22 Jul 2013 07:00
22 July 2013
Sweett Group plc
("Sweett Group" or "the Group")
Trading Update
Sweett Group (AIM:CSG), the international property and infrastructure consultancy, is pleased to announce a trading update following the end of the first quarter of its financial year.
Highlights
·; Trading in Q1 ahead of management expectations
·; Group revenues in Q1 totalled £19.1m (Q1 2012: £17.3m)
·; Current order book of £98m (Q1 2012: £90m)
·; £1.6m cash received on financial close of Leeds Social Housing Project announced in July 2013, with no future financial exposure to the project
·; Residual liability to vendors of Widnell Limited discharged in full
·; Continued concentration on working capital management
As a result of the above, the Board expects that the Group's results for the year ending 31 March 2014 will be significantly ahead of market expectations. The Board looks forward to providing a further update at the time of the Annual General Meeting on 30 August 2013.
Commenting on the trading update, Dean Webster, Chief Executive Officer of Sweett Group, said:
"We are very pleased with the progress the Group is making in improving performance across all of our regions. Our 3 year strategy deployed in March 2012 is bearing fruit and we have increasing confidence in the Group's prospects."
- Ends -
For further information:
Sweett GroupDean Webster, Chief Executive Officer +44 20 7061 9000Chris Goscomb, Chief Financial Officer +44 20 7061 9000
Westhouse Securities
Tom Griffiths, Paul Gillam +44 20 7601 6100
FTI ConsultingBilly Clegg, Oliver Winters, +44 20 7831 3113
About Sweett Group
Sweett Group plc is a global business with expertise in property and infrastructure professional services. Our services include programme and project management, cost management, advisory and PPP related consultancy.
We aim to forge long term, successful relationships with all stakeholders in the property and infrastructure industry. "Global knowhow, local delivery" is the essence of our business and our reach enables us to put global best practice to use in the local markets we serve.
www.sweettgroup.com