1 May 2009 07:00
1st May 2009
Cyril Sweett Group plc ('Cyril Sweett' or the 'Group')
Pre-close Trading Update
Cyril Sweett, the international construction and property consultancy, is pleased to provide an update on trading for the year ended 31 March 2009, prior to going into close period.
Despite the difficult trading environment during the period, pre-exceptional results for the year are anticipated to be in line with management's expectations.
Market conditions became more challenging during the second half of the year. Swift action has been taken to right size the business. Annualised cost savings of £11 million have been delivered via headcount and salary reductions, thereby matching the cost base of the business with the anticipated activity levels for the current financial year. The Group finished the year with net cash and has increased its committed bank facilities.
A number of significant new projects have been secured over the last year. In particular the UK business has experienced strong demand in the public sector, whilst overseas we are seeing encouraging growth in our Middle East markets including Abu Dhabi and Saudi Arabia.
The Group, which has significant geographic and sector diversity, has made good progress during the year to balance its business and is well positioned to weather the current economic conditions.
Results for the year ended 31 March 2009 will be announced on 1 July 2009.
Ends
For further information and photography, call:
| Cyril Sweett Group plc Dean Webster, Chief Executive Officer | 020 7061 9000 |
| Caroline Covill, Head of Communications | 020 7061 9102 ; 07810 551 128 |
| Brewin Dolphin Investment Banking Andrew Kitchingman Sean Wyndham-Quin | 0845 270 8613 |
| Financial Dynamics Jonathon Brill Billy Clegg Georgina Bonham | 020 7831 3113 |