Pre-tax profit jumped 28 per cent to £12m, flattered by a 19 per cent increase in revenue from Asia Pacific, and a 15 per cent jump in revenue from Middle East. Over the six months revenues came in at £66.9m and £36.4m respectively.
Hyder – which designed the iconic Burj Khalifa building in Dubai – enjoyed a 145 per cent increase in operating profits in the Middle East, helped by a number of new contracts in the region. Revenues in Europe declined to £46.7m, down from £51.6m over the same period last year, as market conditions remained “challenging”. Hyder, which had a role in the new London Bridge station, said the utilities sector was affected by some project delays, and the property sector remained “subdued”.
“As evidenced today, we believe the business continues to be conservatively managed and believe prospects for continued growth remain encouraging, particularly with Middle East activity picking up,” analysts from Espirito Santo said yesterday. Shares soared in trading yesterday, to close up 11.27 per cent at 419.5p.