Consultant’s profits remain stable after year of ’right-sizing shape and headcount’
Cyril Sweett has reported a £13m drop in turnover after ’reshaping’ its business.
Revenue fell 16% to £65.6m while pre-tax profit was stable at £2.1m for the 12 months ended 31 March 2010.
The firm said it maintained profit by “right-sizing its shape and headcount” and that it was addressing its “resource requirements”.
In the trading statement from Cyril Sweett, chairman Francis Ives confirmed that he would leave the company.
He said: “After 40 years with the firm, 19 at the helm, I have decided to retire from Cyril Sweett at the AGM in September.
“I have had an incredible journey with the firm, and have established lifelong friendships within the business and across the industry. I leave confident that the business is in a strong position to capitalise on its future.”
Ives’ proposed replacement is Michael Henderson.