Sweett upbeat after poor 2011

published 3 September 2012

International property and infrastructure consultancy, Sweett Group, said it had started the new financial year in a considerably stronger fashion than 2011, in which it posted a loss.

The firm reported a loss for the year to the end of March of one million pounds after being hit by losses in Australia, as well as a delayed public finance initiative project.

It's business was also "drastically hit" in the Middle East due to the Arab Spring.

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Revenues were in line with 2011 at £72.8m, but extra costs and adverse currency movements also helped push earnings per share down to a loss of 2.1p.

The company cut its full year dividend from 1.3p to 0.5p.

Chief Executive Dean Webster said cost cutting measures implemented during the second half of last year would help the business grow in the UK and growth markets abroad, in particular in Asia Pacific.

"The group's trading during the first four months of the current financial year has been in-line with the board's expectations, with each reporting region seeing significant increases in profits compared to the same period last year," he said.

"Our order book currently stands at £90m, with a healthy split across Europe, where we have secured major framework appointments in the energy sector, and Asia Pacific, where we are capitalising on vibrant construction markets.

"Our order book in the Middle East is also recovering, following the Arab Spring."

However, the firm also added that it remained cautious about construction markets generally.

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