24th Oct 2013 09:59
LONDON (Alliance News) - Construction and property consultancy Sweett Group PLC Thursday said it expects full-year results to be slightly ahead of its previous expectations after it performed "very positively" in the first half of its financial year, driven by a recovery in the UK and Europe, while the unwinding of an Australian dollar currency derivative will add GBP1 million to its full-year pretax profit.
The AIM-listed company said it has seen clear signs of increased recovery across its European markets, of which the UK is the biggest. Its traditional markets like retail, commercial and healthcare are improving while it described its decision to develop its transport, energy and infrastructure businesses as "well judged".
It said business in the Middle East has got off to a steady start, with orders growing, while Asia Pacific is trading in line with its expectations, It said its Indian operation is continuing to grow at a "healthy" pace, and it has just opened a fifth office in the country in Kolkata.
"Our efforts to achieve the objectives of our 3 year plan of turnover growth and margin improvement remain firmly on track," the company said in a trading statement ahead of its half year results which are due to be published December 3.
On top of that, it completely unwound an Australian dollar derivative contract in the six month period, and will book a credit of GBP1 million as a result, more than it expected and more than covering the GBP874,000 total costs of the contract over recent years.
Sweett Group shares were up 10.3% at 53.50 pence Thursday morning, one of the biggest rises on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
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