Sweett plummets on delays

Sweett Group, the international property and infrastructure consultancy, said its results would miss market expectations after two deals were hit by delays.

The problems stem from a hold up in asset sales at its Inverclyde Schools and Dumfries & Galloway Schools PFI projects.

Sweet's shares plummeted 23% after it said the profit associated with the sales would not now fall in the 2011/12 year.

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"[This will] cause the results for the year ended 31 March 2012 to be commensurately lower than market expectations," it said.

"However, both of the transactions are due to be completed shortly."

The company now plans to delay the release of its results until August.

On a positive note, Sweett said that action taken last year to reduce its overhead costs meant underlying trading performance continued to be encouraging.