黑洞社区

Hyder has reported a 77% fall in full-year pre-tax profit after writing down 拢11.2m on the value of its Asian and German businesses.

The consultant posted pre-tax profit of 拢5.4m in the year to 31 March 2014, down from 拢16.6m the previous year, while revenue declined marginally to 拢296.8m, from 拢298.1m.

Hyder said its results 鈥渨ere affected by delays in new contract awards in Australia due to the election and the poor year in Germany.鈥�

But Hyder said the performance of its UK and Middle East divisions 鈥渃ontinues to be strong鈥�, with UK adjusted operating profit doubling to 拢6.8m, up from 拢3.4m, while revenue grew 17% to 拢88.1m, up from 拢75.5m.

The firm鈥檚 Middle East division reported adjusted operating profit up 8% to 拢7.7m, up from 拢7.1m, while revenue grew 17% to 拢88.3m, up from 拢75.2m.

The firm made a 拢6.7m writedown on the value of its German business 鈥� incorporating the cost of closing three offices in the country 鈥� and a 拢4.4m writedown on the value of its Asian business.

The German business also reported an adjusted operating loss of 拢1.7m, compared to a 拢1.4m profit the year before, while revenue declined 20% to 拢20.8m, down from 拢24.5m.

The Asian business returned to an adjusted operating profit of 拢0.4m, compared to a 拢1.2m loss the previous year, while revenue increased 7% to 拢88.3m, up from 拢75.2m.

The Australian business reported a 47% drop in adjusted operating profit to 拢8.6m, down from 拢16.1m, while revenue declined 25% to 拢77.3m, down from 拢102.6m.

Hyder鈥檚 overall order book grew 7% to 拢440m and the firm鈥檚 headcount grew 12% to 4,500.

Hyder said the results met its revised expectations and the firm鈥檚 outlook for the current financial year 鈥渞emains unchanged鈥�.

The firm added: 鈥淲e expect another good year in the Middle East and in the UK. We have a good pipeline of bidding opportunities in Australia, and expect further progress in Asia.

鈥淲e believe that the restructuring and management changes we have made in Germany will restore the region to profitability.

鈥淥ur order book is at a record level, and this gives us confidence in our longer term prospects.鈥�

Alan Thomas, chairman, said: 鈥淎lthough 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.鈥