TIDMHYC
RNS Number : 8188G
Hyder Consulting PLC
12 June 2013
Hyder Consulting PLC
12 June 2013
Hyder Consulting PLC (HYC.L)
Final Results Announcement
Annual results for the year ended 31 March 2013
Another year of improved results
Hyder Consulting, the multi-national design and engineering
consultancy, today announces its results.
Business highlights
-- Order book up 14% to GBP413m (2012: GBP363m)
-- Revenues up 8% to GBP298.1m (2012: GBP277.3m)
-- Adjusted operating profit* up 12% to GBP23.6m (2012: GBP21.0m)
-- Adjusted pre tax profit* up 10% to GBP23.8m (2012: GBP21.6m)
-- Net operating margins of 9.1% (2012: 8.7%)
-- Adjusted diluted earnings per share* up 5% to 46.55p (2012: 44.34p)
-- Full year dividend up 33% to 12.0p per share (2012: 9.0p)
-- Net cash balances increased 56% to GBP24.3m (2012: GBP15.6m)
Statutory reporting
-- Operating profit up 9% to GBP18.6m (2012: GBP17.1m)
-- Pre tax profit increased 7% to GBP18.8m (2012: GBP17.6m)
-- Diluted earnings per share decreased 3% to 35.00p (2012: 35.96p)
*Adjusted numbers exclude exceptional items, acquisition costs
and amortisation of acquired intangibles.
Commenting on the results Sir Alan Thomas, Chairman, said:
"In the Middle East we have a strong order book and a
substantial pipeline of opportunities; our UK business is growing.
In Australia, whilst the market has moderated, we are broadly based
and not dependent on any one sector. Our net cash position is
strong, and Hyder's record order book attests to the value of our
international market coverage and client relationships. The group
outlook for the year remains unchanged."
Contacts:
Hyder Consulting PLC
Ivor Catto, Chief Executive Tel: +44 (0)20 3014
9197
Russell Down, Group Finance Director Tel: +44 (0)20 3014
9192
Citigate Dewe Rogerson
Ginny Pulbrook Tel: +44 (0)20 7282
2945
There will be a results presentation for stockbroking analysts
today at 9.00am, to be held at Numis Securities, 10 Paternoster
Square, London EC4M 7LT.
Chairman's Statement
I am pleased to report another year of increased profits and
operating margins ending with a record order book and record cash
balances. The board is recommending an increase of 33% in the full
year dividend.
Results
The order book increased by 14% to GBP413.2m (2012: GBP362.8m)
following the award of a number of important contracts in the
second half of the year. Approximately 65% of the current year's
forecast revenue is already secured.
Revenues increased by 8% to GBP298.1m (2012: GBP277.3m); net
revenue, after deduction of sub-consultant costs, was GBP260.4m
(2012: GBP241.8m).
Adjusted operating profit was GBP23.6m (2012: GBP21.0m); the
adjusted net operating profit margin grew to 9.1% (2012: 8.7%).
Operating profit amounted to GBP18.6m (2012: GBP17.1m).
Adjusted profit before tax rose by 10% to GBP23.8m (2012:
GBP21.6m).
Adjusted diluted earnings per share increased 5% to 46.55p
(2012: 44.34p). Diluted earnings per share were 35.00p (2012:
35.96p).
Funding
At 31 March 2013 the group had net cash of GBP24.3m (2012:
GBP15.6m). Cash balances at the year end amounted to GBP32.1m with
unutilised facilities of GBP48.6m.
The group generated EBITDA of GBP27.9m (2012: GBP25.8m), and
operating cash flow of GBP27.9m (2012: GBP15.6m), after making
contributions of GBP0.9m towards the pension deficit (2012:
GBP3.9m). Cash conversion for the year was 103% before accounting
for these contributions, following improved collections in both the
UK and the Middle East.
At 31 March 2013 the net deficit in our UK pension scheme
increased to GBP19.1m (2012: GBP16.3m) as a result of actuarial
losses due primarily to lower discount rates and increased
inflation assumptions. The scheme was closed to future benefit
accrual on 30 April 2011. Overseas and other pension liabilities,
which principally relate to unfunded amounts payable to Middle East
staff, increased to GBP10.3m (2012: GBP7.9m) as a result of
increasing staff numbers and reduced discount rates.
In December we completed two acquisitions at a net cost of
GBP4.9m; PCS, a specialist energy consultant operating in the UK,
and BCH, a resources consultancy in Australia. These businesses are
integrating well, and performing in line with plan. We are
exploring further acquisitions which will enhance our market
position in core geographies and sectors.
Dividend
In recognition of the group's strong financial performance, the
board is recommending a final dividend of 8.0p per share (2012:
7.0p); the full year dividend will therefore be 12.0p per share
(2012: 9.0p), an increase of 33%.
The full year dividend will be covered 3.9 times by adjusted
diluted earnings per share (2012: 4.9 times).
Operating highlights
Asia-Pacific
Regional revenues were GBP123.4m (2012: GBP112.2m); adjusted
operating profits GBP14.9m (2012: GBP14.7m). As previously
announced, exceptional costs of GBP2.5m were incurred during the
year in relation to Asia restructuring and goodwill impairment
(GBP4.3m), offset by a saving on the contingent consideration
payable for the acquisition of GWE (GBP1.8m).
In Australia, the transport division's performance-related
bonuses enabled it to exceed plan. In New South Wales we have a
strong pipeline of transport opportunities although the timing of
project awards combined with reduced state funding for projects in
Victoria and Queensland has led to a reduction in the order book
and some targeted staff reductions. In the commercial property
market we have won a number of important projects including the
prestigious Sydney International Exhibition Precinct and 1 William
Street in Brisbane. GWE has integrated well into the group and
whilst the second half year was challenging, its order book has
recently improved. The acquisition of engineering consultancy, BCH
in Perth, provides us with specialist skills and a base from which
to grow in Western Australia.
In Asia wehave restructured the business to sharpen the focus on
key clients and markets where we are differentiated. A new
management team has been installed, the Vietnam operation has been
closed and we anticipate the business will return to profitability
this coming year.
Middle East
Revenue was GBP75.2m (2012: GBP63.8m); adjusted operating
profits increased by 82% to GBP7.1m (2012: GBP3.9m).
