When Sweett shareholders meet for the annual general meeting today, they will hear chairman Michael Henderson say that group results for the year ending 31 March 2014 will be better than expected.
“The performance for the remainder of the first half of the current year is encouraging across all of our operating regions, including a greater level of activity in our domestic UK market. As a result, I can report that the improved trading in the first quarter of this financial year announced on 22 July is showing evidence of continuing in the second quarter. Furthermore, we are confident that the outlook for Sweett is very positive,” says the chairman’s statement.
The order book stands at £102.5m, up from £90.2m a year ago. Net debt at the end of July 2013 stood at £6.3m with an expectation of further reduction being achieved by 31 March 2014.
Mr Henderson added: "Looking to the future, Sweett continues to make strong progress. This is being driven by focused management, execution of the three-year strategic plan and improved market conditions. Our prospects for the medium and longer term also look good and we have every confidence that this momentum will be maintained. It is my belief that within the next two years Sweett Group can grow to a £100m turnover business with margins recovering to 7-8%."