Acqusition of Widness and Padghams helps boost consultants’ growth overseas
Consultant Cyril Sweett has said its order book has grown from £58m to £76m since July and it is on track to post first-half results that are in line with expectations.
In a trading update this morning for the six months to 30 September, it said: “We remain focused on a strategy of growing our international business through organic growth, including targeting new territories, and we will strengthen our position in our existing UK markets, move into emerging growth areas and maintain our prudent approach to operational costs.”
The company’s order book is split 43% between the UK and Ireland and 57% in the rest of the world.
It added: “We are pleased to report that Widnell Sweett Limited, the third largest quantity surveying business in the Asia Pacific region, which was acquired by the group in July 2010, continues to integrate well and has significantly strengthened our foothold in the region.”
Last month Building revealed that Capita Symonds and Cyril Sweett had made early moves towards holding takeover talks.
At the time source close to Cyril Sweett said: “There have been times when the directors have been upset at where the share price was so I wouldn’t be at all surprised if they talked to private companies about exiting the stock market. They are proud of the brand and have taken it overseas as UK work has dried up, but they are quite pragmatic.”
Dean Webster, chief executive of Cyril Sweett, told Building: “It’s pure speculation. We’re consolidating and have demonstrated that through the acquisition of Padghams and Widnell and we have the funds to continue to do so.”
Cyril Sweett were the 30th largest consultant ranked by worldwide staff numbers. Visit our Top 250 list for our consultant interactive tables.