In the Middle East our revenue has grown, and profitability has
improved significantly as we have mobilised on contracts for
Ashghal and KahraMaa in Doha, and Jeddah Municipality. More
recently we have secured a further significant award with Ashghal,
a GBP70m contract for the design and supervision for a section of
Doha Expressway; to accommodate the consequent increase in staff in
Doha, we moved into larger offices during the year. We have
increased our exposure to the growing infrastructure market in
Saudi Arabia, and are well placed on a number of important
opportunities in the Kingdom. In the UAE our workload reduced
during the year, although recently we have seen signs of increased
activity in the Dubai property market.
Regional working capital has been reduced as a result of good
payments on new contracts and continuing settlements against older
debts in the UAE. The management of working capital will remain a
priority for us as the scale of opportunities grows and we
undertake more public sector infrastructure projects in the
region.
Europe
Revenue was GBP99.6m (2012: GBP101.2m); adjusted operating
profits were GBP4.8m (2012: GBP5.5m).
In the UK we have grown our rail business in a competitive
market and are working on a number of station projects, as well as
capacity enhancement works, electrification and signalling projects
for Network Rail. Though government investment in highways has been
delayed, we have secured a number of projects with the Highways
Agency under our framework agreements. In the utilities sector we
are supporting a number of major UK water companies in their AMP5
programme, and are now actively bidding for AMP6-related
opportunities. ESR, the safety and risk consultants acquired last
year, performed ahead of plan following a number of important
project awards.
In Germany we secured significant property-related work with BMW
and Lufthansa during the year, although the public sector transport
market has been subdued. Our German operation has provided valuable
support to the Middle East region in winning and executing projects
for Hochtief on Doha Metro, and for Siemens in Saudi Arabia.
Board composition
The board has enjoyed a period of considerable stability since
the appointment of a new chief executive and group finance director
at the end of 2008. We believe that this stability, together with
the board's relatively small size, has helped Hyder to adapt and
make decisions quickly during a period of changing and uncertain
market conditions. Last year we began a process of refreshing the
board when we appointed internationally-experienced Kevin Taylor as
a new, independent non-executive director. As part of the next
stage of board renewal, it is my intention, after ten years as
chairman, for this next AGM to be the last at which I will seek
re-election and to retire when the board has chosen and appointed
my successor.
People
We now employ 3,997 people, an increase of 6% over last year. We
have, as planned, been increasing the number and proportion of
staff in our global excellence centres which gives us greater
capacity and flexibility in marshalling the necessary skills to
address competitive opportunities.
We have continued to invest in the development of our people and
in training systems for our staff and new recruits. A new web
recruitment platform has been implemented which has enabled us to
reach a wider pool of well-qualified candidates and to improve all
aspects of the process. Direct recruitment now accounts for 80% of
all applications to Hyder.
Outlook
In the Middle East we have a strong order book and a substantial
pipeline of opportunities; our UK business is growing. In
Australia, whilst the market has moderated, we are broadly based
and not dependent on any one sector. Our net cash position is
strong, and Hyder's record order book attests to the value of our
international market coverage and client relationships. The group
outlook for the year remains unchanged.
I would once again like to express my appreciation to our
clients for entrusting us with their work assignments and to thank
all members of our staff for their effort and commitment over the
past year.
Sir Alan Thomas
Chairman
12 June 2013
Business review
Hyder is a leading multinational design and engineering
consultancy with a heritage that spans more than 150 years. Whilst
our headquarters is in London, our business is managed through
three primary regions: Asia Pacific (Australia and Asia), Middle
East (UAE, Saudi Arabia, Qatar, Bahrain and Oman), and Europe (UK
and Germany).
Asia-Pacific
2013 2012
--------------------------- ------------------------------------------
Australia Asia Total Australia Asia Total
Revenue (GBPm) 102.6 20.8 123.4 90.2 22.1 112.3
Adjusted operating
profit (GBPm) 16.1 (1.2) 14.9 13.8 0.9 14.7
Margin 15.7% (5.8%) 12.1% 15.3% 4.1% 13.1%
Order book (GBPm) 45.6 43.9 89.5 58.1 34.5 92.6
People 681 441 1,122 719 457 1,176
Regional revenues increased to GBP123.4m (2012: GBP112.3m);
adjusted operating profits were GBP14.9m (2012: GBP14.7m).
Australia
In Australia our results improved following a strong performance
on transport contracts.
The transport division performed particularly well following the
award of bonus payments, and continues to work on Alliance
contracts and a number of Independent Verifier roles, including
Sapphire to Woolgoolga and Gerringong Upgrades. We have a strong
pipeline of opportunities in New South Wales, although the timing
of project awards combined with reduced state funding for projects
in Victoria and Queensland following state elections has led to a
reduction in the order book and some targeted staff reductions.
Following our success with the Westgate Freeway Alliance at last
year's Australian construction achievement awards, we were
successful again this year with the Port Botany expansion project,
the overall winner.
In the property sector market conditions have started to improve
and our order book has increased. We have secured the design of a
43 storey commercial building in Brisbane, 1 William Street, are
working on the 20 hectare development of Sydney International
Convention Exhibition and Entertainment Precinct (SICEEP), and have
extended our involvement with project managing the Formula 1 grand
prix in Melbourne until 2015.
In the resources sector GWE, our materials handling consultancy
based in Sydney, performed slightly below plan as investment in
capital projects slowed. As a result we reviewed the deferred
consideration payable on the acquisition, resulting in a saving of
GBP1.8m, which has been treated as an exceptional item. More
recently its workload has increased and performance is improving.
In December we acquired Perth based BCH, a marine structural
integrity consultancy servicing the resources sector. This
acquisition is performing in line with plan and providing the group
with good opportunities in Western Australia.
Asia
We have grown our revenue in China following investments in new
offices and client relationships. As a result of these investment
costs, delays in the award of projects in China and Vietnam in the
first half, and lower margin projects in Hong Kong, the region
reported a loss for the year. We have recently restructured the
business, appointed a new management team, and focused more closely
on markets and clients where we are differentiated. We have also
closed our operations in Vietnam andanticipate that the business
will return to profitability this coming year.
Major projects
-- Formula 1 grand prix project management, Melbourne, Australia
-- Pacific Highway Upgrade, Frederickton to Eungai, Australia
-- 1 William Street, Brisbane, Australia
-- Sydney International Exhibition Precinct, Australia
-- Eastlands Shopping Centre, Victoria, Australia
-- Carmichael Coal, Australia
-- Baotou Dragon City, China
-- Urumqi Transport development white paper, China
Middle East
2013 2012
------ ------------
Revenue (GBPm) 75.2 63.8
Adjusted operating
profit (GBPm) 7.1 3.9
Margin 9.4% 6.1%
Order book
(GBPm) 189.6 135.2
People 1,270 1,110
Regional revenues increased 17.9% to GBP75.2m (2012: GBP63.8m);
adjusted operating profits increased 82.1% to GBP7.1m (2012:
GBP3.9m) following mobilisation on new contracts in Qatar and Saudi
Arabia. Margins increased to 9.4% (2012: 6.1%) reflecting
investment costs in the prior year required to secure these new
contracts.
