Sweett Group has announced it has returned to profit with its latest results, which the company said was “a significant improvement on the prior year”.
Pre-tax profit for the group, before adjustments, was £1.8m for the year to 31 March 2013, against a pre-tax loss of £1m for the previous year. Operating profit was £2.3m against a loss of £0.2m in 2012, at a margin of 2.9 per cent.
Revenue for the group climbed by 10.7 per cent to £80.6m, with Europe making up just over half the total, at £43.6m.
The group said Asia Pacific remained its fastest growing region, with revenue in China and South-east Asia increasing by 20 per cent.
Sweett chief executive Dean Webster said: “2013 was a year of significantly improved financial performance, financial position and growth across our businesses in Europe, the Middle East and Asia Pacific.
“We have a lean and diverse business that is well placed to benefit from some of the green shoots we are seeing in the construction industry in some of our markets.
“We continue to win significant new commissions across our network of offices and are gaining market share from our competitors.
“Over recent years we have repositioned the business and have built a solid global platform.
“The next stage of our development will be to build on the platform we have created.”
Sweet said that its order book currently stood at £100m, an increase of 11.1 per cent on last year.