Consultant engineer reports 66% jump in profit after revealing more job losses
Hyder has seen its pre-tax profit rocket by more than two thirds, according to results released this morning for the six months to 30 September.
The engineering consultancy made 拢9.5m in the previous half year, compared to 拢5.7m in the same six months in 2009.
But it also removed 7% of its workforce, and suffered a slight dip in revenues from 拢156.3m to 拢149.9m.
The company now employs around 3,900, a cut of around 275 staff.
Revenues from the UK and Germany held broadly steady, but a dramatic fall in Middle Eastern work was compensated for by growth in Australia.
Revenue in the UK was down from 拢46.7m to 拢44.2m, and Germany 鈥� the only other European country Hyder operates in 鈥� fell from 拢13.9m to 拢11.4m.
Turnover in the Middle East collapsed by 69%, falling to just 拢35m.
In revealing the extent of the fall Hyder said: 鈥淧roject awards and contract settlements have been slower to come to fruition than anticipated during the early part of this year鈥�.
Australian revenue grew from 拢36m to 拢47.6m, which the firm put down to performance bonuses for completed projects, new work in the utilities sector, and favourable exchange rates.
80.4% of the group鈥檚 operating profit came from outside the UK, compared to 82.9% in 2009.
Redundancies were made mainly in the UK and Middle East , and redundancy costs grew by 拢200,000 to 拢1.8m for the half year.
Ivor Catto, chief executive, said: 鈥淲hile conscious of the economic conditions, we believe that the actions we have taken, together with our net cash position, headroom and 拢325 million order book, put us in a good position to grow.鈥�
No comments yet