Sweett Group returns to the black as revenue grows
Sweett Group, an international property and infrastructure consultancy, has delivered a modest rise in revenue, pushing the group back into profit for the half year ended September 30th.
Sweett Group, an international property and infrastructure consultancy, has delivered a modest rise in revenue, pushing the group back into profit for the half year ended September 30th.
Sales climbed from £36.1m to £37.7m year-on-year, while a loss before tax of £0.2m turned to a profit of £1.6m. The cost of sales also rose, from £24.7m to £26.2m over the same period, but a profit on the disposal of assets and a decline of around £1.0m in admin expenses ensured the company ended the period with a profit.
Earnings per share came in a 1.8p, compared to a loss of 0.5p the same period the previous year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chairman Michael Henderson said: "The improved trading performance was in-line with management's expectations. The disposal of our investments in the Plymouth LIFT and Inverclyde Schools PFI projects generated £1.2m of the profit reported for the period. This programme of disposals is designed to release funds to reduce net debt and to reinvest in our core business operations.
"In Europe we continue to benefit from the restructuring actions completed last year, whilst our investments in the energy and infrastructure sectors have resulted in a number of major commissions.
"The group's main target growth market remains Asia Pacific although we are seeing a slowdown in China due to the slowing economy. Diversifying our service offering and sector expertise and cross-selling opportunities throughout the whole of the region is, however, starting to provide benefits. In Australia we are re-aligning our business to the more vibrant private sector, which includes direct investors from China."
The group's order book currently stands at £92m and described the split between Europe (40%), Asia Pacific (54%) and MEAI (6%) as "healthy".
Net debt at the end of the six months totalled £9.5m, down from £10.8m at the same date in 2011.
The dividend was increased by 0.1p to 0.3p.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published