15 Oct 2010 07:00
15th October 2010
Cyril Sweett Group plc ('Cyril Sweett' or the 'Group')
Trading Update
Cyril Sweett, the international construction and property consultancy, is pleased to provide a trading update for the half year ended 30 September 2010.
Since the year end, the Group has continued to deliver a robust financial performance despite the challenging market backdrop and the result for the first six months is anticipated to be in line with management expectations.
We remain focused on a strategy of growing our international business through organic growth, including targeting new territories, and we will strengthen our position in our existing UK markets, move into emerging growth areas and maintain our prudent approach to operational costs.
We are pleased to report that Widnell Sweett Limited, the third largest quantity surveying business in the Asia Pacific region, which was acquired by the Group in July 2010, continues to integrate well into the Group and has significantly strengthened our foothold in the region.
Since the July preliminary results announcement, the Group's order book has improved from £58m to £76m, comprising 43% in the UK and Ireland and 57% in the rest of the world. With its strong balance sheet, diversified business model and strong operational performance, the Board is confident that the Group remains well positioned to take advantage of all opportunities.
Interim results will be announced on 1 December 2010.
- Ends -
For further information call:
| Cyril Sweett Group plc Dean Webster, Chief Executive Officer
| 020 7061 9000
|
| Theo Kjellberg, Head of Communications | 020 7061 9102
|
| Brewin Dolphin Matt Davis Sean Wyndham-Quin
| 0845 213 4747
|
| Financial Dynamics Billy Clegg Georgina Bonham | 020 7831 3113 |