Consultant reveals plans to expand in the Gulf states and in India after 20% increase in profit
Consultant Cyril Sweett has disclosed plans for global expansion after a 20% rise in pre-tax profit in 2005/06.
The firm reported a profit of £4.3m, for the year ending 31 March. Turnover rose 23%, from £35m in 2004/05 to £45m and its share price went up 27% to 42.7p a share.
The consultant is expecting turnover to reach £52m this year.
Dean Webster, the firm’s chief executive, said the year’s results were well ahead of expectations. He said: “The company is growing at an admirable rate and our goal of reaching £100m turnover in the next four years is well within our reach.”
Webster intends to reach that target by way of a programme of international expansion.
He said: “To start creating mainstream revenue abroad, we need to go out there and operate on a wider basis, so we’re in the process of establishing an office in Dubai and another in India.”
Our goal of reaching £100m turnover in the next four years is well within our reach
Cyril Sweett will work as part of a joint venture with Asia Pacific consultant DG Jones and Partners, which has offices in Dubai.
He added that Dubai was a good base of operations for the booming Middle East market.
The decision to expand into India was taken because of the country’s growing retail market. Webster said it was a natural fit with Cyril Sweett’s expertise.
The business in Dubai is expected to be running from early next year. It expects to open the Indian office in April.
Webster added: “This is all the beginning of a much larger plan. Abu Dhabi won’t be far behind, and we imagine creating £15m out of our overseas businesses.”
The consultant is also focusing on work in the regions, particularly the South-west, which brought in £3.8m in 2005/6. “The strategy has been to grow the businesses and secure some big wins in the regions,” said Webster.
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