Hyder Consulting PLC, the multi-national design and engineering consultancy, has issued a profit warning following contract and project delays in Austtralia and the Middle East.
In an Interim Management Statement published today for the period 1 October 2013 to date, Hyder said the Group's results for the financial year are expected to be “materially below current market expectations” due to delays in new contract awards in Australia following the election, and project delays in the Middle East.
“The policy of the new Australian government to give priority to infrastructure has led to a strong pipeline of large projects. Our bidding activity has been high, but the process is proving more protracted and new contract awards have been slower than originally anticipated. This, together with the weakening of the Australian dollar against sterling by 25% over the year, has affected reported profits and results in the second half.”
While the Group’s order book in the Middle East has grown further with the the award of new contracts, project delays have meant that the levels of profitability will not be as high as expected and will affect current year results.
However, the firm said that business in China remains profitable and that in the UK results are ahead of both the prior year and plan. The rail business has performed strongly – Hyder has recently secured a number of frameworks with Network Rail where fees are expected to be more than £25m over the next 5 years.
In an upbeat view of future prospects, the statement said:
“The trading performance in the UK is encouraging, and the level of bidding activity and opportunities in Australia and the Middle East are good. Our strong order book and positioning leave the Group well placed to take advantage of future growth opportunities over the years ahead.”
The Group order book at 31 January 2014 is in line with the 30 September 2013 level.
Hyder Consulting shares are currently down 25.29% at 478 pence early one of the biggest falls on the London market today.
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