RNS Number:1570N
Hyder Consulting PLC
06 June 2005
Hyder Consulting PLC (HYC.L)
Preliminary results for the year ended 31 March 2005
(Hyder Consulting is an international engineering design,
advisory and specialist management consultancy)
Key points
* Turnover for the year has grown 11% to #136m
* Group operating profit for the year up 86% to #5.6m
* Profit before tax, exceptional items and goodwill
amortisation up 81% to #4.4m
* Sales order book up 10% to #185m (2004: #168m)
* Successful integration of infill acquisitions - programme
continues
#m 2005 2004
Turnover 136.0 122.3
Group operating profit 5.6 3.0
Adjusted profit before tax (i) 4.4 2.4
Profit before tax 4.4 2.2
Earnings per share (i) 15.24p 9.95p
(i) Before exceptional items and goodwill amortisation.
Chairman, Sir Alan Thomas, said: "It has been a very good year; we have improved
the margin, built the order book and acquired some good businesses."
Chief Executive, Tim Wade, commented: "Our people have really responded to the
challenges of the last year. The strength of our markets and our strategy for
increasing our share of higher value advisory work gives us a solid base for
delivering further margin improvements."
Press Contacts
Tim Wade, Chief Executive, Hyder Consulting PLC
Tel: +44 (0)20 7904 9011
Simon Hamilton-Eddy, Financial and Commercial Director, Hyder Consulting PLC
Tel: +44 (0)20 7904 9011
Shane Dolan, Biddicks
Tel: +44 (0)20 7448 1000
Chairman's statement
I am pleased to report another year of strongly improved results for the period
ending 31 March 2005.
Our order book at the year end was #185m (2004: #168m). Turnover increased to
#136.0m (2004: #122.3m) mainly as a result of strong growth in Australia and
acquisitions made during the year.
Group operating profit increased by 86% to #5.6m (2004: #3.0m), the main
improvements coming from the Asia Pacific and Middle East regions, and with a
contribution of #344k from new acquisitions. The slowdown in the water sector
ahead of the regulator's five-year price review affected the rate of expansion
in the UK.
Profit before taxation, goodwill amortisation and exceptional items increased by
81% to #4.4m (2004: #2.4m).
Profit after tax was #4.1m (2004: #2.2m) an increase of 84%. The low corporation
tax charge reflects the utilisation of tax losses in Australia, a zero tax rate
in the Middle East and the release of a tax provision in Germany.
The exceptional item was due to costs incurred in running down operations in
South East Asia which will be substantially completed next year.
As at 31 March 2005, net assets were #31.5m (2004: #15.4m) benefiting from the
#12.3m net proceeds from the Placings and Open Offer in July 2004 and March
2005. Working capital increased broadly in line with the increase in turnover.
We have moved from net debt of #3.4m to net cash of #4.5m primarily as a
consequence of fund raising for acquisitions. The improvement in operating cash
flow in the second half was affected by slower settlements in the Middle East.
Interest was covered 5.8 times.
Dividend
A final dividend of 0.55p per share (2004: 0.4p) is proposed which would give a
full year dividend of 0.75p per share (2004: 0.4p). The final dividend will be
paid on 5 August 2005 to shareholders on the register as at 1 July 2005.
Strategy
As reported last year, our main objectives have been to maintain a strong order
book; to eliminate losses in Hong Kong; and to improve our profit margin. As
this report will show, we have made strong progress in each of these areas.
We continue to concentrate upon developing close and long-term relationships
with our clients. We are aiming to increase the proportion of higher value added
advisory work and to increase the proportion of design work which is
value-driven rather than solely cost-led. We give the highest priority to
quality through the application of best practice, and the recruitment and
development of outstanding people.
These themes have shaped the criteria for our acquisition programme and this
year we acquired two UK companies, Ashact and Marcus Hodges Environment, and in
Dubai, Roberts and Partners International. These acquisitions follow those of
Moulsdale and Associates and Adamus Consulting Practice which we completed in
Australia last year.
