Cyril Sweett saves £11m on staff costs

Cyril Sweett’s latest trading update for the year ended 31 March, reveals that a combination of job losses and salary cuts have been put in place in order to cut annual costs by £11m.

If this £11m hit can be ignored, then the consultancy group says that financial results will be “in line with management's expectations”.

Sweett’s latest update states: “Market conditions became more challenging during the second half of the year. Swift action has been taken to right size the business.”

Sweett finished the year with net cash and has increased its committed bank facilities.

The UK business experienced strong demand in the public sector.

Overseas, Sweett reports “encouraging growth” in its Middle East markets including Abu Dhabi and Saudi Arabia.

Full financial results for the group’s 12-month trading period to the end of March will be announced on 1 July.