We have seen continued growth in Qatar and Saudi Arabia during
the year, with further significant scale opportunities in the
pipeline. In the UAE and Bahrain the market has remained subdued,
particularly the private sector property market, although more
recently there have been signs of increasing activity in Dubai. The
order book increased by 39.6% to GBP189.6m (2012: GBP135.2m), and
staff numbers by 14.4% to 1,270 (2012: 1,110). We have recently
been awarded a second major project by Qatar's Public Works
Authority, Ashghal, which is responsible for all infrastructure
related projects and public amenities of the State. This GBP70m
contract is for the design and supervision of a section of Doha
Expressway, a GBP3bn project to build Qatar's first motorway, which
will provide easier links between all parts of the city. We are
extending the work we are undertaking for Qatar's Water and Power
authority, KahraMaa, and our design of its seven mega reservoirs is
now well advanced. In Saudi Arabia, we have now fully mobilised on
our framework contract with Jeddah Municipality, and projects are
also beginning to build in Riyadh and elsewhere in the Kingdom.
We have secured good payment terms on the new contracts in Qatar
and Saudi Arabia, including advanced payments. These combined with
settlements against older debts has led to a reduction in working
capital during the year. Working capital requirements are however
likely to increase as the scale of opportunities grows, and the
balance of workload shifts from private sector property work to
public sector infrastructure projects.
Major projects
-- Ashghal contract 2, Qatar
-- Doha Expressway, Qatar
-- KahraMaa mega reservoirs, Qatar
-- Jeddah municipality engineering consultancy services framework, Saudi Arabia
-- Al Rahji Bank headquarters, Saudi Arabia
-- Pepsico plant, Saudi Arabia
Europe
2013 2012
------------------------ ------------------------
UK Germany Total UK Germany Total
Revenue (GBPm) 75.5 24.0 99.5 75.0 26.2 101.2
Adjusted operating
profit (GBPm) 3.4 1.4 4.8 4.0 1.5 5.5
Margin 4.5% 5.8% 4.8% 5.3% 5.7% 5.4%
Order book (GBPm) 110.3 23.8 134.1 106.2 28.8 135.0
People 1,198 407 1,605 1,084 404 1,488
Regional revenues were GBP99.5m (2012: GBP101.2m); adjusted
operating profits were GBP4.8m (2012: GBP5.5m), reflecting the
challenging market conditions.
UK
In the UK our results fell slightly as a result of challenging
market conditions, particularly in the highways and property
markets.
We grew our rail business in a competitive market, and as part
of the strategic expansion of our global design offering to meet
demand we opened new offices in York and Hyderabad, India. We are
working on over 100 station projects, predominately platform
extensions in the South East, to service the growing demand for
rail travel. During the year projects have also included London
Bridge station, Bank station, Whitechapel station and Victoria Dock
portal for Crossrail, and Manchester Victoria station.
The UK highways market has been challenging as investment has
continued to be delayed, however we have secured a number of
projects with the Highways Agency under our existing framework
agreements. These include works for the M25 Dartford crossings and
also maximising the capacity of the existing network through the
managed motorway programme. We have continued to manage our
resources on a global basis and have shared UK based teams with the
Middle East business on major projects and opportunities in order
to maintain capabilities and maximise efficiency.
Our utilities sector supports a number of major UK water
companies on their AMP5 programmes, including South West Water,
Thames Water and Severn Trent Water, and we are now actively
bidding additional AMP6 opportunities. Our energy, safety and risk
consultant ESR Technology performed ahead of plan in its first full
year post acquisition. We have grown our presence in the important
North Sea oil and gas market through our office in Aberdeen, and
secured a five year quantitative risk assessment framework with
Maersk.
In the property and environment sectors, workload has been
subdued, although we have further developed our relationships with
key clients including National Grid, for which we have recently won
eleven framework contracts, and the Nuclear Decommissioning
Authority.
Germany
In Germany we secured industrial property work with BMW for
construction management of a new production facility and with
Lufthansa for a new cargo facility. The public sector transport
market has been subdued, although we are working on a number of
projects with key client Deutsche Bahn. Our German operation has
provided valuable support to the Middle East region in winning and
executing projects for Hochtief on Doha Metro, and for Siemens in
Saudi Arabia.
Major projects
-- London Bridge station, UK
-- Thameslink depots, UK
-- Managed motorway delivery hub, UK
-- Platform extensions, UK
-- Bank Station upgrade, UK
-- A45/46 Tollbar End improvement, UK
-- BMW manufacturing plant, Germany
-- 50 Hertz framework contract, Germany
Financial review
The group has reported another good set of financial results, in
what have been mixed market conditions. In Australia we have
performed well benefiting from performance bonuses and the strength
of the Australian dollar. Our Asian business reported a loss for
the year; we have restructured this business and closed our
operations in Vietnam and expect a return to profitability this
coming year. In the Middle East our results have improved
significantly as new projects have mobilised in Qatar and Saudi
Arabia. The UK and Germany have been challenging; revenues have
been maintained, although margins have fallen slightly.
Cash balances have increased following improved collections in
the UK and the Middle East. In the growing Middle East region, we
have secured advanced payments against many of our new public
sector contracts and have seen an improvement in liquidity in the
UAE where older debts are now being settled. At the year end our
net cash balances were GBP24.3m, up from GBP15.6m the year
before.
Revenue and profit
Revenue for the year increased by 7.5% to GBP298.1m (2012:
GBP277.3m). Net revenue, after deduction of sub-consultant costs,
was 7.7% higher at GBP260.4m (2012: GBP241.8m). On a constant
currency basis revenue and net revenue increased by 7.6% and 7.8%
respectively. The increase in revenue is attributable to the effect
of acquisitions and mobilisation on major projects in the Middle
East.
