RNS Number : 3791J
Hyder Consulting PLC
30 March 2010
HYC.L
Hyder Consulting PLC
Pre-close Statement
Hyder Consulting PLC, the multi-national advisory and design consultancy, provides the following trading update in advance of results for the year ending 31 March 2010 which are scheduled to be announced on 8 June 2010.
Adjusted profit before tax for the year ending 31 March 2010 is expected to be ahead of both market expectations and the prior year, after absorbing redundancy and other one-off costs of more than £3m. Approximately 80% of operating profits are derived from overseas and the weakness of sterling will lead to foreign exchange gains of c.£2m this year.
Asia Pacific operations have continued to perform well, benefiting from strong sales performance and improved operational efficiency. In the Middle East, our businesses are also trading well and winning work in broader geographical areas. In Europe, results have improved in the second half, following further restructuring in the utilities and environment sectors.
Our order book and bid pipeline remain strong as a result of our key client initiatives and strategic project wins.
Our drive on working capital has resulted in good cash collections in the second half and consequently net debt at the year end is expected to be substantially below market expectations.
With over 70% of revenues and c.80% of operating profits derived from overseas, we are confident of strong performance in the year ahead.
For further details:
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Ivor Catto, Chief Executive, Hyder Consulting PLC
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Tel: 020 3014 9000
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Russell Down, Finance Director, Hyder Consulting PLC
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Tel: 020 3014 9000
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Shane Dolan, Biddicks
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Tel: 020 7448 1000
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The company news service from the London Stock Exchange
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