Cyril Sweett has announced a 17 per cent decrease in revenue this year, but a strong order book and low levels of net debt leave them in a strong position to capitalise on emerging markets.
The results for the year ending 31 March 2010 reveal an order book of £58 million, down from £74m in 2009. Pre-tax profit was £2.1m, down from £2.2m in 2009.
Earlier this morning, the consultancy announced the signing of a tri-partite alliance agreement with Widnell Limited and Japanese construction consultants Meiho Facility Works Limited. Chief executive Dean Websters said the agreement would give the group “access and insight into the Japanese construction market – the third largest construction market in the world.”
The agreement builds on the previous alliance formed between Cyril Sweett and Widnell in March. The Hong Kong based consultancy has 400 people in 9 offices in China.
Mr Websters, said: “I am pleased with the group’s robust performance, particularly against an extremely challenging market backdrop. This reflects the success of our strategy to diversify the portfolio internationally and across industry sectors, whilst maintaining a prudent approach to operational costs. The business has maintained its strong balance sheet and continues to operate with little net debt.
“Whilst we expect the market environment to remain tough, we are confident that our exposure to both private and public markets, coupled with our continued diversification, places us in a strong position to maintain our market share in the UK and to further strengthen our foothold in international markets.”