Date: Thursday 27 Sep 2012
While the market is still digesting the Spanish austerity budget on Friday morning, multi-national design and engineering consultancy Hyder will provide a trading update ahead of its closed period ahead of interim results.
Panmure Gordon, which recently downgraded its rating on the stock to "hold", likes the group's order book, but is a bit concerned about growing macro uncertainty in both Australia and China.
"Asia Pacific is Hyder's largest profit contributor by some distance ... While both Asia and Australia both derive c60% of revenues from longer term Government backed contracts in Transport, and have a long established position in this market, we would be slightly concerned that future growth could slow from here," the broker said.
"In its last update the company acknowledged that there were contract delays in China, but Australia was said to be holding up, with recent acquisitions bedding in well. Conditions in the Australian property market (21% of Australian revenues) were also said to be subdued and competitive when it announced final results in June, and could slow further from here," Panmure Gordon predicts.
Peel Hunt also thinks the focus of Friday's update should be on Australia, as it accounted for about a third of fiscal 2012 revenues. Signs of cutbacks in investment in the mining industry down under are a potential concern, the broker believes.
Goals Soccer Centres, Harvey Nash Group
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