In presenting the group's adjusted profit below, amortisation of
acquired intangible assets, acquisition costs and exceptional items
have been excluded as the directors believe that this assists with
understanding the underlying performance of the group:
2013 2012 Change
%
GBP'000 GBP'000
-------- -------- -------
Operating profit 18,563 17,070 8.7%
Add back :
Amortisation on acquired intangibles
and acquisition costs 2,483 2,462 0.9%
Exceptional items 2,513 1,499 67.6%
-------- -------- -------
Adjusted operating profit 23,559 21,031 12.0%
Net finance costs (624) (353) 76.8%
Net pension interest income 845 929 (9.0%)
-------- -------- -------
Adjusted profit before taxation 23,780 21,607 10.1%
======== ======== =======
Adjusted operating profit increased 12.0% to GBP23.6m (2012:
GBP21.0m). The adjusted operating margin on net revenue increased
to 9.1% from 8.7%.
Redundancy costs of GBP1.6m (2012: GBP1.5m) have been absorbed
within adjusted operating profit following actions to more closely
align our resource levels with the mix of projected workload. The
redundancy costs were primarily incurred in the UK (GBP0.4m),
Australia (GBP0.9m), and the Middle East (GBP0.3m). Foreign
exchange losses of GBP0.1m have been recognised within operating
profit from translation of overseas profits.
Net finance costs increased, in spite of the higher cash
balances, principally as a result of the higher costs of the
revolving credit facilities with HSBC and Barclays which were
renewed in December 2011 and February 2013 respectively (see
below).
Adjusted profit before taxation increased 10.1% to GBP23.8m
(2012: GBP21.6m).
Exceptional items
In Asia the business was loss making in the year and
consequently has been restructured, a new management team
installed, and the Vietnam operation closed. As a result we have
incurred GBP1.3m of reorganisation costs comprising redundancy
costs and the write-down of assets held in Vietnam. An impairment
charge of GBP3.0m has been recognised against acquired
goodwill.
In Australia the contingent consideration due for the
acquisition of GWE was reduced by GBP1.8m during the year,
following a review of performance against the earn out targets.
This release is recorded in the income statement as required by
IFRS 3, the revised Business Combinations standard.
Net exceptional items therefore amounted to GBP2.5m in the
current year.
Exceptional items in the prior year of GBP1.5m related to UK
void properties (GBP1.3m) and closure costs of the UK defined
benefit pension scheme to future accrual (GBP0.2m).
Taxation
The taxation charge for the year was GBP5.3m (2012: GBP3.7m),
equating to a tax rate of 28.0% (2012: 21.1%). The tax rate has
increased by 6.9% due to a change in the mix of the group's
profits, with more of the group's profit being earned in higher
rate jurisdictions, particularly in Australia, and the effect of
exceptional costs which are largely not deductible for tax
purposes.
The tax rate on adjusted profit before tax was 24.2% (2012:
20.5%).
Earnings per share
Basic earnings per share amounted to 35.52p (2012: 36.48p);
diluted earnings per share was 35.00p (2012: 35.96p). The weighted
average number of ordinary shares during the year was 38.4m (2012:
38.2m), reflecting the shares issued to satisfy options exercised
during the year. After adjusting for the amortisation of acquired
intangibles, acquisition costs and exceptional items, adjusted
diluted earnings per share increased by 5.0% to 46.55p (2012:
44.34p).
Dividends
In recognition of the group's financial performance, the board
is recommending a 33% increase in the full year dividend to 12.0p
(2012: 9.0p). A final dividend of 8.0p per share (2012: 7.0p) is
proposed for the year to 31 March 2013 which, if approved by the
shareholders, will be paid on 9 August 2013 to shareholders on the
register at 12 July 2013. The full year dividend is covered 3.9
times by adjusted fully diluted earnings per share (2012: 4.9
times).
Acquisitions
In the year the group made two acquisitions for cash
consideration of GBP5.4m; PCS, a specialist, independent
high-voltage simulation, analysis and electrical design business
operating in the UK (GBP3.4m); and BCH in Australia, a small Perth
based consultancy, with expertise in the energy and resource
sectors (GBP2.0m). Cash balances of GBP0.5m were acquired with
these businesses. The fair value of further contingent
consideration payable in relation to these acquisitions is GBP1.4m,
dependent on future business performance. Contingent and deferred
consideration of GBP0.3m was paid during the year in respect of
acquisitions made in prior years.
We are actively exploring further acquisition opportunities in
order to enhance our financial return and improve our market
positioning.
The charge for amortisation of acquired intangibles increased to
GBP2.2m (2012: GBP1.8m), reflecting acquisitions during the year as
well as the full year effect of the GWE intangible assets acquired
in the prior year. In the year, GBP0.3m (2012: GBP0.7m) of legal
and due diligence fees were incurred in relation to
acquisitions.
Goodwill on acquired businesses is carried forward at cost, and
reviewed annually for impairment. The carrying value of goodwill
against the Asian business was reduced by GBP3.0m; no other
impairments were made following the annual review. Details of the
assumptions used in the calculations are shown in note 9 to the
annual report and accounts.
Capital structure
During the year the company issued 135,984 (2012: 94,250) 10p
ordinary shares in relation to exercised share options. As at 31
March 2013 there were 38,770,514 (2012: 38,634,530) fully paid 10p
ordinary shares in issue.
During the year to 31 March 2013 shareholders' equity increased
by 10.4% to GBP95.9m (2012: GBP86.9m) primarily reflecting retained
earnings for the year.
Shareholder return
At 31 March 2013 the net asset value per share was 247p (2012:
225p). The closing share price on 31 March 2013 was 482.5p per
share (2012: 414p); market capitalisation was GBP187.1m (2012:
GBP159.9m).
Financing
At the year end the group had net cash balances of GBP24.3m
(2012: GBP15.6m). Cash balances increased to GBP32.0m (2012:
GBP23.2m) and total borrowings, including overseas overdrafts, were
GBP7.7m (2012: GBP7.6m) providing substantial headroom against
available facilities.
The group's principal committed banking facilities totalling
GBP51.3m are with HSBC and Barclays in the UK. The group has two
four year revolving credit facilities of GBP22.5m expiring in
December 2015 and February 2017 respectively, and other long term
facilities of GBP6.3m. In addition the group has access to a number
of overseas and on demand facilities totalling GBP4.9m, and leasing
facilities of GBP0.2m. Total facilities amount to GBP56.4m, all of
which are unsecured.
Under the terms of its principal banking facilities the group is
required to operate within certain financial covenants. In line
with market practice these are related to net debt, EBITDA and
interest cover. The group had significant headroom within all of
these covenants throughout the year.
The net finance costs of the group, before pension interest
income, increased to GBP0.6m (2012: GBP0.4m) reflecting the
increased costs of the new revolving credit facilities. Pension
interest income amounted to GBP0.8m (2012: GBP0.9m) and is
discussed in further detail below.
