Hill International earns revenue of $521m in 2016
Hill International's consulting fee revenue for Q4 2016 was $100.6m, a decrease of 18.1% compared to the corresponding period of the previous year
Hill International has reported revenue earnings of $128.8m for Q4 2016, a decrease of 14.2% compared to the corresponding period of the previous year.
The claims consultancy firm's total revenue for last year stood at $520.8m, a year-on-year decrease of 5.7%.
Consulting fee revenue for Q4 2016 was $100.6m, a decrease of 18.1% compared to the corresponding period of 2015. Consulting revenue for the whole of 2016 was $434.1m, a year-on-year decrease of 7.2%.
Hill International said that the lower consulting fee revenue was driven primarily by respective declines of 34.1% and 47% in its Middle East and Latin America operations, adding that these falls were partially offset by a 16.9% increase in its US activities.
David L Richter, Hill's chief executive officer, said: "Our US operations achieved strong growth throughout 2016, and added a significant number of new projects to our total backlog.
“Our overall financial performance, however, continues to be adversely impacted by weak market conditions internationally, especially in the Middle East and Brazil. We continue to focus on expanding our US operations and reducing overhead throughout the company, which should contribute to enhancing our overall financial position.”
Operating loss for 2016 was $900,000, compared to an operating profit of $19.1m in the previous year. In Q4 2016, the firm's operating loss was $3.9m, compared to an operating profit of $2.9m in the corresponding period of the previous year.
Net loss from continuing operations was $4.3m, compared to net earnings from continuing operations of $2.1m, during the previous year's fourth quarter.
Net loss from continuing operations for 2016, was $7.6m, compared to net earnings from continuing operations of $10.6m, in 2015.
Net loss from discontinued operations for 2016, was $11.1m, compared to a net loss from discontinued operations of $2.9m, in the prior year.
Net loss for 2016, was $18.8m, compared to net earnings of $6.9m, for 2015. While, net loss for the fourth quarter was $14.9m, compared to a net loss of $1.1m, in the fourth quarter of 2015.
On 20 December, 2016, Hill International entered into a definitive stock purchase agreement to sell Construction Claims Group (CCG), which is expected to close on 30 April, 2017.