Consultant Sweett yesterday issued a new profit warning and deferred its results to August as a result of delays in completing private finance initiative (PFI) transactions.
“Sweett Group, the international property and infrastructure consultancy, announces that, as a consequence of delays in completing certain transactions, principally the Inverclyde Schools and Dumfries & Galloway Schools PFI projects asset sales, the announcement of results for the year to 31 March 2012 will be deferred until August,” a statement to investors read.
It added that the timing of these completions has forced the associated profit out of the 2011/12 year, causing results for the year ended 31 March 2012 to be “commensurately lower than market expectations”. It said, however, that both of the transactions are due to be completed shortly.
The news comes after the firm issued a profit warning at its annual general meeting last November as a result of project cancellations because of the Arab Spring.