Sweett to recede from PFI investments
It will also continue to look to divest its existing PFI investments, as the firm announced a £1m loss in its annual results.
Sweett blamed the fall on delays in reaching financial close on a major PFI project, as well as difficulties in the Australian and Middle Eastern markets.
The firm saw a £1m loss during the 12 months to 31 March 2012, compared to a £2.3m profit in the previous year, on revenue which remained static at £72.8m.
Sweett had delayed the publication of its results and previously warned that profits would not be in line with expectations because of its failure to divest of two Scottish PFI projects.
Although it has now sold its stake in one of the two schemes, that will be reflected in next year’s results.
“Our results were severely affected by first half losses in Australia and the Middle East and, during the second half, delays in reaching financial close on a major PFI project, the deferral of asset disposals and finance costs relating to a foreign exchange exposure in Australian Dollars,” said chief executive Dean Webster.
However, he added that trading during the first four months of the current financial year has been “in line with the board’s expectations”.
Sweett’s order book now stands at £90m, up £6m from last year, and Webster highlighted the Asia Pacific region as an area of good growth for the firm.