Engineering giant says trading from April to July was slightly ahead of expectations

Engineering giant Hyder has announced a stronger than expected start to trading for the financial year.

In an interim management statement published today for the period from 1 April to 12 July, the firm says it has made a positive start to the year and that trading is slightly ahead of expectations. This is principally as a result of ‘outperformance’ by the operations in Asia Pacific which benefited from strong sales, contract bonuses on project completions and foreign exchange gains.

The order book has increased slightly since the year end and the company says it has a strong bid pipeline.

In June the company reported an 8% rise in profit despite last year’s recession in Europe and the Middle East which forced it to lay off more than 500 staff.

The firm says its cash performance has been better than in the previous period and that it has net cash and unutilised facilities and is well positioned as government budgets reduce and client expenditure shifts from public to private sectors.