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Hyder's UK profits up 164%

Engineering firm Hyder Consulting’s UK half-year operating profits grew 164 per cent on the back of extra rail work and a recovering market.

In the six months to 30 September 2013, the company’s UK operating profits rose to £3m from £1.1m for the corresponding period a year earlier.

Its revenues also grew 20 per cent in that time to £43.1m.

However, Hyder Consulting’s global revenues were flat at £150m and its group pre-tax profits fell by £2.2m to £7.7m over the same half-year period.

It said market conditions in the UK were improving and that the firm had won a number of framework details, including the Environment Agency’s WEM framework.

The company added: “Our rail business again performed ahead of expectations and we are working on London Bridge Station and major projects with Crossrail, Network Rail and Transport for London.

“In the highways sector, we have seen improving visibility from the Highways Agency and teams have been supporting some of our larger Middle East projects.

“In the utilities sector results have improved following recent project awards, including the WEM framework for the Environment Agency.”

The company said the drop in its group profit reflected a weak Australian dollar and its booking of performance bonuses in the previous period’s accounts.

The order book for the group rose 24 per cent to £438m.

The effective rate of tax for Hyder worldwide fell to 19.9 per cent from 24.7 per cent. The group said this was because profits had shifted to lower tax countries.

During the period Hyder bought Australian energy specialist PLD Consulting for an initial payment of £1.4m.

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