"We have won a number of new projects, and driven further operational efficiencies within the business,” said chief executive Ivor Catto. “The group's order book and track record in challenging markets mean we remain confident for the future."
It reported that the group has performed in line with the board's expectations. “Over 70% of our revenues and approximately 80% of operating profits come from overseas, and this broad geographic spread strengthens our resilience,” it said.
In Australia, performance is well ahead of the prior year and in line with plans. “Some opportunities there are being deferred following the Queensland flooding, although we do not anticipate that this will have a material effect,” said the statement.
“In the Middle East we operate in the UAE, Qatar, Bahrain and Saudi Arabia, and have won valuable work in each of these countries,” it said.
The offices in Bahrain - which account for less than 2.5% of Hyder's total headcount - are now trading normally after the recent unrest.
As a result of operational improvements, our UK performance strengthened in the second half.
Notable new orders include work on Australia’s Titenbar to Ewingsdale highway, the Step Tunnel in Abu Dhabi, Muharaq Sewage Treatment Works in Bahrain and supervision for the Stuttgart 21 project in Germany.
Net cash balances are expected to be in line with the board's expectations, although collection of debt on certain Middle East accounts remains protracted.
In March, Hyder acquired German mechanical and electrical consultancy Ingenieur Consult.
Got a story? Email news@theconstructionindex.co.uk
