PFI sale delays to hit Sweett results
26 June 2012
Consultancy Sweett Group has issued a profit warning due to delays to the sale of its stake in two Scottish schools PFI projects.
The technical consultancy has deferred its results announcement for the year to 31 March 2012 until August, and blamed the delays in “completing certain transactions, principally the Inverclyde Schools and Dumfries & Galloway Schools PFI projects asset sales” for the hold-up.
“The timing of these completions means that the associated profit will not now fall in the 2011/12 year,” the company added, causing its results for the year to be “commensurately lower than market expectations”.
Nonetheless, the firm added that both transactions are now close to being completed.
It also said that the firm’s underlying trading performance remains “encouraging”.
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