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Arab Spring affects profits at Cyril Sweett

Consultant Cyril Sweett is to issue a profit warning today in its annual general meeting following project cancellations because of the Arab Spring.

Following disruption in the Middle East, the firm expects lower levels of client investment than previously expected.

“Trading conditions have been tough in the year to date…as a result of these trends, the full year results are likely to be lower than previously expected.” said Cyril Sweett chairman Michael Henderson.

The firm is now looking to cut costs in the UK and Middle East due to lower operating margins. Shares in the firm fell 18% in early morning trading.

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