After making a million-pound loss in 2011, Sweett embarked on a three-year growth plan, with particular focus on the Asia Pacific region.
Former chairman Francis Ives, who still owns 4%, expressed concern about the direction of the business, and its debt burden, and led a shareholder revolt. However,
They have been rewarded with much healthier financials. Sweett saw its revenues swell 11% to 拢80.6m for the year ended 31 March 2013 (2012: 拢72.8m).
It also reported a pre-tax profit of 拢1.8m (2012: loss of 拢1.0m) after exceptional administrative expenses, amortisation of acquired intangibles and net finance costs. Operating profit was 拢2.3m, compared to an operating loss of 拢200,000 the previous year.
The order book stands at 拢100m, up from 拢90m a year ago.
Revenue from Europe, which includes the operations in the UK, Ireland and mainland Europe, was up to 拢42.1m (2011: 拢39.8m), accounting for 52.2% of revenue. Europe's profits were 拢2.6m (2012: 拢2.4m).聽 The order book stands at 拢39m (2011: 拢33m).
Debt has been reduced from just over 拢10.0m to 拢7.1m.
Chief executive Dean Webster said: "2013 was a year of significantly improved financial performance, financial position and growth across our businesses in Europe, the Middle East and Asia Pacific.聽 We have a lean and diverse business which is well placed to benefit from some of the green shoots we are seeing in the construction industry in some of our markets.聽 We continue to win significant new commissions across our network of offices and are gaining market share from our competitors.聽 Over recent years we have repositioned the business and have built a solid global platform.聽 The next stage of our development will be to build on the platform we have created."
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