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Overseas work boosts Hyder’s first half profits

Hyder Consulting’s tight focus on key markets in Australia, China, the Middle East, Germany and the UK helped it increase pretax profits by 67% to £9.5M in the half year to 30 September.

Hyder earned only 15% of its £149.9M revenues and 5% of its profit from the spending cut-hit UK public sector leaving chief executive Ivor Catto bullish about the company’s future.

“Eighty five per cent of our profits are from overseas and four attractive market sectors (transport, property, utilities and environment),” he said. “They provide Hyder with both resilience and new opportunities. “

The company has forward orders worth £325M, cash balances of £16.2M and banking facilities of £38.6M, it can pursue organic growth and merger or acquisition opportunities, he said.

China and Australia performed strongly, balancing out falls in the Middle East where revenues were 31% lower at £35M. “But the orders in the Middle East are coming back now and we are anticipating a stronger second half performance,” Catto said.

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