Pension Scheme (FRS17)
As reported in our Interim Results, improvements in mortality rates would have
had the effect of increasing the deficit as at 31 March 2004 to #23.8m. The
deficit has increased to #25.5m as at 31 March 2005 primarily as a result of
using a lower discount rate reflecting changes in long-term bond rates. The
Board acknowledges that valuations under FRS17 are inherently volatile and has
further increased the company's contribution rates from 1 April 2005 by 3% and
employee contributions by an average of 2.6%. We shall continue to keep the
position under review.
International Financial Reporting Standards (IFRS)
The next set of Interim Results, for the six months to 30 September 2005, will
be the first on which we will report under the new International Accounting
Standards. We anticipate that the immediate effect of IFRS on our reported
results will be to increase the operating profit before goodwill and exceptional
items; but to reduce profit before tax due to the different treatment of
amortisation of intangible assets and interest costs related to the pension
deficit. The balance sheet net assets position will be reduced primarily as a
result of the inclusion of the pension deficit net of deferred tax. The Group's
underlying performance and cash flows are unaffected by the implementation of
IFRS.
Current Trading and Outlook
Overall, trading in the second half improved in line with expectations, with
most of our markets remaining firm.
In the UK the general reduction in work in the water sector ahead of the
regulator's price determination affected performance, as did the slower than
expected start-up to the latest phase of the Defence Estates PSP project.
Performance was strong in the transport sector, where we are increasingly
integrating new technologies into transport systems. The successful renewal of
our three core water 'framework' contracts and our backlog elsewhere provide a
solid foundation for the years ahead. Though the timing of the framework
contracts coming on stream is uncertain, we expect volume to pick up in the
second half of the year.
Our business in Germany remained profitable despite tough market conditions and
is winning work at a steady rate. We continue to win a steady flow of work in
the new EU member states and candidate countries.
The Middle East business has again performed strongly, winning a series of
significant projects which provide a solid platform for the future. With oil and
gas prices remaining high we expect the level of expenditure on property and
infrastructure to remain high for some time to come.
In Hong Kong, we were able to break-even as a consequence of settling
outstanding variation claims on a major contract. Helped by improving market
conditions, we are planning to move into profit at the trading level during the
second half of the year.
Our business in Australia performed strongly, both in volume and margin, and has
been building its order backlog, both in the infrastructure and property
sectors. It is also beginning to benefit from earlier acquisitions.
Overall, we are pleased with the progress we have made against our objectives
and the way the business has performed. Our order backlog gives us confidence
for the coming year.
I would again like to thank our clients, partners and members of staff for their
contributions which we value greatly.
Sir Alan Thomas
Chairman
6 June 2005
Chief Executive's review of operations
Review of Activities
We continued to make good progress during the year and have increased our
operating profit margin from 2.6% last year to 3.9% this year.
This has been achieved through increased levels of activity and improved margins
in Australia and the Middle East and reduced losses in Hong Kong. These
improvements were somewhat offset by slightly reduced margins in the UK as a
result of the shortfall in work from the water sector ahead of the AMP4
regulatory review.
The acquisitions made in July and September last year are performing in line
with expectation and have started to make useful contributions following a
slightly extended integration period. To fund further strategic acquisitions we
raised a net #12.3m by way of an Open Offer and Placings in July 2004 and March
2005. We are actively pursuing a pipeline of acquisition prospects and expect to
complete some of these over the coming months which will help us to drive up our
operating margins further.
UK / Europe
Turnover increased to #82.2m (2004: #75.7m) and operating profit to #4.6m (2004:
#4.4m).
Although we began the year with some concerns about potential delays in the
award of UK road projects our UK transport business performed particularly
strongly. The M25 widening contract for the Highways Agency, awarded through our
South East regional framework contract, has continued to grow. Other significant
highway scheme wins included the environmentally sensitive Mottram-Tintwistle
Bypass on the edge of the Peak District National Park. Work levels for Transport
for London remained high with notable new awards related to the West London
Tram, the proposed western extension of the congestion charge, the Bounds Green
road scheme and bus priorities. Elsewhere in Europe, we have seen a resumption
of high levels of activity in Ireland and were awarded new roads projects in
Slovakia and Hungary.
