CSG.L Regulatory News (CSG)

22 Apr 2008 07:00

Cyril Sweett Group PLC22 April 2008 22 April 2008 Cyril Sweett Group plc ('Cyril Sweett' or the 'Group') Pre-close Trading Update Cyril Sweett, the international construction and property consultancy, ispleased to provide an update on trading for the year ended 31 March 2008, priorto going into close period. Results for the year ended 31 March 2008 will beannounced on Monday 30th June 2008. Results for the year are expected to be in line with management's expectationsfollowing a year of significant progress for the Group, which included theflotation on AIM in October 2007. During the period, the Group has continued to make strong progress in all of itsmain market sectors together with incorporating the benefits of recentacquisitions. As at the beginning of the new financial year, the Group OrderBook, including newly-acquired businesses, stood at £84 million and the Board isconfident of delivering £100 million of turnover by 2010. Since the IPO, the management team has delivered according to plan. The Grouphas grown both organically and through acquisition. Cyril Sweett has acquiredfour businesses comprising: • The remaining 50% of the issued share capital of Cyril Sweett International Limited (formerly Jones Sweett International Limited), the joint venture company, which operates primarily in the United Arab Emirates, for a consideration of £103,518 in cash, plus a mutual return of shares; • Nisbet, the UK quantity surveyor, for a total consideration of £5.9 million; • Burns Bridge, the Australian based project management company, which operates in Australia, Singapore and Abu Dhabi, for a total consideration of up to £6.88 million and • Roger Richards, a quantity surveyor in Wales, for a total consideration of up to £250,000. Collectively, these acquisitions deliver a complementary geographic spread,additional and complementary sector exposure and it is anticipated that theywill be significantly enhancing to Group earnings. Integration of thesebusinesses is on plan. In addition, the Group has made progress with its PFI strategy. On 8 January2008, the Education for Dumfries and Galloway project, led by Cyril Sweettachieved Financial Close on the 30 year, £108 million Smarter Schools projectfor Dumfries and Galloway Council and the Education for Inverclyde consortium,led by Cyril Sweett, has been confirmed as Preferred Bidder on the 30 year, £80million PFI Schools project for Inverclyde Council. The Group also reachedpreferred status on a waste project for Norfolk County Council, the Group'sfirst project in the waste sector. Ends For further information and photography, call: Cyril Sweett Group plc 020 7061 9000 Dean Webster, Chief Executive OfficerMike Kemsley, Chief Financial OfficerCaroline Covill, Head of Communications 020 7061 9102 ; 07968 215057 Brewin Dolphin Investment Banking 0845 270 8613Andrew KitchingmanSean Wyndham-Quin Financial Dynamics 020 7831 3113Jonathon BrillBilly Clegg About Cyril Sweett • Cyril Sweett is a leading international construction and property consultancy offering expertise in cost consultancy, project management, building surveying and a comprehensive range of specialist consulting services. • Cyril Sweett floated on the AIM market of the London Stock Exchange in October 2007. • Founded in 1928, the Group has 27 offices throughout the United Kingdom and in Australia, France, India, Ireland, Singapore, Spain and the United Arab Emirates. • Global alliance partners include D G Jones and Partners (Middle East) Limited and Drees & Sommer AG. This information is provided by RNS The company news service from the London Stock Exchange