Birmingham-based international advisory and design consultancy, Hyder Consulting, which counts the Burj Dubai Tower amongst its projects, posted a 38 per cent rise in its full-year adjusted pre-tax profit to £14.4 million from £10.4 million and said it is confident of further progress this year.
For the year ended March 31, 2008, the consultancy said its pre-tax profit was £12.75 million, compared with £13.35 million last year, while revenues grew 15 per cent to £233.7 million driven by the Middle East region performing ahead of expectations and financing costs being lower than its estimate.
In all, 49 per cent of revenue was generated from the Asia Pacific and Middle East regions, compared to 46 per cent for the previous year.
Hyder also recorded adjusted operating margins of 7.6 per cent, up from 6.8 per cent and closing on the 10 per cent target towards which the company is aiming. Six acquisitions were completed during the year for a consideration of up to £30.8 million.
It added that its order book has grown to £314 million, which gives it a solid foundation for the current year. Financial director, Simon Hamilton-Eddy said: “It is a good set of results and the company has a positive view going into the future.
“Although we are looking in terms the UK economy to slow, the private property sector has taken the biggest hit and we have very little business connected to commercial property here.
“No one in our international markets is talking of a downturn and we have more than enough work available in the Middle Eastern markets to be able transfer work to the UK.”
Hyder Consulting was awarded a 2008 Queen’s Award for International Trade in April in recognition of a 66 per cent rise in international sales over three years.
Hyder, which employs 157 people in its Birmingham office and over 4,750 people worldwide generated international revenue of £274 million over three years to 2007.
Through its international offices located primarily in the Middle East, Germany Hong Kong, China and Australia, it is currently involved in high-profile projects such as a landscaping and environmental master plan for Hong Kong Island, the U2 Tower in Dublin and a new airport roadlink for Brisbane.