The increasing integration of technology into transport schemes has supported
the continued strong growth of our Intelligent Transport Systems (ITS) group
which is working on a system of new UK regional highway control centres, the
National Road Telecommunications Service (NRTS) project, and a consultation
exercise for the proposed Lorry Road User Charge. The Group is also pioneering
public transport projects to provide real-time, linked passenger information for
bus and train users utilising global positioning system technology.
Improved results in the rail sector have resulted from the strategy of
supporting selected contractors involved in rail modernisation projects in the
UK. In addition, we won significant design and construct projects for oil
pollution prevention measures at 21 Network Rail light maintenance depots and
for the renewal of the roof at the Grade II listed Marylebone Station in London.
Work is progressing well on the new Berlin Central Station for which our German
subsidiary, Acerplan, is the construction supervisor and independent checker.
The UK water business suffered from the slowdown ahead of AMP4 but we were able
to offset some of the effects of this through our work in Ireland and through
the strength of our privatisation and asset management advisory team which won
several new projects including a commission in Georgia. With AMP4 appointments
confirmed towards the end of the financial year, we have secured roles, either
directly with the water companies or with selected contractors, for South West
Water, Dwr Cymru Welsh Water, Thames Water and Wessex Water.
We were active with the PSP contracts for Defence Estates the latest of which
was for the US Air Force bases. This project is fully mobilised after a
difficult start up phase. The three year redevelopment of the Ministry of
Defence's (MoD) headquarters in Whitehall was successfully completed and opened
by HM The Queen and we continue to be involved in other MoD refurbishment
projects in London.
New health and education facilities continued to provide a large portion of the
work in the property sector. New project wins included Local Investment Finance
Trust (LIFT) projects in the Midlands and South West. The UK Government's
policies relating to the re-use and regeneration of land, and the requirements
placed on local authorities, have fuelled demand for specialist planning,
brownfield development and contaminated land expertise. We have been working
closely with a major developer on the continuing redevelopment of the former
Gloucester Cattle Market and were also appointed by Guildford and Waverley
Borough Councils to support them in achieving their targets for land re-use, a
trend we see continuing amongst local authorities.
Our technology business is primarily focused on the telecoms sector and has been
involved in a variety of projects including the continuing roll-out of TETRA
digital communications technology within the UK emergency services. More
generally, the demand for new infrastructure from the private mobile companies
has slowed noticeably and has only been partially offset by growing areas of
work such as advising regional and local development agencies on the
accessibility and availability of broadband services.
One of the fastest growing parts of our UK business is environmental services
and this is the market focus of the two UK companies we acquired during the
year, Ashact and Marcus Hodges Environment. Having successfully integrated these
companies our UK environmental team is now well over 100 strong and works across
all our markets. The proliferation of new environmental legislation in recent
years has fuelled growth in areas such as the removal and treatment of asbestos,
Strategic Environmental Assessment (SEA) and Integrated Pollution Prevention and
Control (IPPC). Within this arena, we were pleased to secure a position on a
five-year Environment Agency framework contract for advisory services associated
with external funding.
Middle East
Turnover increased to #23.5m (2004: #20.5m) whilst operating profits increased
to #1.6m (2004: #1m).
The very high levels of investment going into property in Dubai have continued.
During the year we have considerably increased our role in the Burj Dubai
project, a development which includes the world's tallest building. We also
secured a role as designer of the new Ritz Carlton Hotel in the financial
district.
The acquisition of mechanical and electrical engineering specialist, Roberts and
Partners International in July, has substantially increased our property market
capabilities. The new team has brought work into the business such as a new 38
storey residential development adjacent to the Dubai World Trade Centre and is
already making a useful contribution to global property opportunities.
The remainder of the work in Dubai is largely transport-related, much of it
involving creating new road links to the multitude of commercial and residential
developments underway.
