Interim Management Statement
Hyder Consulting PLC, the multi-national design and engineering consultancy, today issues its Interim Management Statement covering the period to 1 August 2012.
The Group is continuing to perform in line with our expectations.
Our Australian business has continued to perform well; the acquisition of GW Engineers is providing new opportunities in the resources sector and the integration is progressing as planned. In China, following some contract delays, we have concentrated our resources further to those areas and sectors where we have an established competitive advantage.
In the Middle East results are improving as we mobilise on a number of new projects in Qatar and Saudi Arabia. Working capital in the region has been reduced since the year end due to improved payment terms on new public sector projects and progress on delayed contract settlements.
In Europe results are in line with plan. In the UK rail sector sales and new opportunities have been particularly strong in the period. We are working with an increasing number of German clients internationally, particularly in the Middle East.
The Group remains in a strong financial position and has operated throughout the period with substantial net cash balances, and significant headroom against its banking facilities.
Although market conditions remain challenging, the Group's favourable market positioning, strong order book, broad international base and balance sheet strength give us confidence for the year ahead.
Hyder Consulting PLC
Russell Down, Group Finance Director Tel: 020 3014 9000
Citigate Dewe Rogerson
Ginny Pulbrook Tel: 020 7282 2945
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.