Consulting firm reports 37% increase in overall turnover and order book up 22% on last year
Hyder Consulting said its full-year results were ahead of market expectations as it reported an 8% profit rise, on the back of growth in transport work and the Middle East.
The firm posted adjusted pre-tax profit of 拢15.6m for the 12 months to 31 March. Turnover was 拢319m, up 37% on last year, while the firm's order book stands at 拢384m, a 22% increase on the same point in 2008.
The firm said its transportation business had performed particularly strongly, with a place secured on all seven Crossrail frameworks and a major win on the North London line.
In the Middle East, where 55% of regional turnover comes from Abu Dhabi, Qatar and Bahrain, net revenue increased by 70%. But Hyder said it had downsized in Dubai and cash collections in the emirate had been affected by the slowdown in the property sector.
Hyder's chairman, Alan Thomas, said he was pleased with the 鈥渟trong鈥� set of results and confident of a good performance for the year ahead.
He said: 鈥淥ur leaner structure and low gearing, together with our geographic and market spread, equip us well to manage the challenges ahead and to take advantage of the opportunities which will arise.鈥�
He added that the group had secured around 60% of its budgeted revenue for the year ahead.
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