Consultant reports £84m order book at start of year and forecasts its recent acquisitions will help take turnover to £100m by 2010
Cyril Sweett has announced that its results for the year ended 31 March 2008 will be in line with management expectations. The year included the group's AIM market flotation in October and four new acquisitions.
The international construction and property consultant confidently predicted that by 2010 its turnover would reach £100m, with the recent acquisitions expected to “significantly enhance” group earnings. Its group order book stood at £84m at beginning of the new financial year.
The four acquisitions included UK quantity surveyor Nisbet for £5.9m, Australian-based project manager BurnsBridge for up to £6.88m and Welsh quantity surveyor Roger Richards for up to £250,000.
The group also bought the remaining 50% of the issued share capital of UAE-based joint-venture company Cyril Sweett International (formerly Jones Sweett International) for £103,518 in cash plus a mutual return of shares.
Cyril Sweett's final results will be announced on 30 June.
The group's PFI activities during the year including the achievement of financial close in January on the 30-year, £108m Smarter Schools project for Dumfries and Galloway council led by Cyril Sweett.
The Education for Inverclyde consortium led by Cyril Sweett is preferred bidder on a 30-year, £80m PFI schools project for Inverclyde council. The firm is also preferred bidder on a waste project for Norfolk county council, the group's first project in the waste sector.