Consultant Cyril Sweett is planning further overseas expansion following a fall in UK profits
UK profits dropped from £8.6m in the first half of 2009 to £6.8m over the same period in 2010. But international profits rose from £2m to £4m during that time, which led to small rise in global profits from £10.6m to £11m, the firm’s interim results for the six months to 30 September 2010 showed.
Chief executive Dean Webster said the company was considering expanding into north America with a view to getting work in Canada and South America in the longer term.
He said the firm would continue to expand in Australia, saw north Africa as “a growth opportunity” and had seen an increase in work in Saudi Arabia and Asia. The company bought Widnell, based in Hong Kong and China, for £5.2m in July 2010 and Padgham & Partners in Australia and India in March 2010.
The firm’s order book at November 2010 also shows a shift away from the UK with 57 per cent coming from overseas compared to 33 per cent the previous year.
The company’s chief executive Dean Webster said: “It is about maintaining a resilient position in the UK and growing overseas. Between the two we have managed to maintain our position which given the state of the market is quite encouraging.”
In the UK the proportion of group’s revenues made from public sector work rose slightly by 0.4 per cent. Its private sector income in the region almost halved, largely because the proportion of revenues from commercial work dropped by nearly two thirds.
Globally its revenues from healthcare work rose from £5.4m to £8m between the first half of 2009 and the same period in 2010 while income from retail and mixed use dropped from £5.2m to £4.27m.