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Cyril Sweett profits jump 23pc

Profits at consultant Cyril Sweett soared 23 per cent in the first six months of the year, the firm revealed today.

Pre-tax profits increased to £2.52 million in the six months to September 2007 from £2.04 million in 2006. Turnover also jumped 23 per cent reaching £29.3 million from £23.8 million the previous year.

Today's results were the first set of interim results published since Cyril Sweett became a publicly listed group on AIM.

Chairman Francis Ives said: “I am very pleased to announce our first set of results following the AIM listing. Our markets are strong, we continue to maintain our margins and we see significant opportunities to extend our activities into new markets overseas.

"The proceeds from the placing will not only support organic growth but will also give us significant opportunity to extend our growth in the UK and overseas through acquisitions."

Mr Ives welcomed Nick Woollacott to the board as a non-executive director. The firm said it was confident for the year ahead due to strong trading and its current growth strategy.