In Abu Dhabi, much of our work is water and sewerage related, principally for
the Sewerage Projects Committee of the Abu Dhabi Municipality. We also won an
appointment to assess the performance of the Water Division of the Abu Dhabi
Distribution Company, which is indicative of the growing demand for management
and restructuring advice within the local water market. Outside the water
sector, we have started work on the project management of Abu Dhabi National Oil
Company's new AED1 billion natural gas distribution network.
The fast growing Al Ain region of Abu Dhabi Emirate is continuing to provide new
work opportunities relating to water industry restructuring, sustainable
irrigation and water and sewerage network upgrading. In February, we were
delighted to welcome HRH The Duke of York, in his role as UK Special
Representative for Trade and Investment, to one of the community development
projects that we are continuing to manage.
Qatar's ambitious growth plans have yet to materialise into a sustained work
flow. Nevertheless we are working on some interesting and sizeable projects
including the tallest building in Qatar and an extension to one of Doha's
principal wastewater treatment plants.
There are positive signs from Kuwait, where we secured the commission for
improvements to the Fourth Ring Road. In Bahrain, ongoing projects, principally
the Strategic Roads Plan, continue to keep our small team there busy.
Asia Pacific
Turnover increased to #30.3m (2004: #26.2m) and operating profit to #1.3m (2004:
#0.3m loss).
Australia performed strongly both in turnover growth and margin improvement.
Hong Kong declined in volume terms but achieved break-even partly as a result of
settling outstanding variation claims.
In Australia, we recorded some notable successes on major highways schemes, two
involving improvements to the Pacific Highway in New South Wales. We are also
the engineer in the ConnectEast consortium which was awarded the A$2.5 billion
Mitcham-Frankston project in Victoria, the major part of which involves a 39km
toll road in the eastern suburbs of Melbourne.
The Sydney based Property Development Centre continued to support our major
building projects worldwide but also performed steadily in the home market,
notably winning two luxury coastal residential developments. A team has also
been working on Skywalk on Sydney Tower, a new attraction providing panoramic
views from the top of the AMP Tower.
In Hong Kong the market is beginning to improve and our concentration on the
private sector property market is starting to pay dividends. The five
residential towers for which we are responsible on the Olympic Station
development are now under construction.
Whilst there is currently a lull in major rail developments, more are in
prospect and we continue to work on smaller projects for the major rail
organisations. The ecologically sympathetic development of Mei Foo Station, part
of the Sham Shui Po section of the West Rail project, received the International
Prize in the 2004 British Construction Industry Awards.
Future growth is expected from the mainland Chinese market. We have expanded our
office in Shanghai and opened a new base in Shenzhen. New projects include
masterplanning and support for expansion in Ningbo and Heyuan City, two
conurbations with a combined population of nearly nine million. Our design of a
175 metre span crossing of the Hai He River in Tianjin was named the winner of
an international design competition.
As part of the acquisition of Roberts and Partners, we now also have the benefit
of a 40 strong design office located in Manila, which serves to meet the group's
strategic aims for efficient delivery of engineering drawings.
Corporate overheads
Corporate overheads have increased to #2.2m (2004: #1.9m). This includes #0.2m
of abortive acquisition costs, but also reflects the cost of Corporate
Governance and the introduction of IFRS which are a significant burden on
smaller quoted companies.
Staff
Our people are our principal asset. We are committed to providing all our people
with interesting and fulfilling careers. We seek to build an organisation of
outstanding people through the development of their professional skills and
experience. Comprehensive reviews of our approach to professional development
and the way we offer technical and management skill training were instigated
during the year and have largely been completed. We were therefore extremely
pleased to achieve Investors in People status in the UK.
We undoubtedly made further significant progress during the year and I thank all
of our staff for their hard work and many achievements.
