New markets boost Cyril Sweett revenue by 11%

Cyril Sweett has reported a boost in revenue and profit in its last annual results under its current name. Last week the group announced that it is changing its name to from Cyril Sweett to Sweett.

The Australian division will be rebranded first – with the new name being adopted across the whole group over the next 12 months.

In its results for the year ended 31 March 2011 the QS boosted revenue by 11% to £72.8m up from £65.6m.

Pre-tax profit edged up 4% to £2.3m – and the order book stands at £84m up from £58m a year earlier.

Dean Webster, chief executive of Cyril Sweett, 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. 

“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.”