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Cost cutting boosts Cyril Sweett

Construction and property consultancy firm Cyril Sweett said it expects to post a pre-tax profit of £3M for this year.

The profit figure, which is before exceptional items, comes on the back of expected full-year revenue of £67M, after the company cut its cost base.

The group cut costs by £11M last year in the midst of the recession and said it has managed to deliver a further annualised cost saving of £3.3M this year.

Cyril Sweett said it has converted more than 100% of operating profits into operating cash flow - with the cash neutral position putting it a strong financial position going forward..

The company added: “Through its geographic and sector diversity, the group was able to adapt to shifting demand across sectors. This has been core to the relatively robust performance in 2009 and management will continue to focus on further strengthening this diversity in 2010 and beyond.”

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