Tim Wade
Chief Executive
6 June 2005
Consolidated profit and loss account for the year ended 31 March 2005
Note 31 March 2005 31 March 2004
#'000 #'000 #'000
----------------- --------
Turnover including share of
joint venture 1a&b 135,961 122,943
Less; Share of turnover of
joint venture 1a&b (1) (600)
----------------- --------
135,960 122,343
Turnover
Continuing operations 132,170 122,343
Acquisitions 3,790 -
----------------- --------
135,960 122,343
Amortisation of positive goodwill (219) (83)
Amortisation of negative goodwill 508 1,063
Other operating costs (before
exceptional items) (130,675) (119,535)
Exceptional items 2 - (784)
-------- --------
Net operating costs (130,386) (119,339)
Group operating profit
Continuing operations 5,230 3,004
Acquisitions 344 -
----------------- --------
Group operating profit 5,574 3,004
Share of joint venture 71 365
-------- --------
Operating profit including
share of joint venture 5,645 3,369
Exceptional item
Loss on termination of
business 2 (316) (419)
-------- --------
Profit on ordinary activities
before interest 5,329 2,950
Interest receivable 79 130
Interest payable (1,004) (859)
-------- --------
Profit on ordinary activities
before taxation 1c 4,404 2,221
Taxation (339) (8)
-------- --------
Profit on ordinary activities
after taxation 4,065 2,213
Minority interests (61) (50)
-------- --------
Profit for the financial year 4,004 2,163
Dividends (232) (98)
-------- --------
Retained profit for the
financial year 3,772 2,065
======== ========
Earnings per share (undiluted) 3 15.14p 9.02p
======== ========
Earnings per share (diluted) 3 14.86p 8.94p
======== ========
Earnings per share before
exceptional items and
goodwill (undiluted) 3 15.24p 9.95p
======== ========
Earnings per share before
exceptional items and
goodwill (diluted) 3 14.96p 9.86p
======== ========
Statement of group total recognised gains and losses
2005 2004
#'000 #'000
------------------
Profit for the financial year 4,004 2,163
Translation difference on foreign exchange (204) (1,476)
-------- --------
Total gains for the year 3,800 687
======== ========
Reconciliation of movements in group shareholders' funds for the year ended 31
March 2005
2005 2004
#'000 #'000
---------------
Profit for the financial year 4,004 2,163
Dividends (232) (98)
-------- --------
Retained profit for the financial year 3,772 2,065
Translation difference taken to reserves (204) (1,476)
Issue of ordinary shares 774 115
Premium on issue of ordinary shares 11,512 841
Issue of ordinary share capital for the acquisition of :
- Ashact 11 -
- Marcus Hodges 3 -
- German minority interests - 28
Premium on ordinary share capital for the acquisition of :
- Ashact 139 -
- Marcus Hodges 47 -
- German minority interests - 217
Premium on ordinary shares issued for options 3 -
Capital reduction:
- Deferred share cancellation - (7,332)
- Share premium cancellation - (8,763)
- Creation of profit and loss reserve - 16,095
-------- --------
Net increase in shareholders' funds 16,057 1,790
Shareholders' funds at 1 April 15,298 13,508
-------- --------
Shareholders' funds at 31 March 31,355 15,298
======== ========
Balance sheet as at 31 March 2005
Note 2005 2004
#'000 #'000
-------- --------
Fixed assets
Intangible assets
- Goodwill 4,390 1,931
- Negative Goodwill (550) (1,037)
Tangible assets 8,159 8,101
Investments 7 174
Interests in joint ventures
- Share of gross liabilities (25) (91)
- Transfer to provisions 25 91
-------- --------
12,006 9,169
-------- --------
Current assets
Debtors 54,321 49,542
Cash at bank and in hand 9,559 6,507
-------- --------
63,880 56,049
Creditors: amounts falling due within one year (32,173) (31,073)
-------- --------
Net current assets / (liabilities) 31,707 24,976
-------- --------
Total assets less current liabilities 43,713 34,145
-------- --------
