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.


INTERIMS
Goals Soccer Centres, Harvey Nash Group

INTERIM DIVIDEND PAYMENT DATE
Acencia Debt Strategies Ltd., Belvoir Lettings, Clarkson, Concurrent Technologies, Downing Income VCT 3 E Shs, InterContinental Hotels Group, Jupiter European Opportunities Trust, London Capital Group Holdings, Maven Income & Growth 4 VCT, Maven Income & Growth 4 VCT 'S' Shares, North Midland Construction, Paddy Power, Rotork, Tamar European Industrial Fund Ltd., Temple Bar Inv Trust, Wood Group (John)

QUARTERLY PAYMENT DATE
Duet Real Estate Finance Ltd, MedicX Fund Ltd., Premier Energy & Water Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Chicago PMI (US) (13:45)
GFK Consumer Confidence (GER) (07:00)
International Reserves (EU) (11:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
U. of Michigan Confidence (Final) (US) (15:00)

ANNUAL REPORT
African Consolidated Resources

SPECIAL DIVIDEND PAYMENT DATE
Dunedin Enterprise Investment Trust, Hargreaves Lansdown

AGMS
600 Group, African Consolidated Resources, Blavod Wines & Spirits, Catalyst Media Group, Downing Income VCT 3 D Shs, Eros International, Eurasia Drilling Co Ltd GDR (Reg S), Himachal GDR (144a), HML Holdings, Impact Holdings, Infrastructure India, IPSA Group, MediaZest, Minera IRL Ltd., Sky High

TRADING ANNOUNCEMENTS
Hyder Consulting

UK ECONOMIC ANNOUNCEMENTS
Consumer Confidence (09:30)

FINAL DIVIDEND PAYMENT DATE
Avarae Global Coins, BHP Billiton, Cash Converters International Ltd, Downing Absolute Income VCT 2, Downing Distribution VCT 1, Downing Income VCT 3, Downing Structured Opportunities VCT 1, Downing Structured Opportunities VCT 1 'B' Shares, Downing Structured Opportunities VCT 1 'D' Shares, Hargreaves Lansdown, Immunodiagnostic Systems Holdings, NCC Group


JH

Related share prices
Hyder Consulting (HYC) share price