Hyder improves turnover but profit drops

Hyder Consulting's interim results produced a 9% increase in turnover to £60.2m, but a lower pre-tax profit of £559,000.

Chairman Sir Alan Thomas said profit margins improved in the six months to 30 September, but professional indemnity insurance premiums increased Hyder's cost base by £400,000.

Turnover from the UK was up 5% to £36.3m, delivering a substantial increase in operating profit from £1.2m to £2.1m. Significant wins in the period included the award of a third principal support provider contract from the Defence Estates for US Air Force bases in the UK and an early contractor involvement road scheme at junction 4 of the M40 for the Highways Agency.

Turnover from the Middle East was up from £7.7m to £10.8m, but profit was stagnant at £500,000. In the Asia Pacific region, turnover was up at £13.1m, while operating losses were reduced to £700,000.

Hyder's orderbook has improved and stands at £174m.