DESIGN and engineering consultancy firm Hyder Consulting saw its share price plunge over five per cent yesterday, after reporting a decline in full-year profits that missed management’s expectations.
The London-listed company, which was selected as an adviser on the Crossrail project, said adjusted pre-tax profit fell to £17m, from £21.6m the previous year.
Hyder attributed the decline to delayed contract awards in Australia due to the general election, losses in Germany and currency headwinds, which were partially offset by a stronger UK and Middle East performance.
Revenue slipped down to £296.8m from £298.1m.
But the firm hiked its dividend by eight per cent to 13p per share and unveiled a record order book of £440m. “We have a solid pipeline, record order book and are confident we will continue to capture a sizeable share of our target markets,” said chairman Sir Alan Thomas.
Outlook for the year remains unchanged.
Hyder’s shares closed 5.6 per cent lower, but Liberum was upbeat on the stock. “Full-year results in line with expectations… The shares would be up, if they were not already up going into the results,” said the research.