Hyder restructure

International engineering consultancy, Hyder, has reported a 22 per cent increase in orders, but said restructuring costs had dented profits for the 2009 financial year.

The group reported an increase in revenue of 37 per cent to £319m compared with £233.7m in the previous year, and adjusted profit before tax was up by eight per cent to £15.6m.

However, in the second half of the year difficult market conditions caused restructuring costs of £8.6m with an eight per cent reduction in workforce leading to £9.1m in exceptional costs for the full year. As a result, operating profit after exceptional items and amortisation was at £5m compared with £13.4m in 2008.

In the UK, the group's transportation business performed strongly with significant contract wins with the North London Line, Crossrail and Transport for London. Hyder has also been appointed by Severn Trent Water on its AMP5 programme as well as for a number of London 2012 Olympics projects.