Firm says results on track despite “mixed” conditions

Engineer Hyder Consulting said the market in the Middle East remains challenging, with limited progress on re-starting construction projects.

In an interim management statement to the city, Hyder said it was trading in line with expectations overall, with its Australian business suffering “minimal disruption” from the Queensland floods.

However, it said: “the Middle East remains challenging, and progress on contract starts are still somewhat protracted.” This was balanced by a better than expected performance in the UK, where it said results were “above plan.” Overall cash balances improved “despite delayed contract settlements in the Middle East.”

The firm said it had won orders in Turkey, south Australia, Abu Dhabi, Bahrain, Germany and the UK, since its last report in November.

Chief Executive Ivor Catto said Hyder had performed well in “mixed” markets. He said: “Our broad geographic spread, with over 70% of our revenues and approximately 80% of operating profits coming from overseas, together with our strong balance sheet, positions us well for the opportunities ahead.”

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