Sweett Group, an international property and infrastructure consultancy, is expecting booming Asian Pacific markets to continue to pick up the slack from a struggling Europe.
The firm has said its profit before amortisation and exceptional administrative expenses for the year to the end of March is set to be in line with market expectations, if certain disposals are completed as expected.
During the year the company invested in its growing international presence, particularly in China and south-east Asia. The Asia Pacific region now accounts for around 30% of the group's total revenue, up from 24% last year. Revenues derived from Europe and the Middle East, Africa and India now stand at around 60% and 10% respectively.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Year-on-year the group's order book has improved by £9m to £88m with 54% in Asia Pacific, 39% in Europe and 7% in the Middle East, Africa and India.
Dean Webster, Chief Executive Officer, said: "The group will continue to benefit from its growing international order book, diversified geographic reach and global corporate client base. We anticipate continued strong growth in the Asia Pacific markets and expect conditions in our European markets to remain challenging, although the actions we have taken to reduce our cost base in the region ensure that our business will remain competitive."
The share price rose rose 1.96% to 26p by 12:45.
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published