Restructuring of Asian business cost the firm 拢1.3m

Engineer Hyder Consulting will write down the value of its Asian business by 拢3m following losses in the region.

In a statement to the City ahead of publishing its results the firm said it had had to close its office in Vietnam as its business in the region struggled.

It said it had restructured the Asia business 鈥渢o sharpen the focus on key clients and markets where we are differentiated鈥� and installed a new management team at a cost of 拢1.3m.

The loss and write down were partly offset by a 拢1.8m saving on deferred considerations payable from its acquisition of GW Engineers in Australia which will result in the firm reporting exceptional charge of 拢2.5m.

It said the Asian region would report a loss this year.

However, the firm also said its Middle East results were 鈥渁head of plan鈥� and it has just been awarded a 拢70m contract to carry out design and supervision on a section of the Doha Expressway project.

It said its financial performance in the UK had improved in the second half of the year but that market conditions 鈥渞emain tight鈥�.

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