Interim Management Statement
Hyder Consulting PLC, the multi-national advisory and design consultancy, today issues its Interim Management Statement covering the period from 1 April 2011 to 12 July 2011.
The Group performed in line with the Board's expectations in the first quarter.
In Australia, our business is performing in line with plan but, as expected, less strongly than last year which benefited from Alliance contract bonuses. In the Middle East we have a number of significant opportunities in Saudi Arabia and Qatar and have now started work on the Step tunnel and Muharraq contracts which had been deferred. As anticipated, we have had a slow start to the year in the UK as capital spending has been cut back by the government.
In June we acquired the business and assets of ESR Technology Ltd ("ESR") from CIP Industries L.P. Incorporated. ESR is a specialist engineering, safety and risk consultant that operates in the oil and gas and utilities sectors and employs 94 people in the UK and Abu Dhabi. The value of the gross assets acquired was £3.7m.
The Group remains in a sound financial position with net cash balances and substantial unutilised banking facilities.
Over 75% of operating profit is derived from overseas and, with our broad international and market sector base, we remain confident of the outlook for the current financial year.
Hyder Consulting PLC
Ivor Catto, Chief Executive Tel: 020 3014 9000
Russell Down, Group Finance Director
Tel: 020 3014 9000
Ginny Pulbrook Tel: 020 7282 2945
1. About Hyder Consulting : Hyder Consulting is a multi-national advisory and design consultancy operating in Asia, Australia, the Middle East, Germany and the UK. We employ approximately 3,700 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 obtain 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.