The company, which earns 71% of its revenues and 75% of operating profits overseas, reported total revenue of 拢290.3m for the year to 31 March 2011 (2010: 拢308.6m).
Net revenue, after deduction of sub-consultant costs, was 拢251.4m (2010: 拢266.9m).
Adjusted profit before tax rose by 25% to 拢20.3m (2010: 拢16.3m).
Adjusted operating profit grew by 13% to 拢20.3m (2010: 拢18.0m), after absorbing 拢2.9m of redundancy costs (2010: 拢3.4m), and after foreign currency translation gains of 拢1.7m. The net revenue margin, after these items, grew to 8.1% (2010: 6.7%).
Across the Asia Pacific region, revenues grew 20% to 拢114.0m, while adjusted operating profits increased 37% to 拢14.4m. Within this region, operating profits were up 40% in Australia to 拢13.9m, with a 15% operating margin. New projects in Australia include the Gold Coast Rapid Transit IV, Westfield and the K1 Mines Gas Field, bringing Hyder into the coal seam gas market.
The UK business also performed well, being appointed to three Highways Agency project support frameworks and continuing to work with Crossrail, London Underground and Network Rail. UK revenue amounted to 拢87.2m (2010: 拢95.9m). Adjusted operating profit increased 77% to 拢5.5m (2010: 拢3.1m), after absorbing 拢1.1m of redundancy costs. Adjusted operating margin was 6.3% (2010: 3.3%).
Across Europe as a whole, including Germany and the UK, revenues fell 8% to 拢110.8m, but adjusted operating profit increased 94% to 拢6.6m. This earnings growth was driven by operational efficiencies, which was reflected in a margin improvement to 5.9% from 2.9%.
In the Middle East, revenue was 30% down at 拢65.5m. Staff numbers have been cut from 1,200 to 1,000 following the deferral of new contract awards in the first half. Adjusted operating profits in the region were 拢2.6m (2010: 拢7.2m).
Commenting on the results chairman Sir Alan Thomas said: 鈥淲e鈥檝e concentrated on the regions and sectors we understand well and where Hyder has distinctive expertise. As a result, earnings, cash and dividends have improved further in what have been variable, and not always helpful, economic conditions.
鈥淲e want to continue to grow earnings (and their quality) by further market penetration in our selected sectors of transport, utilities, property and environment. These four sectors are driven by the growing demands of urbanisation, mass transit, climate change, and water and power scarcity, areas in which Hyder is internationally competitive.
鈥淗yder鈥檚 geographic diversity gives us resilience and flexibility, and the board remains confident about the group鈥檚 prospects for the year ahead.鈥�
Got a story? Email news@theconstructionindex.co.uk
