Sweett Group posts wider interim loss as it admits to bribery

2nd Dec 2015 11:00

(ShareCast News) - Infrastructure and project management company Sweett Group said it has admitted to an offence under the UK Bribery Act for which it expects to pay a fine, as it posted a wider pre-tax loss for the first half.The Serious Fraud Office launched an investigation last year into allegations that a Dubai-based former employee of Sweet had asked a firm of architects to bribe officials for a $100m contract. The allegations were first made in the Wall Street Journal in 2013.Sweet Group said on Wednesday that it has admitted to failing to prevent an associated person bribing another to obtain or retain business for the company.Chief executive officer Douglas McCormick said: "Today's announcement brings closure on the Middle East legacy issues a step closer, allowing the group to progress unencumbered in the future. This is an important next step in the strategic turnaround of the business."In addition, the company said that for the six months to the end of September, it incurred a pre-tax loss of £548m compared with a £59m loss in the same period last year, mostly as a result of the SFO probe for which it shelled out £0.9m in exceptional costs.Revenue rose to £30.2m from £27.8m and the company said that since the end of the first half, it has sold its Asia Pacific and India businesses for £9.3mn in cash.At 1120 GMT, Sweett shares were down 10.5% to 18.57p.