Hyder Consulting PLC Pre-Close Update (8546B)
09 April 2013 - 8:00AM
UK Regulatory
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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