Hyder Consulting PLC Interim Management Statement (6328Z)
10 Februar 2014 - 8:00AM
UK Regulatory
TIDMHYC
RNS Number : 6328Z
Hyder Consulting PLC
10 February 2014
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 2013 to date.
Trading performance
The Group's results for the financial year are expected to be
materially below current market expectations due to delays in new
contract awards in Australia following the election, and project
delays in the Middle East.
The policy of the new Australian government to give priority to
infrastructure has led to a strong pipeline of large projects. Our
bidding activity has been high, but the process is proving more
protracted and new contract awards have been slower than originally
anticipated. This, together with the weakening of the Australian
dollar against sterling by 25% over the year, has affected reported
profits and results in the second half. In China our business
remains profitable.
In the Middle East our order book has grown further. We have
benefited from the award of the new contracts, but project delays
have meant that the levels of profitability will not be as high as
we were expecting and will affect current year results.
In the UK results are ahead of both the prior year and plan. The
rail business has performed strongly, and we have recently secured
a number of frameworks with Network Rail where fees are expected to
be more than GBP25m over the next 5 years. In Germany we anticipate
a small loss in the second half and that goodwill on acquisitions
prior to 2008 of approximately GBP6m will be written off as a
non-cash exceptional item in the year end results.
The effective tax rate on adjusted profits is expected to reduce
to c.19% for the year following changes in the regional split of
profits across the Group.
The Group order book at 31 January 2014 is in line with the 30
September 2013 level.
Financial position
In the Middle East higher working capital balances have resulted
from the project delays referred to above. The Group remains in a
strong financial position and our intentions in relation to the
final dividend are unchanged.
Outlook
The trading performance in the UK is encouraging, and the level
of bidding activity and opportunities in Australia and the Middle
East are good. Our strong order book and positioning leave the
Group well placed to take advantage of future growth opportunities
over the years 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
IMSUGUWWPUPCGBB
Hyder Consulting (LSE:HYC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Hyder Consulting (LSE:HYC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024