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Sweett has recorded a 拢19.4m loss for the year in its last set of results as a listed firm, before its purchase by WSP Parsons Brinckerhoff for 拢24m is formally wrapped up next month.

The consultant lost 拢13.7m on the sale of its APAC and India businesses to Currie & Brown and reported 拢1.9m of operating losses in the Middle East.

Sweett also posted a 拢5.1m pre-tax loss, which the firm attributed to exceptional administrative expenses.

However, the company saw total turnover increase by 2.2% to 拢59.3m for the year ended 31 March 2016, up from 拢58m reported last year.

Sweett has been locked in a dispute with Currie & Brown over a readjustment to the 拢9.3m price agreed last year for the sale of the Asian and Indian businesses with Currie & Brown wanting a 拢1.7m reduction in the price due to the impact of currency exchange rate changes on the price.

The case went to arbitration and in a decision announced yesterday, arbiter, accountancy firm Grant Thornton, said Sweett should pay Currie & Brown 拢1.3m. Sweett said the money would be paid to Currie & Brown in due course and the matter was now finished.

The firm during the year decided to close its Middle East operations following a Serious Fraud Office investigation into bribery claims which subsequently Sweett admitted and was fined 拢2.3m 鈥� comprising a confiscation payment of 拢851,152 and a fine of 拢1.4m.

Sweett said the confiscation had been paid and the fine would be paid in two equal instalments, the first in February 2017 and the second a year later. The firm added that it had also paid 拢95,000 to meet the prosecution鈥檚 legal costs.

The consultant said the closure of its Middle East operations was now 鈥渨ell advanced鈥� and progressing at a lower cost than previously expected. Sweett anticipates the process to be largely completed by the end of March next year.

Douglas McCormick, chief executive of Sweett Group, said: 鈥淚t has been a busy year for Sweett Group, a year in which we have delivered against all the key strategic priorities outlined in the spring of 2015. We have sold the APAC and India businesses; announced our exit from MENA; concluded the legacy SFO issues; and restructured the Group to operate across five separate regions.

鈥淢ost recently, it was announced the board had reached agreement on the terms of a recommended cash offer by WSP鈥�joining WSP will provide Sweett with a stronger platform both operationally and financially for growth in the years ahead. I look forward with great enthusiasm as we embark on the next stage of our journey.鈥