Hyder Consulting PLC Annual Report 2012

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Regional Key Performance Indicators Employee numbers Revenue (£m) Adjusted operating profit *(£m) 2012 2011 2012 2011 Australia 90.2 91.8 13.8 13.9 Asia 22.1 22.2 0.9 0.5 Middle East 63.8 65.5 3.9 2.6 UK 75.0 87.2 4.0 5.5 Germany 26.2 23.6 1.5 1.1 *Adjusted numbers exclude amortisation of acquired intangibles, acquisition costs and exceptional items UK Germany Asia Middle East Australia 31 March 2012 1,084 404 457 1,110 719 31 March 2011 1,139 366 433 1,026 733 Average 2012 1,118 405 442 1,036 670 Average 2011 1,204 371 436 1,072 776 Hyder Consulting PLC Annual Report 2012 9
Results The order book increased substantially to £362.8m (2011: £312.3m) following a number of large and important contract awards in the second half year. Approximately 60% of the current year’s forecast revenue is in the order book. Revenue amounted to £277.3m (2011: £290.3m); net revenue, after deduction of sub-consultant costs, was £241.8m (2011: £251.4m). Adjusted operating profit was £21.0m (2011: £20.3m), after absorbing £1.5m of redundancy costs (2011: £2.9m), and after foreign currency translation gains of £0.9m. The adjusted net operating profit margin grew to 8.7% (2011: 8.1%). During the year exceptional costs of £1.5m were incurred (2011: £Nil) in relation to (i) vacant properties in the UK (£1.3m) and (ii) the closure of the UK defined benefit scheme to future accrual (£0.2m). Operating profit was £17.1m (2011: £18.2m). Adjusted profit before tax rose to £21.6m (2011: £20.3m). Profit before tax was £17.6m (2011: £18.2m). Adjusted diluted earnings per share increased to 44.34p (2011: 43.34p). Diluted earnings per share were 35.96p (2011: 38.63p). Funding At 31 March 2012 the group had net cash of £15.6m (2011: £13.1m). Cash balances at the year end amounted to £23.2m with unutilised facilities of £45.8m. 10 Hyder Consulting PLC Annual Report 2012 Chairman’s Statement “I am pleased to report another good set of results in what have been mixed market conditions.” Operating cash flow was £15.6m (2011: £19.2m), after making contributions of £3.9m towards the pension deficit (2011: £3.0m). Cash conversion for the year was 76% before accounting for these contributions, reflecting the greater working capital requirements of the Middle East operations where our order book has grown significantly. The UK pension scheme was closed to future accrual on 30 April 2011. At 31 March 2012 the deficit had reduced to £16.3m (2011: £17.3m). We look to expand both organically and through strategic acquisitions which will enhance our professional expertise and competitiveness in core markets and sectors. We completed three acquisitions during the year at a net cost of £2.5m; ESR Technology, a specialist energy, water and space consultant operating in the UK and Abu Dhabi; SAK infrastructure consultants in Saudi Arabia; and GW Engineers, a resources consultancy in Australia. All three are performing well. Dividend Sir Alan Thomas, Chairman In recognition of the group’s financial performance, the board proposes an increase in the final dividend to 7.00p per share (2011: 6.00p). The full year dividend amounts to 9.00p per share (2011: 7.75p), an increase of 16.1% this year and a doubling over the last three years. The full year dividend is covered 4.9 times by adjusted diluted earnings per share (2011: 5.6 times).
Page 1 and 2: Hyder Consulting PLC Annual Report
Page 3 and 4: Contents 1 10 13 13 32 35 Company O
Page 5 and 6: Our strategy continued Who we are:
Page 7 and 8: Our strategy continued Our structur
Page 9 and 10: Our strategy continued Our strategy
Page 11: Key Performance Indicators Inner We
Page 15 and 16: Chairman’s Statement continued M2
Page 17 and 18: Directors’ Report Business Review
Page 21 and 22: On the right track: Crossrail In Se
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Page 35 and 36: Directors and Advisors Directors Si
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Page 39 and 40: Chairman’s introduction I am plea
Page 41 and 42: Directors’ Report Corporate Gover
Page 43 and 44: Directors’ Report Corporate Gover
Page 45 and 46: Directors’ Report Corporate Socia
Page 61 and 62: Improving the scenery: Hong Kong Gr
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Business Review The company is the
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Directors’ Report General Informa
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64 Hyder Consulting PLC Annual Repo
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Directors’ Report Directors’ Re
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Independent Auditors’ Report to T
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CONSOLIDATED INCOME STATEMENT FOR T
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CONSOLIDATED CASH FLOW STATEMENT FO
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1. PRINCIPAL ACCOUNTING POLICIES Th
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1. PRINCIPAL ACCOUNTING POLICIES co
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1. PRINCIPAL ACCOUNTING POLICIES co
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2. SEGMENTAL ANALYSIS BY LOCATION O
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4. NET FINANCE INCOME 86 Hyder Cons
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6. EARNINGS PER SHARE (a) Number of
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8. GOODWILL 2012 2011 £’000 £
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10. PROPERTY, PLANT AND EQUIPMENT F
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11. TRADE AND OTHER RECEIVABLES con
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15. FINANCIAL INSTRUMENTS The group
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15. FINANCIAL INSTRUMENTS continued
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15. FINANCIAL INSTRUMENTS - DISCLOS
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17. DEFERRED TAX Deferred tax is ca
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20. SHARE BASED PAYMENTS Share opti
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22. OTHER RESERVES 106 Hyder Consul
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24. ACQUISITIONS The group purchase
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25. EMPLOYEE COSTS (a) Employee cos
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26. POST EMPLOYMENT BENEFITS contin
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26. POST EMPLOYMENT BENEFITS contin
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29. RELATED PARTY TRANSACTIONS The
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INDEPENDENT AUDITORS’ REPORT TO T
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PRINCIPAL ACCOUNTING POLICIES The F
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6. CALLED UP SHARE CAPITAL Issued a
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11. SHARE BASED PAYMENTS Share opti
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NON-STATUTORY INFORMATION - SUMMARY
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