hyder consulting profit rise continues
o Results for the six months to 30 September 2007
o Middle East, represents 22% of global turnover
Hyder Consulting, the award-winning engineering, environmental, planning and management consultancy, has today announced profits for the first half of the year jumped 31% to £6.7 million. The company saw revenue growth of 12% to £108.7 million and a 10% increase in its order book over the last six months.
Commenting on this substantial growth, Chief Executive, Tim Wade, commented, “We have been in the region for over 45 years and have seen substantial growth in this market with the Middle East representing 22% of our global turnover. Across the network we have made further steps towards our targets of growing net operating margin to 10% and of doubling our net revenues over the next five years.”
Financial and Operational Highlights
• Revenue up 12% to £108.7m
• Operating profit £6.1m (2006: £8.8m, after exceptional gains of £4.3 million)
• Adjusted* operating profit up 31% to £6.7m
• Adjusted* net operating margin up to 7.3% from 6.4%
• Order book up 10% to £269m
• Interim dividend up 50% to 0.9 pence per share
• Strong growth opportunities in existing markets
• High value-added, infill acquisitions being carefully targeted
* before exceptional items and amortisation of intangible assets arising on business combinations.
In the Middle East Hyder Consulting is currently working on seven super high-rise towers of over 100 storeys - there are only five completed buildings of that height worldwide. Most notably, the Consultancy was appointed by Emaar as Architect of Record and Supervision Consultant for the Burj Dubai, responsible for certification and adoption of the SOM design, with full responsibility for all architectural, structural, MEP, geotechnical, and facades design, as well as peer review and construction supervision. The company also implemented the detailed master planning and infrastructure design for Downtown Burj Dubai.
Employee numbers have increased by over five per cent during the period to around 4,200. The increase included staff from UK project management and cost consultancy firm, RPA Quantity Surveyors, which Hyder Consulting acquired in April.
Wade commented that the company continues to pursue targeted acquisitions, focusing on increasing Hyder Consulting’s involvement at the early stages of infrastructure and property development. While this strategy led to some notable project wins such as a major greening strategy for urban Hong Kong, Hyder Consulting maintains a strong core of design work.
