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Hyder Consulting PLC
Interim Management Statement
Hyder Consulting PLC, the multi-national design and engineering consultancy, today issues its Interim Management Statement covering the period to 28 January 2013.
The Group has performed in line with our expectations.
In Asia Pacific our Australian results have been in line with plan, and we have recently secured a number of significant new contracts. Prospects in China are improving, although our operations incurred a small loss in quarter 3 as awards have been slower to come to fruition than anticipated.
In the Middle East results are higher than the prior year and in line with expectations, following mobilisation on new projects in Qatar and Saudi Arabia.
In Europe, as expected, results have improved in the second half. Our UK transport business, in particular, has performed well in the period.
The Group acquired BCH Engineering Consultants Pty Ltd ("BCH") on 17 December 2012. BCH is a small Perth based consultancy, with expertise in the energy and resource sectors. Initial consideration of A$3 million (c.£2 million) was paid in cash, with a further A$2 million (c.£1.3 million) cash payable contingent on future business performance. BCH improves our access to the Western Australian market and clients, enabling us to respond to demand in the region utilising our existing Australian offices and Global Excellence Centres.
Power Systems Project & Consultancy Services Ltd ("PCS") was acquired by the Group on 19 December 2012. PCS is a specialist, independent high-voltage simulation, analysis and electrical design business employing 42 specialist staff, based in Scotland. The company works extensively in the transmission, distribution and renewable generation areas with clients including Scottish Power / Iberdrola and Scottish & Southern Energy. Initial consideration of £3 million was paid in cash, with up to a further £0.5 million cash payable contingent on future business performance. The acquisition builds on Hyder's growing expertise in the energy sector and follows on from its purchase of ESR Technology Ltd in June 2011.
The Group retains a strong balance sheet with a net cash position, and has significant headroom against its banking facilities with which to pursue new opportunities.
Although market conditions remain variable, the Group's favourable positioning and its diversified international base give us confidence for the full year.
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.
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