Design and engineering consultancy Hyder has splashed out around £7 million in two acquisitions, and is looking at more deals on the horizon.
The firm confirmed the takeovers of Australian firm BCH Engineering Consultants and Scottish company Systems & Consultancy Services in an interim management statement to the markets this morning.
The company said it also has “significant headroom against its banking facilities with which to pursue new opportunities”.
It acquired BCH on 17 December 2012, a small Perth based consultancy with expertise in the energy and resource sectors.
It paid £2m in cash, with a further £1.3m dependent on future business performance. The move is aimed at improving access to the Western Australian market and clients.
PCS was acquired on 19 December 2012 and is a specialist, independent high-voltage simulation, analysis and electrical design business employing 42 specialist staff.
The company works with clients including Scottish Power/Iberdrola and Scottish & Southern Energy.
Hyder paid £3m in cash, with up to a further £0.5 million cash payable contingent on future business performance.
The firm said the acquisition builds on its growing expertise in the energy sector and follows on from its purchase of ESR Technology in June 2011
The group also said in the IMS for the period to 28 January 2013 that it has performed in line with expectations.
It said: “Although market conditions remain variable, the group’s favourable positioning and its diversified international base give us confidence for the full year.”