Sweett Group hit by mixed overseas trading

2nd Dec 2014 15:03

Property and construction consultancy Sweett Group reported lower profits as mixed overseas trading spoilt a UK recovery, hitting its shares.Sweett, which is facing a Serious Fraud Office probe into allegations made in The Wall Street Journal, said its group order book stood at £111m against £101m in November last year, driven by improvements in Europe over the last 12 months.The company had witnessed a continued recovery in its traditional UK market and moved into new areas across the group, particularly infrastructure. It also increased turnover from global corporate clients.First-half pre-tax profits fell to £300,000 from £2.8m a year ago on revenue of £42.5m, down from £44.4m a year ago.Chairman John Dodds said: "As we announced on 6 November, trading in the first half of the financial year has reflected good progress in our UK market, which accounts for over half of the group's turnover, and mixed trading in our overseas businesses."In addition, a business operations review has taken place following my appointment as chairman and a strategic review is due to commence shortly."Regardless of the outcome of the strategic review, the focus for the group going forward will be on profitability, cash generation and margins."Shares fell 2p or 7.1% to 26p at 15:41 in London.