Cash flow
Net cash amounted to GBP24.3m at 31 March 2013 (2012: GBP15.6m)
the movement is shown below:
2013 2012
GBPm GBPm
------ ------ ------ ------
Net cash 1 April 15.6 13.1
EBITDA 27.9 25.8
Working capital movements 1.6 (5.9)
Other movements (0.7) (0.4)
------ ------
Cash from operations before pension
deficit contributions 28.8 19.5
Pension deficit contributions (0.9) (3.9)
------ ------ ------ ------
Cash from operations 27.9 15.6
Interest (0.8) (0.5)
Tax (4.2) (4.5)
Acquisitions (5.2) (2.5)
Capital expenditure (net) (6.2) (2.2)
Dividend (4.2) (3.0)
FX / Other 1.4 (0.4)
------ ------
Net cash 31 March 24.3 15.6
====== ======
Cash generated from operations before pension deficit
contributions of GBP0.9m (2012: GBP3.9m) was GBP28.8m (2012:
GBP19.5m). The proportion of EBITDA converted into operating cash
flow in the year was 103% (2012: 76%).
The working capital inflow amounted to GBP1.6m during the year
(2012: GBP5.9m outflow) principally due to good performance in the
UK and Middle East.
Net capital expenditure increased to GBP6.2m (2012: GBP2.2m) due
to planned office moves and fit-outs in London, Qatar, and Jeddah,
and the renovation of offices in Cardiff and Sydney.
Tax payments in the year, mainly in Australia, amounted to
GBP4.2m (2012: GBP4.5m). Cash consideration paid for acquisitions
was GBP5.7m (2012: GBP3.1m) with cash balances acquired of GBP0.5m
(2012: GBP0.6m).
Post-employment benefits
The group operates both defined benefit and defined contribution
schemes as detailed in note 26.
The principal defined benefit scheme is the AGPS, for which the
sponsoring employer is Hyder Consulting (UK) Limited. There are no
group guarantees in place in relation to the AGPS and the scheme
was closed to future accrual on 30 April 2011.
The gross deficit in the scheme at 31 March 2013 increased to
GBP19.1m (2012: GBP16.3m); the deficit net of deferred tax
increased to GBP14.7m (2012: GBP13.1m). The increase in the deficit
reflects actuarial losses due to increased inflation assumptions
and reduced discount rates, offset by better than expected asset
returns. The scheme's triennial valuation as at 1 April 2011 was
concluded in the prior year. Fixed annual contributions for the
current year will amount to GBP1.4m plus scheme expenses; in the
following year fixed contributions increase by GBP0.1m; increased
by RPI plus 1% thereafter. Contingent contributions may become
payable annually up to a cap of GBP0.7m, dependent on the cash
performance of the UK business.
The main assumptions in valuing the deficit are disclosed in
note 26. The sensitivities of the AGPS scheme liabilities to
changes in these assumptions are shown below:
Assumption Change in assumption Indicative effect on scheme
liabilities
------------------ --------------------- ----------------------------
Increase / decrease Decrease / increase by
Discount rate by 0.5% 9%
Increase / decrease Increase / decrease by
Rate of inflation by 0.5% 5-6%
Longevity Increase by 1 year Increase by 2-3%
The group also operates certain overseas and annuitants schemes,
which principally relate to benefits payable to staff when they
leave in the Middle East. Net liabilities in relation to overseas
and annuitants schemes increased to GBP10.3m (2012: GBP7.9m) as a
result of increased staff numbers and a reduction in discount
rates.
Net finance income for pension schemes amounted to GBP0.8m in
the year (2012: GBP0.9m). The application of the changes to IAS 19,
'Employee Benefits', in the current year will affect the pension
financing charge; if the change were applied in the year ended
March 2013 this would have resulted in a change to profit after tax
of approximately GBP1.6m as shown below:
Mar-13
-------------------------
Current New Change
GBPm GBPm GBPm
Interest on obligation (7.0)
Return on investments based on portfolio 7.8
Interest on net deficit - (1.1)
Expenses/other - (0.2)
Net finance income/(charge) 0.8 (1.3) (2.1)
Tax (0.2) 0.3 0.5
Impact on profit after tax 0.6 (1.0) (1.6)
-------- ------ -------
Consolidated income statement for the year ended 31 March
2013
March 2013 March 2012
--------------------------------- ---------------------------------
Total Total
before before
adjusted Adjusted adjusted Adjusted
items items Total items items Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- --------- ---------- ---------- --------- ----------
Revenue 2(a) 298,101 - 298,101 277,309 - 277,309
Operating costs (274,542) - (274,542) (256,278) - (256,278)
Amortisation of acquired
intangibles and acquisition
costs - (2,483) (2,483) - (2,462) (2,462)
Exceptional items 3 - (2,513) (2,513) - (1,499) (1,499)
---------- --------- ---------- ---------- --------- ----------
Operating profit/(loss) 2(b) 23,559 (4,996) 18,563 21,031 (3,961) 17,070
Finance costs 4 (974) - (974) (847) - (847)
Finance income 4 1,195 - 1,195 1,423 - 1,423
---------- --------- ---------- ---------- --------- ----------
Profit/(loss) before
tax 23,780 (4,996) 18,784 21,607 (3,961) 17,646
---------- --------- ---------- ---------- --------- ----------
Taxation 5 (5,757) 495 (5,262) (4,435) 712 (3,723)
---------- --------- ---------- ---------- --------- ----------
Profit/(loss) for the
year 18,023 (4,501) 13,522 17,172 (3,249) 13,923
========== ========= ========== ========== ========= ==========
Profit/(loss) attributable
to:
Owners of the parent 18,144 (4,501) 13,643 17,182 (3,249) 13,933
Non-controlling interests (121) - (121) (10) - (10)
---------- --------- ---------- ---------- --------- ----------
18,023 (4,501) 13,522 17,172 (3,249) 13,923
========== ========= ========== ========== ========= ==========
Earnings per share
(p)
Basic 6 35.52 36.48
Diluted 6 35.00 35.96
Adjusted basic 6 47.24 44.99
Adjusted diluted 6 46.55 44.34
Consolidated statement of comprehensive income for the year
ended 31 March 2013
2013 2012
GBP'000 GBP'000
-------- --------
Profit for the year 13,522 13,923
Other comprehensive expense
for the year
Foreign exchange movements 4,644 (1,342)
Cash flow hedges 63 (48)
Actuarial loss on defined benefit
pension schemes (6,150) (4,507)
-------- --------
Total other comprehensive expense
for the year (1,443) (5,897)
-------- --------
Total comprehensive income
for the year 12,079 8,026
======== ========
Attributable to:
Owners of the parent 12,185 8,034
Non-controlling interests (106) (8)
-------- --------
12,079 8,026
======== ========
All balances are shown net of tax. The effect of tax on the
balances shown is disclosed in note 5.
