Sweett Group to exit Middle East altogether

1st Feb 2016 16:29

(ShareCast News) - Sweett Group continued on its path towards profitability on Monday, resolving to close its Middle East operations and exit the region altogether.The AIM-quoted construction consulting company had previously announced on 2 December 2015 that it had decided to exit the Middle East as soon as reasonably possible, and at the time was reviewing its options.Sweett Group said the decision represented a further step in the delivery of its new strategy set out in April 2015 - where the board resolved to improve profitability and cash flow, and reduce the group's debt - and followed on from the sale of the Asia-Pacific and India businesses in October 2015."The company intends, where possible, to service all existing contracts and, if necessary, will arrange for the orderly handover to local consultancies", the board said in a statement.Following the closure Sweett Group'a remaining operations were in in the UK, Ireland, France, Spain, Italy, the USA and Canada.