29th Aug 2014 10:30
LONDON (Alliance News) - Sweett Group PLC said Friday that the company has continued to make progress and is trade in line with expectations as it said that it is benefiting from improved economic environments in its traditional markets.
In a statement released ahead of its annual general meeting Friday, outgoing Chairman of Sweett Group Michael Henderson said that group has continued to trade well and in line with expectations as it gains market share, following the release of its full-year results July 1.
"Progress has been made with larger international clients and we are seeing the benefits of having a diversified platform which allows us to concentrate our activity in areas offering the best profit and growth potential," said Henderson.
Sweett Group is a services provider for the construction and management of building and infrastructure projects.
UK margins are up 11%, said Sweett, with the UK market currently its most established and promising market, it said, benefiting from clients committing to a greater level of long term contracts. The company said it also seeing an increase in work outside London and the south east, reflecting improvements in the UK market; its order book currently stands at GBP107 million compared to GBP102.5 million last year.
Beyond the UK, Henderson said the level of growth in Asia Pacific has started to slow as it "reflects sentiment in the wider economy." India, which has seen an anticipated acceleration of the economy, post the national elections, has yet to gain any momentum. In the Middle East, Sweett said that it continues with our strategy to limit its future activity levels which in turn, is affecting its short term performance in the region.
Henderson is stepping down from the company with effect of the conclusion of the annual general meeting Friday, with John Dodds taking over, after being appointed as non-executive chairman in July.
Sweett Group shares were Friday trading 3.12% higher at 39.70 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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