Consolidated statement of changes in equity for the year ended
31 March 2013
Share Share Retained Other Non-controlling Total
capital premium earnings reserves Total interests equity
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- --------- --------- ---------- ---------- -------- ---------------- --------
At 1 April 2011 3,854 29,589 36,606 11,317 81,366 - 81,366
Profit for the year - - 13,933 - 13,933 (10) 13,923
Foreign exchange movements - - - (1,344) (1,344) 2 (1,342)
Cash flow hedges - - - (48) (48) - (48)
Actuarial loss on post
employment benefit schemes - - (4,507) - (4,507) - (4,507)
New shares issued 9 - - - 9 - 9
Premium on new shares
issued - 200 - - 200 - 200
Dividends paid 7 - - (3,027) - (3,027) - (3,027)
Share based payments - - 660 - 660 - 660
Employee trust purchase
of own shares - - - (361) (361) - (361)
Transfer of own shares
from EBT - - (19) 19 - - -
Non-controlling interests
acquired - - - - - 399 399
--------- --------- ---------- ---------- -------- ---------------- --------
At 31 March 2012 3,863 29,789 43,646 9,583 86,881 391 87,272
Profit for the year - - 13,643 - 13,643 (121) 13,522
Foreign exchange movements - - - 4,629 4,629 15 4,644
Cash flow hedges - - - 63 63 - 63
Actuarial loss on post
employment benefit schemes - - (6,150) - (6,150) - (6,150)
New shares issued 14 - - - 14 - 14
Premium on new shares
issued - 270 - - 270 - 270
Dividends paid 7 - - (4,176) - (4,176) - (4,176)
Share based payments - - 719 - 719 - 719
Transfer of own shares
from EBT - - (326) 326 - - -
--------- --------- ---------- ---------- -------- ---------------- --------
At 31 March 2013 3,877 30,059 47,356 14,601 95,893 285 96,178
========= ========= ========== ========== ======== ================ ========
All balances are shown net of tax. The effect of tax on the
balances shown is disclosed in note 5.
Consolidated balance sheet at 31 March 2013
2013 2012*
GBP'000 GBP'000
-------- --------
Assets
Non-current assets
Intangible assets 46,667 44,261
Property, plant and equipment 9,387 6,954
Deferred tax assets 10,684 9,513
66,738 60,728
-------- --------
Current assets
Trade and other receivables 120,098 118,318
Cash and cash equivalents 32,037 23,218
152,135 141,536
-------- --------
Liabilities
Current liabilities
Borrowings (1,964) (1,018)
Trade and other payables (69,752) (67,756)
Current tax liabilities (3,655) (3,372)
Provisions (3,304) (3,958)
(78,675) (76,104)
Net current assets 73,460 65,432
-------- --------
Non-current liabilities
Borrowings (5,772) (6,557)
Post employment benefits (29,383) (24,235)
Provisions (966) (1,254)
Deferred tax liabilities (3,185) (950)
Other payables (4,714) (5,892)
(44,020) (38,888)
Net assets 96,178 87,272
======== ========
Equity
Called up ordinary share capital 3,877 3,863
Share premium 30,059 29,789
Retained earnings 47,356 43,646
Other reserves 14,601 9,583
-------- --------
Equity attributable to owners of the parent 95,893 86,881
Non-controlling interests 285 391
Total equity 96,178 87,272
======== ========
*Restated for the amendments to the acquisition balance sheet of
GW Engineers Limited.
Consolidated cash flow statement for the year ended 31 March
2013
2013 2012
Note GBP'000 GBP'000
--------- ---------
Cash flows from operating activities
Cash generated from operations 8(a) 27,868 15,630
Net interest paid (796) (527)
Tax paid (4,157) (4,501)
--------- ---------
Net cash generated from operating activities 22,915 10,602
--------- ---------
Cash flows from investing activities
Acquisition of subsidiaries (net of cash
acquired) (5,242) (2,536)
Proceeds from disposal of property, plant and
equipment (incl. software) 43 107
Purchase of property, plant and equipment
(incl. software) (6,263) (2,268)
--------- ---------
Net cash used in investing activities (11,462) (4,697)
--------- ---------
Cash flows from financing activities
Proceeds on issue of shares 284 209
Shares issued to non-controlling interests - 50
Employee trust purchase of own shares - (361)
Repayments of obligations under finance
leases (269) (837)
Proceeds on issue of new borrowings 5,000 19,100
Repayment of borrowings (5,759) (19,991)
Dividends paid 7 (4,176) (3,027)
--------- ---------
Net cash used in financing activities (4,920) (4,857)
--------- ---------
Net increase in cash and cash equivalents
(including bank overdrafts) 6,533 1,048
--------- ---------
Cash and cash equivalents at 1 April 23,218 22,220
Effects of exchange rate changes 1,111 (50)
Cash and cash equivalents at 31 March (including
bank overdrafts) 30,862 23,218
========= =========
Reconciliation of net cash
2013 2012
Note GBP'000 GBP'000
-------- --------
Net increase in cash and cash equivalents 6,533 1,048
Decrease in debt 1,028 1,555
Effect of exchange rate changes 1,097 (56)
-------- --------
Change in net cash during the year 8,658 2,547
-------- --------
Net cash at 1 April 15,643 13,096
-------- --------
Net cash at 31 March 8(b) 24,301 15,643
======== ========
Notes to the Financial Statements
1. General information
(a) Basis of preparation
The information within this final results announcement does not
constitute statutory accounts within the meaning of section 434 of
the Companies Act 2006 and should be read in conjunction with the
group's statutory accounts for the year ended 31 March 2013. While
the financial information in these Final Results has been prepared
in accordance with International Financial Reporting Standards
(IFRS), these results do not in isolation contain sufficient
information to comply with IFRS.
The statutory accounts for the financial year ended 31 March
2013 will be delivered to the Registrar of Companies following the
company's annual general meeting. The auditors have given an
unqualified report on those accounts which does not contain an
emphasis of matter paragraph or any statement under section 498
(2), (3) or (4) of the Companies Act 2006. The company's annual
report and accounts for the financial year ending 31 March 2013 is
expected to be posted to shareholders on 28 June 2013 and will be
available for viewing on the company's website at
www.hyderconsulting.com thereafter.
