Sweett Reveals £5.1m Write-Down To Accounts

Sweett Group has revealed a £5.1 million write-down to its accounts for the past year as a result of a Serious Fraud Office (SFO) investigation and restructuring costs.

The Group announced its intention to withdraw from the Middle East and North Africa (MENA) in December 2015, which it claims will result in a further cash outflow of around £1m during the next financial year.

The company also intends to sell its Asia Pacific and India division to rival consultant Currie & Brown for £9.3m, which it expects to complete in June.


In addition, Sweett has been ordered to pay £2.3m due to the SFO investigation after admitting bribery offences relating to a middle eastern contract.

In a trading update, the Group said: "As a result of the withdrawal from MENA and the SFO investigation, the Group's audited final results for the year ended 31 March 2016 will include an exceptional charge of in aggregate approximately £5.1 million (2015: £1.7 million)."

Douglas McCormick, CEO, added: "We have made very significant progress during the year to meet our key strategic objectives, which will inevitably lead to improved cash flows and provide us with a platform to grow profits sustainably."

(LM/MH)