Construction consultancy and project manager Cyril Sweett Group PLC reported a “satisfactory” interim performance in the light of what it called the “increasing fragility of the commercial property sector “.
Revenue for the six months to September 30 2008 rose to £41.0 million from £29.3 million the previous first half, lifted by acquisitions, generating pretax profits of £3.3 million, a 31.7 percent year-on-year rise.
In a statement, the group said the private sector market environment has deteriorated materially over the last two months. While it is not immune from the current challenges, Cyril Sweett believes it is on target to deliver a small improvement in profit in the second half of the year. “However if the global recession becomes deeper, this will become challenging, although we remain confident about the long term prospects for the group,” it said.
It is raising the interim dividend to 0.90 pence per share from 0.80p.
The order book stands at a record level of £92 million and provides visibility out as far as 2013. More than 65 percent of the current order book is with the public sector and in international locations where demand remains strong.