The condensed consolidated financial statements have been
prepared on a going concern basis under the historical cost
convention, as modified by the valuation of intangible assets
acquired on business combinations, financial instruments and
pension assets and liabilities which are measured at fair value.
The statements are 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.
(b) Principal accounting policies
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31 March 2012, 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.
2. Segmentalanalysis by location of operations
Operating segments are reported in a manner consistent with the
internal reporting provided to the board (the chief operating
decision maker) which is responsible for allocating resources and
assessing performance of the operating segments.
Reflecting the group's management and internal reporting
structure, segmental information is presented within the Financial
Statements in respect of geographical segments. The group manages
its business as five segments arranged into 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
Year ended 31 March 2013 Year ended 31 March 2012
-------------------------------------------- ----------------------------------------------
Revenue Revenue
Total from from external
segment Inter-segment external Total segment Inter-segment customers
revenue revenue customers revenue revenue
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- -------------- ------------- -------------- -------------- --------------
Australia 103,316 (765) 102,551 91,301 (1,123) 90,178
Asia 21,130 (297) 20,833 22,336 (277) 22,059
------------- -------------- ------------- -------------- -------------- --------------
Asia-Pacific 124,446 (1,062) 123,384 113,637 (1,400) 112,237
Middle
East 78,222 (3,063) 75,159 67,362 (3,525) 63,837
UK 76,212 (703) 75,509 75,985 (945) 75,040
Germany 24,445 (396) 24,049 26,273 (78) 26,195
------------- -------------- ------------- -------------- -------------- --------------
Europe 100,657 (1,099) 99,558 102,258 (1,023) 101,235
------------- -------------- ------------- -------------- -------------- --------------
303,325 (5,224) 298,101 283,257 (5,948) 277,309
============= ============== ============= ============== ============== ==============
(b) Segment results
2013 2012
GBP'000 GBP'000
-------- --------
Australia 16,120 13,821
Asia (1,176) 889
-------- --------
Asia-Pacific 14,944 14,710
Middle
East 7,091 3,882
UK 3,416 3,981
Germany 1,350 1,545
-------- --------
Europe 4,766 5,526
Corporate overheads (3,242) (3,087)
-------- --------
Adjusted operating
profit 23,559 21,031
Amortisation of acquired
intangibles (2,177) (1,781)
Acquisition costs (306) (681)
-------- --------
(2,483) (2,462)
Exceptional Items (2,513) (1,499)
Operating profit 18,563 17,070
======== ========
3. Exceptional items
2013 2012
GBP'000 GBP'000
-------- --------
Asia goodwill impairment (3,040) -
Asia restructuring costs (1,325) -
Australia contingent consideration release 1,852 -
UK vacant property costs - (1,349)
UK AGPS closure costs - (150)
-------- --------
(2,513) (1,499)
======== ========
In Asia the business was loss making in the year and
consequently has been restructured, a new management team
installed, and the Vietnam operation closed. As a result we have
incurred GBP1.3m of reorganisation costs comprising redundancy
costs and the write-down of assets held in Vietnam. An impairment
charge of GBP3.0m has been recognised against acquired
goodwill.
In Australia the contingent consideration due for the
acquisition of GWE was reduced by GBP1.8m during the year,
following a review of performance against the earn out targets.
This release is recorded in the income statement as required by
IFRS 3, the revised Business Combinations standard.
Exceptional items in the prior year of GBP1.5m related to UK
vacant properties (GBP1.3m) and closure costs of the UK defined
benefit pension scheme to future accrual (GBP0.2m).
4. Net finance income
2013 2012
GBP'000 GBP'000
-------- --------
Bank borrowings (459) (474)
Finance leases (20) (63)
Interest rate financial instruments (143) (151)
Amortisation of arrangement fees (126) (18)
Unwinding of discounts on provisions and
other liabilities (226) (141)
-------- --------
Finance costs (974) (847)
-------- --------
Investment income 159 285
Interest received on settlement of contracts - 133
Unwinding of discounts on trade receivables 191 76
Net finance income on post employment benefit
schemes 845 929
-------- --------
Finance income 1,195 1,423
-------- --------
Net finance income 221 576
======== ========
Finance costs include:
Interest expense on financial liabilities
held at amortised cost (831) (696)
Interest expense on cash flow hedges recycled
from equity (143) (151)
5. Tax
2013 2012
GBP'000 GBP'000
-------- --------
Current tax
Current year 4,452 4,435
Adjustment in respect of prior years (296) (639)
-------- --------
Total current tax 4,156 3,796
-------- --------
Deferred tax
Current year 2,665 1,279
Adjustment in respect of prior years (1,397) (1,025)
Adjustment to deferred tax attributable
to change in rate (162) (327)
-------- --------
Total deferred tax 1,106 (73)
-------- --------
Total tax 5,262 3,723
======== ========
The tax rate of 28.0% for the year (2012: 21.1%) is higher than
the standard rate of corporation tax in the UK of 24% (2012: 26%).
The differences are explained below:
2013 2012
GBP'000 GBP'000
-------- --------
Profit before tax 18,784 17,646
Tax at UK effective rate of 24% (2012:
26%) 4,508 4,587
Adjustments to tax in respect of prior
years (1,693) (1,664)
Effect of different tax rates of subsidiaries
operations in other jurisdictions 468 (378)
Effect of expenses not deductible for tax 724 1,025
Effect of research and development tax
credits (607) (833)
Effect of movement on deferred tax assets
not recognised 1,351 649
Irrecoverable overseas tax 673 664
Effect on deferred tax balances due to
change in UK corporate tax rate (162) (327)
-------- --------
Total tax 5,262 3,723
======== ========
2013 2012
GBP'000 GBP'000
-------- --------
Tax on items charged to other comprehensive
expense
Deferred tax credit in respect of actuarial
loss on defined benefit pension (727) (263)
-------- --------
(727) (263)
======== ========
Factors that may affect future tax charges
The Finance Act 2012 included legislation to reduce the main
rate of corporation tax from 24% to 23% from 1 April 2013. The
reduction from 24% to 23% has been reflected in the calculation of
deferred tax in these Financial Statements.
In addition further reductions were announced in the March 2013
Budget Statement. The proposed reductions of the main rate of
corporation tax from 23% to 21% for financial year 2014 and from
21% to 20% for financial year 2015 are expected to be enacted later
this year. The changes had not been substantively enacted at the
balance sheet date and, therefore are not recognised in these
Financial Statements.
