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HYDER CONSULTING has boosted its international business to nearly three-quarters of total revenues, a move that has insulated it from the worst of the recession in the UK, the company said.
Hyder, which specialises in design for infrastructure and engineering projects, yesterday said it would meet annual profit targets as it reported first-half results in line with 2008.
The company said of total revenues of £156.3m, 72 per cent came from offshore compared to 65 per cent in 2008.
Revenue in the first half was up 3.1 per cent overall but revenue from the UK fell 7.0 per cent to £60.6m. The company blamed uncertainty ahead of water price negotiations for a slowdown in its water utilities division in the UK.
Hyder said it had approximately 60 per cent of the next 12 months’ revenue secured and its order book stood at £352m.
Operating profit in the first half came in at £6.8m compared with £6.7m a year ago.
Hyder chairman Alan Thomas said: “Our geographic and sector diversity gives us confidence in meeting our expectations for the remainder of the financial year.”
Hyder’s debts rose to £16.2m at September 30, up from £5.7m at the end of March. The company has total debt facilities of £57.6m of which £41.4m is unused.
Hyder said it had won contracts including a major motorway and schools building programme in Australia, public transport in Hong Kong, London’s Crossrail project and the Pentominium Tower in Dubai.
The firm got a tick of approval from the City, with shares in the group rising more than one per cent to 249p yesterday.