Cyril Sweett plans Indian venture as turnover and profits continue to soar

Cyril Sweett is considering setting up new operations in India as part of its ongoing international expansion.

Chief executive Dean Webster said the firm was currently scoping out the possibility of creating offices in cities such as Bangalore and Mumbai. He said: “There are big opportunities over there. There is a mutual understanding as far as language and culture goes. We can see investment in India coming from here and from the US.”

Webster said India was one of several key regions the firm was focusing on, alongside the Middle East and Europe.

Closer to home the firm’s shareholders this week agreed to buy a controlling interest in its Irish joint venture operation Boyd Creed Sweett. Cyril Sweett previously owned a 33% stake in the JV but will increase this to 51% by the end of the month. Webster said the firm intended to buy the whole of Boyd Creed Sweett in the next 18 months.

He said: “There is a big opportunity to build that business up.”

Webster added that Germany would be a particular growth area on the continent as a wave of PFI hospital and prison schemes were due to go to the market later this year.

The international drive came as the firm posted impressive latest year-end results. Turnover was up 18.5% to £36.4m for the year to

There are big opportunities over there. We can see investment in India coming from here and from the US.

Dean Webster, chief executive, Cyril Sweett

31 March 2005, while pre-tax profits were up to £3.3m from £2.7m in 2004. Webster said the 500-strong company was planning for turnover to rise to £42m in 2006 and profits to grow accordingly.

Webster said the firm’s core sectors such as health and retail supported the growth as well as better than expected performance from regions such as Scotland, Bristol and the Midlands.

He said: “We are reaching the point in some regions where we are a top three player and in others where we are getting there.”

Webster said the firm would consider investing in future LIFT health schemes, having put £200,000 into a Plymouth LIFT project last year. Webster said: “We will consider investing in schemes at the front end but that will be rare. We are looking at niche areas or projects where the major players are not interested.”

Webster added that he would extend the firm’s building surveying offering. “It’s not been one of our core services. I think there’s an opportunity in the market for us. It shouldn’t be too difficult to do and should interest institutional clients.”