Firm’s chair hails “disciplined approach” as the secret to Sweett’s success

Westfield Croydon by Westfield and Hammerson

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 £44.4m in the six months to 30 September 2013, up from £37.7m over the same period in 2012.

Sweett also reported a 75% increase in pre-tax profit to £2.8m up from £1.6m over the period.

However, this was boosted by £776,000 of finance profit, which compared with a £413,000 loss from finance charges in the previous year.

When this is removed the firm’s operating profit was flat at £2m over the period.

Chair of the group Michael Henderson said the firm’s “disciplined approach” had “successfully transformed it over time to a thriving quoted company”

“We 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.”

The firm’s European business, which includes the UK and accounts for 56% of group revenue, reported an increase in revenue to £24.6m up from £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’s 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 £5.5m from £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 £14.3m from £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 “slowly but surely building momentum”.

Sweett Group is working as a consultant on plans by Westfield and Hammerson for a mega-mall in Croydon (pictured).