects under our framework agreements.

Acquisition

The Group has acquired a 70% interest in the Jeddah based consulting engineering firm SAK Engineering Consultants, which has 40 professional staff. Our new partner, Sheikh Solaiman El Khereiji, will retain 30% and operations will be conducted through a newly registered company, Hyder & Solaiman Elkhereiji Engineering Consulting Company. The acquisition provides the Group with an increased footprint in Saudi Arabia, enabling us to respond to the anticipated increase in infrastructure spend in the country.

Financial position

The Group remains in a strong financial position with net cash balances and significant headroom against its banking facilities. A new committed four year GBP22.5m Revolving Credit Facility with HSBC has been signed, replacing the existing facility of GBP20m which was due to expire in April 2012.

Outlook

Market conditions remain challenging and the general economic climate uncertain. However, the Group has a growing order book which along with our broad international base and strong balance sheet gives us resilience and confidence in our future prospects.

Enquiries:

Hyder Consulting PLC

   Russell Down, Group Finance Director                        Tel: 020 7904 9020 

Citigate

Ginny Pulbrook Tel: 020 7282 2945

Notes:

1. About Hyder Consulting: Hyder Consulting is a multi-national design and engineering consultancy operating in Asia, Australia, the Middle East, Germany and the UK. We employ approximately 3,700 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 obtained 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 obtain in the future. There are a number of factors that could cause actual results or developments to differ materially from those indicated 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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