Consultant posts solid half-year results on back of increased Middle East and Asia Pacific work
Hyder Consulting has posted a 2.2% increase in pre-tax profit from 拢5.5m to 拢5.7m in the six months to 30 September 2008.
Turnover was up 39% from 拢108.7m to 拢151.6m, thanks to a strong performance in the Middle East and Asia Pacific regions.
The pre-exceptional operating margin, before restructuring and other costs, fell from 7.3% to 7%.
One of Hyder's Gulf schemes is Ski Dubai
Chairman Alan Thomas said: 鈥淚 am pleased to report that our half-year results are well ahead of the prior year and in line with expectations. Our international spread, strong order book and low gearing position us well in the current climate.鈥�
The regional breakdown was as follows:
UK and Europe
- Turnover 鈥� up 16% from 拢55.9m to 拢65m
- Operating profit 鈥� up 8% from 拢4.4m to 拢4.8m
Middle East
- Turnover 鈥� up 80% from 拢24.3m to 拢43.7m
- Operating profit 鈥� up 77% from 拢2m to 拢3.6m
Asia Pacific
- Turnover 鈥� up 51% from 拢28.5m to 拢42.9m
- Operating profit 鈥� up 46% from 拢1.7m to 拢2.5m
Net debt on 30 September was 拢8.7m, compared with 拢11.1m in 2007, which gives the firm headroom of about 拢30m on its long-term debt facility.
Hyder's order book has grown 29% from the same period last year, to 拢346m.
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