The company has also announced that it is changing its name from Cyril Sweett to simply Sweett. 聽The brand consolidation starts in the Australian offices and will roll out throughout the group over the next 12 months.
For the year ended 31 March 2011, group revenue was up 11% to 拢72.8m, from 拢65.6m in the previous year.
Pre-tax profit was up 4% to 拢2.3m, after the impact of a 拢1m exceptional administrative expenses and 拢400,000 amortisation of acquired intangible assets. Previous year鈥檚 pre-tax profit figure of 拢2.1m included 拢700,000 exceptional administrative expenses and 拢200,000 amortisation.
Chief executive Dean Webster said: "Since the global financial crisis we have continued with our strategy of sector and geographical diversification which has created a robust business, the benefits of which can be seen in these full year results.聽
"The market is expected to continue to remain variable in outlook; Europe will continue to be challenging; in Middle East, Africa and India, we see a shifting market focus and have reduced our overall levels of activity to manage what we see as further downside risk in the short term; in Asia Pacific, we continue to be encouraged by our expanding order book, particularly so in mainland China; and in the Americas, we see an opportunity to develop the new links we have formed with our US partners, by building a capability for the longer term.
"We enter the new financial year with an order book of 拢84m, up from 拢58m a year earlier."
The acquisition of Widnell in July 2010, creating the third largest quantity surveying business in the Asia Pacific region, played a large part in driving the growth in the international business, Mr Webster said.
Revenue from Asia Pacific accounted for 24.2% of group revenues at 拢17.6m (2010: 拢5.5m). Segment profits were 拢1.8m (2010: losses of 拢0.5m) before unallocated corporate costs and net finance costs. Order book in the region is 拢40m (2010: 拢6.0m). Widnell performed better than expected at the time of its acquisition both in terms of revenues and profits, contributing 拢8.4m of revenues and 拢1.4m of net profit.
Revenue from Europe, which comprises operations in the UK, Ireland, France and Spain, was down to 拢44.6m (2010: 拢51.3m), accounting for 61.3% of group revenues. Segment profits were 拢2.6m (2010: 拢3.5m) before unallocated corporate costs and net finance costs and the order book is 拢37m (2010: 拢39m).
Group revenue for Middle East, Africa and India (MEAI) accounted for 14.5% of group revenues at 拢10.6m (2010: 拢8.8m). The segment broke even (2010: profit of 拢0.4m) before unallocated corporate costs and net finance costs and the order book is 拢7m (2010: 拢13m) reflecting lower activity levels in the UAE.
Established in 1928, Cyril Sweett has grown through strategic development into a global consultancy employing more than 1,200 people in offices across Europe, Middle East, North Africa, India, Sri Lanka, Asia Pacific and Australia. It has a further 1,600 people in 24 countries as part of alliances.
In 2007 Cyril Sweett became the first quantity surveying practice to be quoted on the London stock exchange alternative investment market.
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