For the year ended 31st March 2016, Sweett Group generated revenue of 拢77.0m (2015: 拢88.3m), on which it made an operating loss of 拢5.3m (2015: 拢700,000 loss).
The financial performance was damaged by a 拢13.7m loss on the disposal of the Asia Pacific (APAC) and India businesses, exceptional administrative expenses of 拢5.1m and operating losses in Middle East North Africa (MENA) of 拢1.9m.
Continuing operations generated 拢59.3m revenue and lost 拢5.1m. Sweett sold its APAC and India businesses to Currie & Brown in October 2015 for 拢9.3m and is pulling out of the MENA region after corrupt practices in its operations there were uncovered.
The subsequent dispute with Currie & Brown over the purchase price has now been settled. In March 2016 Currie & Brown told Sweett that under the terms of the sale deal it was entitled to 拢1.8m back. Sweett disputed this but now both sides have accepted the ruling of an independent expert that Sweett must hand back 拢1.3m. 鈥淭his will be paid in due course and concludes the matter,鈥� Sweett chief executive Douglas McCormick said
On the back of all these historic difficulties, Sweett鈥檚 board last month approved a 拢24m takeover approach from WSP. Shareholders get to vote at the end of this month.
Chief executive Douglas McCormick said: 鈥淚t has been a busy year at Sweett Group.聽 The strategy that the board agreed in April 2015, shortly after my arrival as CEO, has largely been delivered.
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