Firm鈥檚 chair hails 鈥渄isciplined approach鈥� as the secret to Sweett鈥檚 success
Consultant Sweett Group has reported an 18% growth in revenue in the first half of 2013-14, but operating profit remains flat.
In its interim results the firm reported revenue of 拢44.4m in the six months to 30 September 2013, up from 拢37.7m over the same period in 2012.
Sweett also reported a 75% increase in pre-tax profit to 拢2.8m up from 拢1.6m over the period.
However, this was boosted by 拢776,000 of finance profit, which compared with a 拢413,000 loss from finance charges in the previous year.
When this is removed the firm鈥檚 operating profit was flat at 拢2m over the period.
Chair of the group Michael Henderson said the firm鈥檚 鈥渄isciplined approach鈥� had 鈥渟uccessfully transformed it over time to a thriving quoted company鈥�
鈥淲e are achieving considerable success in our plan to diversify into new sectors and are becoming more balanced geographically. Most importantly for our forward development, we are achieving a significant proportion of our new business from well-established customer relationships and preferred supplier status.鈥�
The firm鈥檚 European business, which includes the UK and accounts for 56% of group revenue, reported an increase in revenue to 拢24.6m up from 拢19.8m over the period.
Sweett said the energy and infrastructure sectors had been growing and it has secured work on the Hinkley Point C nuclear plant and Jaguar Land Rover鈥檚 global consultancy framework.
It reported that staff numbers in the division had increased 6% to 464 in the last 12 months.
Revenue from it Middle East, Africa and India division fell slightly to 拢5.5m from 拢5.6m. It said its operations in India had grown with revenue increasing 29%, though currency exchange offset some of these gains.
The Asia Pacific region grew with revenue up to 拢14.3m from 拢12.3m over the period and Sweett said it was expecting margins in the region to improve.
It added that its US operation with joint venture partner VVA was 鈥渟lowly but surely building momentum鈥�.
Sweett Group is working as a consultant on plans by Westfield and Hammerson for a mega-mall in Croydon (pictured).
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