27 Apr 2011 07:00
NEWS RELEASE
27 April 2011
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 year ended 31 March 2011. The Group has continued to deliver a robust financial performance as a result of the increasingly diverse nature of its operations. As a consequence the profit before tax and exceptional items for the full year is expected to be in line with market expectations. The UK business has proved particularly resilient in challenging market conditions, the Middle East has made a positive contribution despite the political backdrop and Asia Pacific continues to enhance the Group's international profits.
A pleasing aspect of the year has been the significant progress that has been made in growing the Group's international order book, thereby reducing its longer term exposure to any single market. Of particular note has been the successful integration of Widnell Sweett Limited, the third largest quantity surveying business in the Asia Pacific region, which was acquired by the Group in July 2010.
During the year, approximately 60% of revenue was derived from Europe and 40% from the rest of the world. Cyril Sweett has maintained its prudent approach to operational costs, which will result in an exceptional charge in the published financial statements.
At the year end, the Group's order book had improved by £1m to £79m with 43% in Europe and 57% in the rest of the world.
Preliminary results will be announced on 4th July 2011.
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For further information call:
Cyril Sweett Group plc Dean Webster, Chief Executive Officer Chris Goscomb, Chief Financial Officer | 020 7061 9000
|
Theo Kjellberg, Head of Communications | 020 7061 9102
|
Arbuthnot Securities Andrew Kitchingman Paul Gillam
| 020 7012 2000
|
Financial Dynamics Billy Clegg Oliver Winters | 020 7831 3113 |
Notes to Editors:
About Cyril Sweett Group plc
Cyril Sweett is a leading international construction and property consultancy offering expertise in cost consultancy, project management, building surveying and a comprehensive range of specialist consulting services.
Cyril Sweett was founded in 1928 and employs over 1,200 people in 44 offices across Europe, the Middle East, North Africa, India, Sri Lanka, Asia Pacific and Australia.
www.cyrilsweett.com