CSG.L Regulatory News (CSG)

29th August 2014

Sweett Group plc.

("Sweett Group", the "Company" or "the Group")

AGM Statement

At the Company's Annual General Meeting to be held later this morning, Michael Henderson, Chairman of Sweett Group (AIM:CSG.L), a global provider of professional services for the construction and management of building and infrastructure projects, will make the following statement:-

"Following the final results released on 1st July 2014, I am pleased to report to shareholders that your Company continues to make encouraging progress. By leveraging the benefits of our global network, as well as benefiting from improved economic environments in our traditional markets, the Group continues to trade well and gain market share. Progress has been made with larger international clients and we are seeing the benefits of having a diversified platform which allows us to concentrate our activity in areas offering the best profit and growth potential. I am pleased to report that the business is trading in line with expectations.

 "The UK market continues to be robust and currently is our most established and promising market. UK margins are improving to nearly 11% and the Group is benefitting from clients committing to a greater level of long term contracts. Our recognised leadership in the Retail and Health sectors, together with the traction we are gaining in the UK Energy and Infrastructure sectors, makes the UK outlook particularly bright. By having a strong regional presence around the country, we are benefiting too from an increase in work outside of London and the South East.

 "Reflecting the improvements in the UK market, the current order book stands at approximately £107m (August 2013: £102.5m). We are growing the business in a number of regions which requires us to balance a need for additional working capital whilst continuing to vigorously pursue improvements in lock-up. Recent project wins in the UK include the new BBC HQ in Cardiff, Brent Cross Shopping Centre redevelopment for Hammerson and further projects for NNB Generation at Hinkley Point.

"The growth level in Asia Pacific has started to slow as it reflects sentiment in the wider economy. In India the anticipated acceleration of the economy, post the national elections, has yet to gain any momentum. In the Middle East, we continue with our strategy to limit our future activity levels which in turn, is affecting our short term performance in the region. Recent overseas wins include over 1 million square metres of office and retail development in China, the Taj Hotel in Hyderabad and 6 hotels for the Emaar Group in Dubai.

 "The investigation into the allegations made in the Wall Street Journal in June 2013 continues. As yet no conclusions have been reached.

"We were pleased to announce recently the appointments of John Dodds as Non-Executive Chairman with effect from the conclusion of the Annual General Meeting and Alan Lovell as Senior Independent Director, having both joined the Board on 21st July 2014. Nicholas Woollacott will be stepping down as Senior Independent Director after seven years on the Board. I would like to thank Nick for his tremendous contribution and for helping Sweett become a more diverse and broader based business and for leading the Nominations Committee in choosing my successor as Chairman. 

"With today's AGM being my last, I leave the Group in the knowledge that we have an exceptional team of people and a company with a clear strategy and good momentum. I wish all at Sweett Group well in the future."

Dean Webster, Chief Executive Officer added,

"Our heartfelt thanks go to Michael for his sixteen years with us and for his major contribution to the Group. I would like to thank him for the advice and support that he has given to the Group and to me personally during his time with us. He leaves Sweett in excellent shape, the Group is growing strongly and trading well. I also extend my appreciation to Nick. We are delighted to welcome our new directors, John and Alan to the Board."

- Ends -

For further information:

Sweett Group plc

Dean Webster, Chief Executive Officer +44 20 7061 9000

Patrick Sinclair, Chief Financial Officer +44 20 7061 9000

Sophie Hull, Head, Corporate Communications +44 20 7061 9000

Westhouse Securities

Tom Griffiths, +44 20 7601 6100

Camarco

Billy Clegg, Georgia Mann, +44 20 3757 4980

About Sweett Group

Sweett Group is a global provider of professional services for the construction and management of building and infrastructure projects. We have an integrated network of 58 offices in 18 countries across five continents offering cost consulting and project management. Our services support clients through every stage of the project life cycle based upon our international expertise and local knowledge. Our strength is our people's world-class talent and expertise through which, we have time and again delivered exceptional results. The strategy builds on these key strengths.

A modern, progressive company, Sweett Group sets itself apart through people, culture and aptitude to change. By collaborative practices and innovative thinking - supported at all levels - our clients receive an offering that is constantly evolving and improving in response to project needs.

www.sweettgroup.com