Creditors: amounts falling due after more than one year (4,169) (9,951)
Provisions for liabilities and charges (8,047) (8,815)
-------- --------
Net assets 1d 31,497 15,379
======== ========
Capital and reserves
Called up share capital 3,233 2,445
Share premium 11,701 -
Capital redemption reserve 80 80
Profit and loss account 16,341 12,773
-------- --------
Shareholders' funds (equity interests) 31,355 15,298
-------- --------
Equity minority interests 110 22
Non-equity minority interests 32 59
-------- --------
31,497 15,379
======== ========
Consolidated cash flow statement
Note 2005 2004
#'000 #'000
----------------
Net cash inflow from operating activities 4a 1,289 95
Returns on investment and servicing of finance 4b (729) (469)
Taxation (paid) / repaid (310) 181
Capital expenditure and financial investment 4c (885) (652)
Acquisitions and disposals 4d (2,366) (1,019)
Equity dividends paid to shareholders (152) -
-------- --------
Cash flow before financing (3,153) (1,864)
Financing 4e 6,241 (5,205)
-------- --------
Increase / (decrease) in cash during the year 3,088 (7,069)
======== ========
Reconciliation of net cash flow to movement in net funds
Net debt at start of the year (3,384) (1,367)
Increase / (decrease) in cash during the year 3,088 (7,069)
Cash outflow from repayment of debt 6,048 6,161
Other non cash movements
Finance leases (1,229) (886)
-------- --------
4,523 (3,161)
Exchange adjustments (72) (223)
-------- --------
Net funds / (debt) at end of the year 4f 4,451 (3,384)
======== ========
Notes to the financial statements
1. Segmental analysis by geographical area
(a) Turnover by origin
2005 2005 2004 2004
#'000 #'000 #'000 #'000
-----------------------------------------------
Continuing operations
UK and Continental Europe 82,161 75,672
Middle East 23,511 20,520
Asia Pacific 30,289 26,751
Share of joint venture (1) (600)
-------- --------
30,288 26,151
-------- --------
Turnover 135,960 122,343
======== ========
(b) Turnover by destination
2005 2005 2004 2004
#'000 #'000 #'000 #'000
------------------------------------------------
Continuing operations
UK and Continental Europe 80,322 72,696
Middle East 23,769 21,524
Asia Pacific 31,870 28,723
Share of joint venture (1) (600)
-------- --------
31,869 28,123
-------- --------
Turnover 135,960 122,343
======== ========
(c) Profit on ordinary activities before taxation
2005 2005 2004 2004
#'000 #'000 #'000 #'000
------------------------------------
Continuing operations
UK and Continental Europe 4,645 4,441
Middle East 1,561 954
Asia Pacific 1,268 (689)
Share of joint venture 71 365
-------- --------
1,339 (324)
-------- --------
7,545 5,071
Operating profit exceptional items
UK and Continental Europe - (409)
Asia Pacific - (375)
-------- --------
- (784)
Amortisation of positive goodwill (219) (83)
Amortisation of negative goodwill 508 1,063
Corporate overheads (2,189) (1,898)
Post-operating profit exceptional item (316) (419)
Net interest payable (925) (729)
-------- --------
Profit on ordinary activities before taxation 4,404 2,221
======== ========
(d) Net assets
2005 2004
#'000 #'000
-----------------------
UK and Continental Europe 26,569 12,000
Middle East 1,970 604
Asia Pacific 2,958 2,775
-------- --------
Total net assets 31,497 15,379
======== ========
2. Exceptional items
2005 2004
#'000 #'000
-------------------
Operating profit exceptional items
Re-organisation costs - (51)
Re-structuring costs - (233)
Establishment of IBNR provision - (500)
-------- --------
- (784)
-------- --------
Post-operating profit exceptional item
Loss on termination of business (316) (419)
-------- --------
Total exceptional items (316) (1,203)
======== ========
The loss on termination of business of #316,000 was incurred as a result of the
termination of operations in South East Asia. No amounts have been charged or
credited for taxation in relation to this loss.
