Hyder Consulting PLC Pre-close Update (8695D)
03 April 2014 - 8:00AM
UK Regulatory
TIDMHYC
RNS Number : 8695D
Hyder Consulting PLC
03 April 2014
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 2014, which will be announced on 11 June
2014.
Trading performance
The Group has performed in line with our revised expectations
for the year.
Following the general election in Australia bidding activity in
the transport sector remains high though, as previously reported,
funding decisions have delayed contract awards.
In the Middle East we have a range of promising opportunities
throughout the region. In Qatar we are working on a number of large
infrastructure projects, our business in Saudi Arabia is growing
and the UAE market is improving.
Our UK business has performed well this year, particularly in
rail. In Germany we have reduced our cost base to align it with
projected revenues.
Acquisitions
Effective 1 March 2014 the Group acquired Queensland-based
Flinders Group Pty Ltd, environmental planning consultants mainly
in the energy sector. Initial cash consideration was GBP2.2
million, with a further GBP1.0 million payable on performance. This
builds on Hyder's growing expertise in the energy sector and
follows on from the acquisitions of ESR Technology in 2011, Power
Systems Project and Consultancy Services in 2012 and PLD Consulting
Pty Ltd earlier this year.
Financial position
The Group remains in a strong financial position with
substantial net cash balances and unutilised banking
facilities.
Outlook
We are encouraged by the recovery in the UK and our expansion in
the Middle East. Australia's contribution remains strong, and the
profit from our three largest territories is well balanced. We have
an excellent order book, our financial position is strong and we
have confidence in the Group's 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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