Consultant鈥檚 outgoing chairman reports the UK market outlook is 鈥渂right鈥�
The outgoing chairman of Sweett Group has said the outlook in the UK market is 鈥渂right鈥�, as the firm鈥檚 margins in the country improved to nearly 11%.
Speaking at the firm鈥檚 annual general meeting (AGM) later today Sweett chair Michael Henderson will say the firm 鈥渃ontinues to make encouraging progress鈥�.
Henderson will be replaced as Sweett chairman by former Kier chief executive and current Severfield non-executive chairman John Doods at the end of the AGM, as previously announced by Sweett.
Henderson will say: 鈥淭he UK market continues to be robust and currently is our most established and promising market. UK margins are improving to nearly 11% and the group is benefitting from clients committing to a greater level of long term contracts.
鈥淥ur recognised leadership in the retail and health sectors, together with the traction we are gaining in the UK energy and infrastructure sectors, makes the UK outlook particularly bright.鈥�
Henderson will say the firm鈥檚 鈥渟trong regional presence鈥� is allowing Sweett to benefit from 鈥渁n increase in work outside of London and the South East鈥�.
Recent wins for the firm include jobs on the BBC HQ in Cardiff (pictured), the Brent Cross Shopping Centre redevelopment for Hammerson and further projects on the Hinkley Point nuclear plant.
He will report the firm鈥檚 order book currently stands at 拢107m, up from 拢103m at this time last year.
He will say: 鈥淲e are growing the business in a number of regions which requires us to balance a need for additional working capital whilst continuing to vigorously pursue improvements in lock-up.鈥�
However, Henderson will also warn growth in the Asia Pacific region has 鈥渟tarted to slow鈥� because of the 鈥渟entiment in the wider economy鈥� in the region. He will add: 鈥淚n India the anticipated acceleration of the economy, post the national elections, has yet to gain any momentum.鈥�
Hederson will confirm the firm will 鈥渃ontinue with its strategy to limit its future activity levels鈥� in the Middle East, which will impact its 鈥渟hort term performance鈥� in the region.
He will also say there is yet to be any conclusion in the Serious Fraud Office鈥檚 investigation into bribery allegations relating to Sweett鈥檚 historic operations in its Middle East office, originally reported in the Wall Street Journal.
He will say: 鈥淭he investigation into the allegations made in the Wall Street Journal in June 2013 continues. As yet no conclusions have been reached.鈥�
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