3. Earnings per share
Exceptional Before Exceptional Before
items and exceptional items and exceptional
goodwill items and goodwill items and
amortisation goodwill amortisation goodwill
Total amortisation Total amortisation
2005 2005 2005 2004 2004 2004
------------------------------------------------------------------------
Profit after
tax and
minority
interests
(#'000) 4,004 (27) 4,031 2,163 (223) 2,386
Basic
diluted
and adjusted
earnings
attributable
to shareholders
(#'000) 4,004 (27) 4,031 2,163 (223) 2,386
Basic
earnings
per share 15.14p (0.10p) 15.24p 9.02p (0.93p) 9.95p
Diluted
earnings per
share 14.86p (0.10p) 14.96p 8.94p (0.92p) 9.86p
2005 2004
Number Number
----------- -----------
Weighted average number of ordinary shares 26,447,400 23,976,026
Dilutive ordinary shares 501,141 234,489
----------- -----------
Diluted weighted average number of ordinary shares 26,948,541 24,210,515
=========== ===========
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of shares in issue during
the year.
Diluted earnings per share is calculated by adjusting earnings attributable to
ordinary shareholders and the weighted average number of ordinary shares in
issue on the assumption of conversion of all dilutive share options in issue.
Supplementary basic and diluted earnings per share have been calculated to
exclude the effect of goodwill amortisation and exceptional items. The adjusted
numbers have been provided in order that the effects on reported earnings can be
fully appreciated.
4. Analysis of cash flows for headings netted in the cash flow statement
a) Net cash inflow from operating activities
2005 2004
#'000 #'000
------------------
Group operating profit 5,574 3,004
Net amortisation of intangible fixed assets (289) (980)
Depreciation of tangible fixed assets 2,236 2,301
Loss on sale of tangible fixed assets 61 2
Increase in amounts recoverable on contracts (221) (1,822)
Decrease in fixed asset investments 167 46
Increase in external debtors (2,773) (4,373)
(Decrease) / Increase in external creditors (2,364) 2,828
Decrease in provisions (793) (1,394)
-------- --------
1,598 (388)
Other items affecting cash flows:
Amendments to fair value of consideration 7 902
Post-operating profit exceptional item (316) (419)
-------- --------
Net cash inflow from operating activities 1,289 95
======== ========
b) Returns on investment and servicing of finance
2005 2004
#'000 #'000
------------------
Interest received 79 130
Interest paid (801) (674)
Interest element of finance lease payments (108) (80)
Distribution from joint venture 101 155
-------- --------
(729) (469)
======== ========
c) Capital expenditure and financial investment
2005 2004
#'000 #'000
-------------------
Purchase of tangible fixed assets (984) (777)
Proceeds from sale of fixed assets 99 125
-------- --------
(885) (652)
======== ========
d) Acquisitions and disposals
2005 2004
#'000 #'000
-------------------
Purchase of fixed asset investments - (3)
Purchase of subsidiary minority interests - (427)
Purchase of subsidiary undertaking (2,474) (589)
Cash acquired with acquisitions 108 -
-------- --------
(2,366) (1,019)
======== ========
e) Financing
2005 2004
#'000 #'000
-------------------
Issue of ordinary share capital 13,103 956
Cost of issuing ordinary share capital (814) -
Increase in borrowings 218 1,309
Repayment of bank loans (5,509) (706)
Repayment of loan notes - (6,000)
Capital element of finance lease payment (757) (764)
-------- --------
6,241 (5,205)
======== ========
f) Reconciliation of movement in net debt
At 1 April Cashflow Non cash Exchange At 31 March
2004 movement movement 2005
#'000 #'000 #'000 #'000 #'000
----------------------------------------------------
Cash in hand
and at bank 6,507 3,088 - (36) 9,559
Overdraft (268) - 261 7 -
-------- -------- -------- -------- --------
6,239 3,088 261 (29) 9,559
Debt due
within 1 year (100) (81) (909) 1 (1,089)
Debt due after
1 year (8,357) 5,372 648 (50) (2,387)
Finance leases
due within 1
year (524) 671 (920) 2 (771)
Finance leases
due after 1
year (642) 86 (309) 4 (861)
-------- -------- -------- -------- --------
(9,623) 6,048 (1,490) (43) (5,108)
-------- -------- -------- -------- --------
(3,384) 9,136 (1,229) (72) 4,451
======== ======== ======== ======== ========
5. Taxation
The tax charge for the year of #339,000 (2004: #8,000) represents an effective
rate of 7.7% (2004: 0.4%). The tax charge reflects the utilisation of tax losses
in Australia, a zero tax rate in the Middle East and the release of a tax
provision in Germany.
