New share issue will enable engineering consultant to target business opportunities in Germany and Hong Kong

Hyder Consulting is raising money through a share issue to help fund acquisitions in Germany and Hong Kong.

In a statement to the stock exchange today the group said it was hoping to raise £7.8m for the share placement, equivalent to more than 2.5m new shares.

Hyder said: “The group has a current pipeline of potential acquisitions under active discussion, of up to £20 million in aggregate, and hopes to be able to secure a reasonable proportion of these. The group has targeted to spend up to £30 million on acquisitions over the next two to three years.”

Germany and Hong Kong were singled out as jurisdictions where Hyder was particular keen to achieve “critical mass” and it was targeting business that could enhance its advisory and private clients businesses.

Hyder also gave a trading update which said the order book was ahead of budget.