Consultant posts trading update for the year to 31 March 2014
Recovery in the UK helped power Sweett to better than expected financial performance in the year to 31 March, the consultant announced in a trading statement this morning.
The consultant, led by chief executive Dean Webster (pictured), said it 鈥渢raded well鈥� in the fourth quarter and consequently expects to post full-year results 鈥渟lightly ahead of market expectations鈥�, with full results scheduled to be published in early July.
Sweett said recovery in the UK and in its global energy and infrastructure businesses had contributed to its improved performance.
Sweett grew its headcount by 9.5% to over 1,500 and the firm鈥檚 order book grew 拢6m to 拢105m.
Overseas, Sweett said it will target growth in Asia Pacific and India 鈥渨ith an increased focus on greater working capital efficiency鈥� and was trading solidly in the Middle East and US.
Net debt at 31 March reduced to 拢6.2m from 拢7.1m the previous year.
The results to 31 March 2014 will take into account exceptional charges for and restructuring costs in Australia.
Sweett said its chairman Mike Henderson will retire later this year, as previously announced.
Sweett reported revenue and profit growth in both its full-year results last August and subsequent half-year results in December.
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