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.

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

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022