Cyril Sweett makes a loss and completes cost cuts

Grant Prior 10 years ago
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Cyril Sweett made a loss during the six months to September 30 as the consultant continued to restructure the business in the face of tough trading conditions.

Interim results released today show the firm slumped to a £193,000 pre-tax loss from a £1.35m profit last time while revenue ticked-up to £36.1m from £35m.

The City was braced for the bad news after Cyril Sweet issued a profit warning in September.

The consultant is currently on a cost-cutting drive expected to deliver £2m of savings a year from April 2012.

Asia Pacific was highlighted as the main growth area for the firm which has struggled recently across its traditional markets in Europe and the Middle East.

The firm said: “We have taken steps to re-align our European business to the current prevailing market conditions and ensure we are able to service customers with a more appropriate cost base.

“This process has been successfully completed and we have begun to see improved trading within the UK market during the period.”

Recent wins include a range of NHS Trusts and the London Clinic, the Trinity Leeds shopping centre, the London Eye refurbishment and Shangri-La hotel at The Shard.

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