Cyril Sweett makes record £5.9m pre-tax profit

Cyril Sweett, the consultant that floated on the stock Exchange in October 2007, has reported an “outstanding year of growth and development”

Pre-tax profit ran to £5.9m, representing a rise of 28%. It was record for the group.

Sweett’s latest annual results cover the 12 months to 31 March 2008. Turnover strengthened to £63m (figure in previous year: £52m).

Chairman Francis Ives said: “We have achieved the goals that we set ourselves at the start of last year and remain firmly on course to meet our strategic objective to deliver £100m of revenue [i.e. turnover] in 2010.”

Sweett now has 950 employees. Of this tally 58% are shareholders.

Following the flotation, 200 new employees have joined the group, and the percentage of employee shareholders is targeted to grow markedly.

Sweett won the 2007 Award for Best Share Ownership Plan in the category for companies with fewer than 1,500 employees from the European Centre for Employee Ownership.

The four acquisitions completed by the end of April this year were:

• Nisbett LLP, a UK quantity surveying and project management consultancy
• Burns Bridge, which specialises in project management in Australia, Singapore and the United Arab Emirates
• Cyril Sweett International, formerly a joint venture with DG Jones & Partners
• Roger Richards Partnership, quantity surveyors operating in Wales.