Multi-national design and engineering consultancy Hyder said it now expects first half pre-tax profit to be well ahead of previous forecasts, buoyed by the timing of performance bonuses earned in Australia.
In its update ahead of its half year results for the six months to September 30th 2012 the group said overall, the Asia Pacific region will be ahead of plan. Australia again performed strongly benefiting after the better than anticipated performance bonuses.
The robust performance has partially offset by contract delays and investments in China where the group expects to incur a small loss in the first half. It added that new project awards should improve results there in the second half.
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Middle East results are in line with plan and well ahead of the first half last year while UK market conditions continue to be challenging, particularly in the highways sector, and results for the year are likely to be below the company's initial expectations.
The group said net cash balances at the half-year are expected to be substantially higher than at September 30th 2011.
CJ
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