Consultant posts solid half-year results on back of increased Middle East and Asia Pacific work

Hyder Consulting has posted a 2.2% increase in pre-tax profit from £5.5m to £5.7m in the six months to 30 September 2008.

Turnover was up 39% from £108.7m to £151.6m, thanks to a strong performance in the Middle East and Asia Pacific regions.

The pre-exceptional operating margin, before restructuring and other costs, fell from 7.3% to 7%.

Hyder's Ski Dubai
One of Hyder's Gulf schemes is Ski Dubai

Chairman Alan Thomas said: “I am pleased to report that our half-year results are well ahead of the prior year and in line with expectations. Our international spread, strong order book and low gearing position us well in the current climate.”

The regional breakdown was as follows:

UK and Europe

  • Turnover – up 16% from £55.9m to £65m
  • Operating profit – up 8% from £4.4m to £4.8m

Middle East

  • Turnover – up 80% from £24.3m to £43.7m
  • Operating profit – up 77% from £2m to £3.6m

Asia Pacific

  • Turnover – up 51% from £28.5m to £42.9m
  • Operating profit – up 46% from £1.7m to £2.5m

Net debt on 30 September was £8.7m, compared with £11.1m in 2007, which gives the firm headroom of about £30m on its long-term debt facility.

Hyder's order book has grown 29% from the same period last year, to £346m.