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Sweett Group

  • BY: Andrew Hore |
  • POSTED: 23/11/2012 |

Cost reductions and an improved performance in Europe helped interim profit recovery at property and infrastructure services provider Sweett Group.

In the six months to September 2012, revenues were 5% higher at £37.7m, while pre-tax profit jumped from £900,000 to £2.1m. The Middle East, Africa and India operations returned to profit. The profit was also boosted by the disposal of the Inverclyde Schools and Plymouth LIFT PFI investments, which added £1.2m

The interim dividend was raised by 50% to 0.3p a share. Net debt was £9.2m at the end of September 2012.

The order book is currently worth £92m, with the majority of the value coming from business in Asia Pacific.

A further PFI investment in Dumfries & Galloway and an interest in Leeds Social Housing will be sold in the second half.

At 165p a share, Sweett is valued at £11.2m.

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