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Sweett profits hit by PFI sales delay

26 Jun 12 Quantity surveyor Sweett Group has warned that its annual profits for the year to 31 March 2012 will be lower than expected because it is taking longer than it thought to sell a couple of PFI assets.

Two months ago the company said that it had agreed to extend the completion date for the disposal of its investment in Dumfries & Galloway Schools PFI project. It is also selling its stake in the Inverclyde Schools PFI project.  

This morning Sweett issued a statement to the Stock Exchange notifying shareholders that both of these transactions are due to be completed shortly, but because of the delays, the board had decided to defer the announcement of its annual results until August.

It added: “The timing of these completions means that the associated profit will not now fall in the 2011/12 year and … will cause the results for the year ended 31 March 2012 to be commensurately lower than market expectations.”

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