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Low demand hits Hyder Infrastructure

POOR DEMAND for engineering and environmental services hit the performance of Hyder's infrastructure division during the six months to the end of September, according to results published last week.

Hyder Infrastructure reported first half profits before interest of 16.7M. However, this included a one-off profit of 15.3M on the sale of shares in telecommunications company NTL.

Last year's 14.3M first half profit figure also included one-off profits from share sales, but these were only 3.9M.

Hyder Infrastructure also had to make a 1.8M provision to cover losses from investments in the Asian Infrastructure Fund.

The division reported a first half turnover of 107.1M compared to 109.2M for the corresponding period of 1997.

Hyder Group reported first half pre-tax profits of 107.8M, down from last year's first half figure of 105.4M. Group turnover increased to 584.7M from 555.7M.

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