UK shines but overseas divisions drag down Hyder

Grant Prior 8 years ago
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Consultant Hyder saw its foreign operations drag down results last year despite a doubling of profits in the UK.

The firm issued a profit warning in February and today revealed its final results for the year to March 31 2014 showing a pre-tax profit of £17m compared to £21.6m last time.

Turnover dipped slightly to £296.8m from £298.1m.

Hyder blamed the fall on contract problems in Australia and poor results in Germany where operations have been restructured with the closure of three offices.

But the UK division enjoyed a successful year with revenue growing 17% to £88.1m and operating profits doubling to £6.8m.

Staff numbers in the UK also rose to 1,352 from 1,203.

Hyder said: “Our rail business is working on London Bridge, Manchester Victoria and Bank stations, as well as capacity enhancement works, electrification and signalling projects for Network Rail and Transport for London.

“In the highways sector workload has increased with the Highways Agency under our framework agreements, and specialist staff are also supporting major projects in the Middle East.

“In the utilities sector we are assisting a number of UK water companies with their AMP programmes, and there are additional opportunities for us here.”

Chairman Sir Alan Thomas said: “Although group results for the year are below our original expectations, trading in the UK and the Middle East continues to be strong.

“This highlights the value of our technical skill base and a regionally balanced business.

“The flexibility enabled by our design excellence centres allows us to concentrate resources on growing markets.

“We have a solid pipeline, record order book and are confident we will continue to capture a sizeable share of our target markets.”

 

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