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Consultant Sweett Group has rebounded from last year鈥檚 loss to post a 拢1.8m pre-tax profit for the year ended 31 March 2013, according to preliminary results released today.

The firm also posted growth in revenue of 11% to 拢80.6m, up from 拢72.8m the previous year.

The positive results come after a tough 12 months for Sweett, which successfully fended off an attempted management coup by former chairman Francis Ives in May, while the firm launched an investigation into historic bribery allegations made in the Wall Street Journal last month.

Last year Sweett posted a pre-tax loss of 拢1m, breached its banking covenants and made losses on foreign exchange instruments.

Sweett revealed today it spent 拢170,000 fending off the attempted management coup by Ives.

In its latest financial year all three of the firm鈥檚 international divisions grew.

The Middle East, Africa and India revenue grew 22% from 拢10m to 拢12.2m, Asia Pacific revenue grew 14% from 拢22.9m to 拢26m,, while Europe revenue grew 7% to 拢43.6m, from 拢40.9m.

Sweett鈥檚 operating profit improved significantly, up to 拢2.3m from a 拢162,000 loss the previous year.

Sweett pointed out its operating profit would have been higher still at 拢4.3m, but was brought down by 拢1.5m of exceptional administrative costs (2012: 拢1.3m) and 拢450,000 of amortisation costs (2012: 拢450,000).

The exceptional administrative costs included 拢812,000 of restructuring costs (2012: 拢1.2m), 拢117,000 for closure of operations in France, and 拢170,000 to fend off Ives鈥� attempted management coup.

Pre-tax profit held up better than the previous year partly due to a reduction in finance costs, down to 拢565,000, from 拢859,000 the previous year.

Sweett identified Asia Pacific as its main growth market. The firm said one of its key focuses in the region was to diversify away from cost management and dispute resolution into project management and the firm will recruit a head of project management in the region to lead this.

The firm said its European business benefitted from increased activity in the commercial, retail and infrastructure sectors.

Major wins included the 拢1bn Westfield and Hammerson shopping mall in Croydon, south London (pictured) 鈥� where the firm is acting as cost consultant on the design stage 鈥� and the roll out of Primark stores in France.

The firm set out its four-pronged international growth strategy 鈥�

路        Europe - Increase market share in traditional sectors while expanding into the energy and infrastructure markets. Extend client base across continental Europe.

路        Middle East and India - Capitalise on the economic recovery in the UAE and expand operations in Saudi Arabia and into Oman and Qatar. Extend presence in India from four to six regional offices

路        Asia Pacific - Leverage existing range of services across existing client base while extending geographic coverage and sector expertise. Extend exposure to new sectors in Australia

路        North America - Develop relationships with alliance partners and provide clients with QS expertise on both the East and West coasts

Sweett confirmed all banking covenants were met during the latest full financial year. The firm was granted a waiver on cash flow cover and gearing covenants by lender Bank of Scotland last year.

The firm鈥檚 order book stood at 拢100m at 31 May.

Sweett said the results were in line with expectations.

Chief executive Dean Webster said: 鈥�2013 was a year of significantly improved financial performance, financial position and growth across our businesses in Europe, the Middle East and Asia Pacific. 

鈥淲e have a lean and diverse business which is well placed to benefit from some of the green shoots we are seeing in the construction industry in some of our markets. 

鈥淲e continue to win significant new commissions across our network of offices and are gaining market share from our competitors. 

鈥淥ver recent years we have repositioned the business and have built a solid global platform.  The next stage of our development will be to build on the platform we have created.鈥