New acquisitions and wider geographical spread among reasons for 169% profit at engineering consultancy
Hyder Consulting has announced a 169% increase in pre-tax profits to £7m. The engineering consultant said that revenues were also up by 26% to £171.3m for the year ending 31 March 2006.
Commenting on the results, chairman Sir Alan Thomas said: "They are markedly ahead of last year and ahead of market expectations. With the strength and visibility of our order backlog, we are confident of further progress in the year ahead."
The company reported significant improvements in adjusted operating margin from 3.5% to 4.9%, and a final dividend of 0.90p per share has been proposed.
The UK proved to be a strong market for Hyder last financial year. Continuous growth was reported in the highways workload with clients such as the Highways Agency and Transport for London.
The Middle East also proved to be a profitable region for the engineering consultant with business significantly increasing across the UAE, Qatar and Bahrain.