Hyder Consulting PLC Pre-Close Update (0434P)
27 September 2013 - 8:00AM
UK Regulatory
TIDMHYC
RNS Number : 0434P
Hyder Consulting PLC
27 September 2013
Hyder Consulting PLC
Pre-close update
Hyder Consulting PLC, the multi-national design and engineering
consultancy, provides an update in advance of its results for the
half year to 30 September 2013, which will be announced on 20
November 2013.
H1 trading performance
The Group performed in line with our expectations and the order
book grew again during the period. Headcount has grown since the
year end, and the proportion of staff in global excellence centres
continues to increase.
In Asia Pacific, Australian results were in line with plan in
local currency but the c.15% weakening in the Australian dollar
since April will affect reported profits for the year. The
Australian business remains a strong contributor and there has been
a step up in bidding activity due to increased infrastructure
funding following the general election. In China, the new
management team is making progress with key clients and we expect
the business to be profitable in the first half.
As expected, Middle East results were well ahead of the prior
year, benefiting from mobilisation on new public sector projects in
Qatar and contract awards in the UAE property sector. We are very
pleased to announce that we have recently been awarded a further
package of work by Ashghal on the Doha Expressway programme,
amounting to c.GBP40 million over the next 5 years. We continue to
pursue a number of other opportunities in the Middle East.
In the UK results were well ahead of the prior year and ahead of
plan, the transport business performing well in the first half. In
Germany protracted negotiations on contract variations and lower
workload have affected results and we expect to incur a loss of
c.GBP1 million in the first half; we anticipate the business
returning to profitability in the second half.
Acquisitions
On 7 September 2013 the Group acquired PLD Consulting Pty Ltd,
specialists in the design of high voltage overhead and underground
transmission and distribution lines, for a maximum consideration of
GBP2.2 million in cash, dependent on future business performance
over the next two years. With headquarters in Queensland this
builds on Hyder's growing expertise in the energy sector and
follows on from the acquisition of ESR Technology in 2011 and Power
Systems Project and Consultancy Services in 2012. These
enterprises, along with BCH acquired earlier this year, have
integrated well and performed in line with plan during the first
half.
Financial position
The Group remains in a strong financial position and is well
placed to take advantage of growth opportunities. As previously
reported we expect period end net cash balances to be lower than
those at the year end. This is due primarily to higher working
capital balances in the Middle East, seasonal factors, EBT share
purchases and payment of acquisition consideration.
Outlook
The trading performance in the UK and Middle East is
encouraging, and the level of bidding activity and prospects in
Australia have increased since the election. Results for the
current year will be affected by the Australian dollar exchange
rate but our strengthening market position there, and in each of
our international territories, is evidenced by further growth in
the order book. This gives us confidence in our future
prospects.
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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