Sweett Group suffering on PFI deal

The construction consultancy, Sweet Group, plunged in morning trading on Tuesday after announcing a delay to the publication of its results for the 12 months to the end of March.

Any delay to results is usually punished by the city because it implies something has gone seriously wrong.

In Sweet's case it is delays in completing the sales of assets associated with the Inverclyde Schools and Dumfries & Galloway Schools private finance initiatives (PFI).

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Because the transactions have been delayed the profits will not be included in the year-end results, which are now due to be published in August.

The firm maintains underlying trading continues to be encouraging.

By 10:23 the stock was down 17.4% and has now fallen 58% in the last 12 months.

BS