However, even in the UK the engineering consultancy group has improved its margins in the past couple of months and made a turnaround since shedding 10% of its staff.
The company said that its Australian business has performed in line with plan, and suffered minimal disruption from the flooding in Queensland. The Middle East remains challenging, however, and contract starts are still subject to delays.
Since publishing its interim results on 16 November, Hyder Consulting has seen its order book shrink slightly, the company said, but a number of important projects have been won.
- In Istanbul, Turkey it is designing what will be one of the tallest buildings in Europe
- Hyder Consulting is independent verifier for the Seaford Rail extension in South Australia, and for the Kempsey bridges project in Queensland
- In Abu Dhabi it is providing design and construction supervision services for the rehabilitation of a number of main pumping stations
- It is designing 22km of the new N Road highway in Bahrain
- It is designing Kent-Sussex, and Wessex rail platform extensions in the UK
- It is designing the Magdeburg train depot in Germany.
Despite delayed contract settlements in the Middle East, cash conversion has been good and net cash balances have increased since November,
Chief executive Ivor Catto said: “We have performed well in mixed markets. Our broad geographic spread, with over 70% of our revenues and approximately 80% of operating profits coming from overseas, together with our strong balance sheet, positions us well for the opportunities ahead.”
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