Hyder Consulting PLC, the multi-national design and engineering consultancy, today provides an update on trading in advance of its half year results for the six months to 30 September 2012, which we expect to announce on 21 November 2012.
Trading performance
The Group's first half pre-tax profit is now expected to
be well ahead of our previous expectations, due to the timing
of performance bonuses earned in Australia. The effective tax
rate will increase as a consequence.
Overall, the Asia Pacific region will be ahead of plan and
Australia has again performed strongly benefiting from the
award of better than anticipated performance bonuses. This
has been partially offset by contract delays and investments
in China where we expect to incur a small loss in the first
half. Recent new project awards should improve results there
in the second half.
Middle East results are in line with plan and well ahead of the first half last year.
UK market conditions continue to be challenging, particularly in the highways sector, and results for the year are likely to be below our initial expectations.
Financial position
The Group is in a strong financial position, with net cash
balances at the half year expected to be substantially higher
than at 30 September 2011.
Outlook
The Group's strong first half performance, favourable
market positioning and diversified geographic base give us
confidence for the full year outcome.
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.
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