Hyder Consulting PLC : Interim Management Statement

Press Releases

‹‹ back

16/02/2012

Interim Management Statement

Hyder Consulting PLC, the multi-national design and engineering consultancy, today issues its Interim Management Statement covering the period 1 October 2011 to 16 February 2012.

Trading performance

The Group continues to perform in line with our expectations.

A series of new contracts has led to a growing order book and it is now higher than at the previous year end. Recent awards include:

• Gerringong Highway Upgrade, Independent Verifier; Australia
  
• Greening Master Plan, New Territories; Hong Kong
  
• Hong Kong Housing Authority slope maintenance term consultancy; Hong Kong
  
• Kahramaa water supply; Qatar
  
• High Speed 2 engineering consultancy framework; UK
  
• Sussex Train Lengthening Package 3; UK
  
  In Asia Pacific our Australian business has performed well and in line with plan. We have recently started work on a number of important highway and rail schemes. In the Middle East region we have secured a number of new projects in Qatar and Saudi Arabia, although mobilisation for newly secured projects in Qatar will take place over several months. We expect a higher level of working capital in the region due to slower payment terms on public sector contracts and delayed contract settlements which we continue to manage carefully. In the competitive UK market we have secured a number of new rail contracts, and recently started highways projects under our framework agreements.
  
  Acquisition
  
  The Group has acquired a 70% interest in the Jeddah based consulting engineering firm SAK Engineering Consultants, which has 40 professional staff. Our new partner, Sheikh Solaiman El Khereiji, will retain 30% and operations will be conducted through a newly registered company, Hyder & Solaiman Elkhereiji Engineering Consulting Company. The acquisition provides the Group with an increased footprint in Saudi Arabia, enabling us to respond to the anticipated increase in infrastructure spend in the country.
  
  Financial position
  
  The Group remains in a strong financial position with net cash balances and significant headroom against its banking facilities. A new committed four year £22.5m Revolving Credit Facility with HSBC has been signed, replacing the existing facility of £20m which was due to expire in April 2012.
  
  Outlook
  
  Market conditions remain challenging and the general economic climate uncertain. However, the Group has a growing order book which along with our broad international base and strong balance sheet gives us resilience and confidence in our future prospects.
  
  Enquiries:
  
  Hyder Consulting PLC
  Russell Down, Group Finance Director Tel: [phone]
  
  Citigate
  Ginny Pulbrook Tel: [phone]

  ‹‹ back