£25m Sweett war chest

Speaking after the company posted its first set of results as a listed company, Webster said it had been approached by a number of firms since floating last month.

Webster said: “We are evaluating those that are interesting to us,” adding that he expected deals to take place in the next six to 12 months.

The disclosure came as the company reported an increase of 23% in both turnover and pre-tax profit for the six months ending 30 September. Turnover rose to £29.3m from £23.8m, while profit increased to £2.5m, from £2m.

The UK still represents by far the largest market for Cyril Sweett, with 88% of the work. Retail and commercial contracts made up 47% of the portfolio. Francis Ives, the chairman, added that it was also looking at moving into waste management.

Ives said the company aimed for its international businesses’ revenue share to increase to 25% by 2010. It has established offices in Dubai and Mumbai.

Mike Kemsley, the chief financial officer, said it had been well received by the alternative investment market, noting: “It’s been going well, despite the market being difficult.”