6. Financial Information
The financial information set out in this preliminary announcement has been
prepared on the basis of the accounting policies set out in the audited
financial statements for the year ended 31 March 2005 approved by the Board on 6
June 2005.
The financial information does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 March 2005 will be despatched to shareholders during June 2005 for
approval at the Annual General Meeting to be held on 22 July 2005.
The full financial statements contain an unqualified audit report and will be
delivered to the Registrar of Companies in accordance with section 242 of the
Companies Act 1985.
Non-statutory information - summary of four year trading results (Unaudited)
The following tables contain the profit and loss account of the Hyder Consulting
Group as would have been presented if the acquisition of Hyder Consulting
Holdings Limited (HCHL) had taken place on 1 April 2001. The information is
illustrative only and does not form part of the financial statements.
Year to Year to Year to Year to
31 March 2005 31 March 2004 31 March 2003 31 March 2002
#'000 #'000 #'000 #'000
--------------------------------------------------
Turnover - HCHL
UK and
Continental
Europe 82,161 75,672 71,552 69,719
Middle East 23,511 20,520 16,443 16,489
Asia Pacific 30,288 26,151 27,212 33,383
Turnover - Firth
UK and
Continental
Europe - - - 158
-------- -------- -------- --------
Total turnover 135,960 122,343 115,207 119,749
======== ======== ======== ========
Operating profit / (loss) - HCHL
UK and
Continental
Europe 4,645 4,511 3,849 2,680
Middle East 1,561 954 996 1,020
Asia Pacific 1,339 (324) (1,912) (1,629)
Operating loss - Firth
UK and
Continental
Europe - (70) (403) (154)
-------- -------- -------- --------
Operating profit 7,545 5,071 2,530 1,917
-------- -------- -------- --------
Corporate overhead
- HCHL (2,189) (1,898) (1,386) (1,374)
-------- -------- -------- --------
Operating
profit before
goodwill
amortisation and
exceptional items 5,356 3,173 1,144 543
Net goodwill
amortisation 289 980 321 2,339
Exceptional
items -
operating - (784) 307 41
-------- -------- -------- --------
Operating
profit after
goodwill
amortisation
and
exceptional
items 5,645 3,369 1,772 2,923
-------- -------- -------- --------
Exceptional
items -
post-operating (316) (419) - -
Net interest
(payable) /
receivable (925) (729) (288) (309)
-------- -------- -------- --------
Profit before
taxation 4,404 2,221 1,484 2,614
-------- -------- -------- --------
Taxation (339) (8) (514) 173
-------- -------- -------- --------
Profit after
taxation 4,065 2,213 970 2,787
-------- -------- -------- --------
Minority
interests (61) (50) (104) (25)
-------- -------- -------- --------
Profit
attributable
to
shareholders 4,004 2,163 866 2,762
-------- -------- -------- --------
Dividends (232) (98) - -
-------- -------- -------- --------
Retained
profit for the
year 3,772 2,065 866 2,762
======== ======== ======== ========
EPS
No. of shares
- basic (m) 26.45 23.97 23.0 23.0
No. of shares
- diluted (m) 26.95 24.21 23.0 23.0
EPS - basic 15.14p 9.02p 3.77p 12.03p
EPS - diluted 14.86p 8.94p 3.76p 12.00p
EPS - Excluding
exceptional items
and goodwill
amortisation
EPS - basic 15.24p 9.95p 1.04p 1.66p
EPS - diluted 14.96p 9.86p 1.03p 1.66p
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSIFWDSISESM
Hyder Consulting (LSE:HYC)
過去 株価チャート
から 6 2024 まで 7 2024
Hyder Consulting (LSE:HYC)
過去 株価チャート
から 7 2023 まで 7 2024
