Shares down 28% at close of trading after engineer issues profit warning
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Shares in listed engineer Hyder Consulting have plummeted by over a quarter in value in trading today after the company issued a profit warning.
Shares were valued at 475p in early trading this morning, down 26% on Friday鈥檚 close of 639p.
At close of trading today, the share price had slumped to 458p, a fall of 28%.
Hyder said its full-year profit for the financial year to 31 March 2014 will be 鈥渕aterially below current market expectations鈥�, in a trading statement covering the past four months of trading.
The profit warning was prompted by weaker than expected performance in its Australia and Middle East businesses.
In Australia profit has been hit by delays in infrastructure projects coming to market after last autumn鈥檚 general election and the Australian dollar weakening against sterling by 25% over the past year.
In the Middle East project delays have dragged down profit, despite an increasing order book.
Elsewhere Hyder said its China business remains profitable, while its UK results are ahead of the prior year and management鈥檚 plan, with rail performing particularly well.
In Germany Hyder anticipates making a small loss in the second half and goodwill on acquisitions prior to 2008 of approximately 拢6m will be written off as a non-cash exceptional item in the year end results.
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