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Sweett Group shares surge; 2014 results to beat expectations


Sweett Group (LON:CSG) shares surged in early deals as the company said results for 2014 would exceed management expectations.

The property and project management group continues to perform strongly, it said, unveiling its expectation for the 12 months to March 31 next year.

"It is my belief that within the next two years Sweett Group can grow to a £100mln turnover business with margins recovering to 7-8%.

"The board looks forward to providing a further update in mid-October 2013 following the end of the half year," chairman Michael Henderson will tell an AGM today.

The firm said the current order book is £102.5mln compared to £90.2mln in August last year.

Broker Westhouse rates the stock a 'buy' and has lifted the target price to 58p from 50p.

"In common with FY2013, all operating regions are contributing to the improved performance, highlighting the broadly-based nature of the recovery that Sweett Group is experiencing, with management citing greater activity in the UK in particular," it said.

Shares rose 10.67% to 41.50p.

Quick facts: Sweett Group

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Market: AIM
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