Hyder Consulting nets UK work but Australia drags on its profit

 
Marion Dakers
HYDER Consulting, the engineering consultant behind the London Bridge station refurbishment and the Burj Khalifa skyscraper, reported a 20 per cent jump in UK revenues yesterday.

Group revenues were flat at £150m and half-year profits slipped from £11.9m to £10.6m, however, with the weaker Australian dollar and a drop in performance bonuses behind the slide.

Hyder said UK revenues were up 20 per cent and market conditions were improving. The firm has contracts with National Grid, the Highways Agency and the Crossrail project.

In Australia, where the firm recently bought PLD Consulting, revenues fell 19 per cent to £54.2m. Hyder said a string of new transport projects and the 2018 Commonwealth Games on the Gold Coast should provide new work in the coming years.

“Following the election of the new government [in Australia], which has publicly endorsed infrastructure investment, there has been a significant increase in bidding activity,” the company added.

For the first half of next year, Hyder has an order book of £438m, a rise of 24 per cent.

Shares in the group closed down 1.7 per cent at 570p.

Related articles