6. Earnings per share
(a) Number of shares
2013 2012
----------- -----------
Weighted average number of shares in
issue 38,410,442 38,195,119
Effect of dilution
Share options 566,468 551,891
Weighted average shares (diluted) 38,976,910 38,747,010
=========== ===========
(b) Earnings used in the calculation of earnings per share
2013 2012
GBP'000 GBP'000
-------- --------
Profit attributable to owners of the
parent 13,643 13,933
Add back amortisation of acquired intangibles
and acquisition costs 2,483 2,462
Add back exceptional items 2,513 1,499
Less tax on adjusted items (495) (712)
-------- --------
Adjusted earnings 18,144 17,182
======== ========
(c) Earnings per share
2013 2012
p p
------- -------
Basic earnings per share 35.52 36.48
Add back amortisation of acquired intangibles
and acquisition costs 6.46 6.45
Add back exceptional items 6.54 3.92
Less tax on adjusted items (1.28) (1.86)
------- -------
Adjusted basic earnings per share 47.24 44.99
======= =======
2013 2012
p p
------- -------
Diluted earnings per share 35.00 35.96
Add back amortisation of acquired intangibles
and acquisition costs 6.37 6.35
Add back exceptional items 6.45 3.87
Less tax on adjusted items (1.27) (1.84)
------- -------
Adjusted diluted earnings per share 46.55 44.34
======= =======
7. Dividends
2013 2012
GBP'000 GBP'000
-------- --------
Dividends charged to equity in the year 4,176 3,027
======== ========
Equity - Per Ordinary 10p share
Final dividend paid (pence) 7.00 6.00
Interim dividend paid (pence) 4.00 2.00
As at 31 March 2013, the employee benefit trust had an agreement
in place to waive dividends on 659,727 ordinary shares (2012:
801,976). This arrangement reduced the dividends paid in year by
GBP78,000 (2012: GBP59,000).
The directors are proposing a final dividend of 8.00p per share
(2012: 7.00p), with an aggregate cost of GBP3,074,000. In
accordance with IFRS the dividend has not been recognised in the
financial statements but if approved by shareholders will be paid
on 9 August 2013 to shareholders on the register as at 12 July
2013.
8. Cash flow note
(a) Cash flows from operating activities
2013 2012
GBP'000 GBP'000
-------- --------
Profit for the financial
year 13,522 13,923
Adjustments for:
Taxation 5,262 3,723
Depreciation 2,806 3,051
Amortisation - Software 1,545 1,722
Amortisation - Acquisitions 2,177 1,781
Acquisition costs 306 681
Exceptional items 2,513 1,499
Interest receivable (1,195) (1,423)
Interest payable and similar
charges 974 847
-------- --------
EBITDA 27,910 25,804
Profit on disposal of property,
plant and equipment 27 9
Fair value gain on financial
instruments 47 (30)
Share option costs 719 660
Decrease in provisions (1,093) (960)
Decrease in post employment benefits (405) (13)
Deficit contributions to the AGPS defined
benefit pension scheme (927) (3,919)
Changes in working capital:
Decrease/(increase) in trade and other
receivables 64 (3,841)
Increase/(decrease) in trade and
other payables 1,526 (2,080)
-------- --------
Cash generated from operations 27,868 15,630
======== ========
(b) Reconciliation of movement in net cash
At 1 April Non-cash Exchange At 31 March
2012 Cash flow movement movement 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- ---------- --------- --------- ------------
Cash at bank 23,218 7,663 - 1,156 32,037
----------- ---------- --------- --------- ------------
Bank overdraft - (1,130) - (45) (1,175)
Debt due within 1 year (759) 759 (713) - (713)
Debt due after 1 year (6,338) - 713 - (5,625)
Finance leases due within
1 year (259) 269 (85) (1) (76)
Finance leases due after
1 year (219) - 85 (13) (147)
----------- ---------- --------- --------- ------------
(7,575) (102) - (59) (7,736)
----------- ---------- --------- --------- ------------
15,643 7,561 - 1,097 24,301
=========== ========== ========= ========= ============
The cash at bank balance includes GBP5.2m (2012: GBP3.0m) that
is restricted and not available to the group for general use.
9. Going concern
After making enquiries, the directors have a reasonable
expectation that the company and the group have adequate resources
to continue in operational existence for the foreseeable future and
therefore continue to adopt the going concern basis in preparing
the financial statements.
10. Risks and uncertainties
The group faces a number of risks, which are regularly monitored
by the board. Risk management and internal control systems provide
a means of identifying, evaluating and managing the significant
risks facing the group. However these systems can only operate to
mitigate risk rather than eliminate it completely. The group's
principal risks and uncertainties will be described in the group's
Annual Report and Accounts. These relate to changes in market
conditions, management of projects, contractual disputes and
claims, recruitment, utilisation and retention of key staff,
management of working capital, defined benefit pension schemes,
acquisition integration, crisis event/business continuity, health
and safety, foreign exchange movements, the global regulatory
environment and economic conditions.
11. Cautionary Statement
This final results announcement contains 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 expressed or implied within any
forward-looking statement. Any forward-looking statements reflect
knowledge and information available at the date of preparation of
this final results announcement and the company assumes no
obligation to update or revise any forward-looking statement,
resulting from new information, future events or otherwise.
Liability arising from anything in this final results announcement
shall be governed by English law. Nothing in this final results
announcement should be construed as a profit forecast.
12. Statement of directors' responsibilities
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.
The responsibility statement below has been prepared in
connection with and is included in the company's full Annual Report
and Accounts for the year ended 31 March 2013. Certain parts of
that report are not included within this final results
announcement:
"The directors confirm that to the best of their knowledge:
-- the group and company financial statements in this Annual
Report, which have been prepared in accordance with IFRS and UK
GAAP respectively, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the group and
the company taken as a whole;
-- the management report (which comprises the Chairman's
statement and the Directors' Report), includes a fair review of the
development and performance of the business and the position of the
group and the company taken as a whole, together with a description
of the principal risks and uncertainties that they face."
The directors of Hyder Consulting PLC at the date of this
announcement are listed below:
Sir Alan Thomas
Ivor Catto
Russell Down
Jeffrey Hume
Kevin Taylor
Paul Withers
This responsibility statement was approved by the board and
signed on its behalf by
Ivor Catto Russell Down
Chief Executive Group Finance Director
12 June 2013 12 June 2013
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFSFMFFDSEFM
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