TIDMHYC

RNS Number : 8546B

Hyder Consulting PLC

09 April 2013

Hyder Consulting PLC

Pre-Close Update

Hyder Consulting PLC, the multi-national design and engineering consultancy, today provides an update in advance of its results for the year to 31 March 2013, which we expect to announce on 12 June 2013.

Trading performance

We anticipate that the Group's pre-tax profit before exceptional items for the year to 31 March 2013 will be in line with the Board's expectations.

Overall, the Asia Pacific region has performed well for the year earning significant performance bonuses in Australia. The integration of BCH in Perth is proceeding to plan and providing the Group with new opportunities in Western Australia.

As previously reported, we expect to incur a loss for the full year in Asia and have restructured the business to sharpen the focus on key clients and markets where we are differentiated. A new management team has been installed, and the Vietnam operation closed. This has led to GBP1.3m of one-off costs and a non-cash GBP3m partial write-down of goodwill. A GBP1.8m saving on the deferred consideration payable for the acquisition of GWE in Australia will result in a Group net exceptional charge of GBP2.5m for the year.

Middle East results are ahead of plan and well ahead of the prior year. In Qatar we have recently been awarded a GBP70m contract by key client Ashghal for the design and supervision of a section of Doha Expressway. We expect to start work on this major project, our second for Ashghal, in the new financial year. We are pursuing a number of other important opportunities in Qatar and Saudi Arabia.

In Europe, UK market conditions continue to remain tight although results have improved in the second half. The PCS acquisition is integrating well and performing in line with plan.

Financial position

The Group is in a strong financial position, with good cash conversion for the year and net cash balances expected to be in excess of GBP20m at 31 March 2013. Unutilised borrowing facilities amount to GBP50m, following the renewal in February 2013 of a GBP22.5m four year Revolving Credit Facility.

Outlook

The Group's trading performance, favourable market positioning and diversified geographic base, together with a strong financial position give us confidence in the year ahead.

Enquiries:

Hyder Consulting PLC

   Russell Down, Group Finance Director                        Tel: 020 3014 9000 

Citigate Dewe Rogerson

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 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 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 occur 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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