Cyril Sweett to post £3m pre-tax profit

Cyril Sweett is expected to post pre-tax profit of £3m for the year ended 31 March 2010.

According to a trading update announced this morning, revenue for the 12 months is estimated at £67m in what the company describes as unprecedented market conditions across the whole construction industry.

Geographic and sector diversity has helped the firm adapt to shifting demand across sectors and that it says it will continue to focus on strengthening this diversity in 2010 and beyond. It has also delivered a further £3.3m of annualised cost savings, in addition to the £11m last year.

Cyril Sweett has secured a number of significant projects during the second half of last year. These include upgrades to the HMP Ford facility for Irish Prisons Framework; education projects for Cornwall, Greenwich, Kent, Wandsworth, Wigan and Salford BSF programmes; as well as the Blackpool Tower upgrade.