25 May 2012

Cyril Sweett expands in China

09/07/2010 Robert Tyerman

International construction and property consultant Cyril Sweett is buying leading Asia Pacific quantity surveyor Widnell in an £8.3 million deal.

Cyril Sweett is to pay £3.1 million cash and £2.3 million in shares for Hong Kong-based Widnell, which already serves as its partner in China and has operations all over the People's Republic.

Later on, AIM-quoted Sweett, steered by chief executive officer Dean Webster, will pay for tangible assets from Widnell worth an estimated £3 million. London-based Sweett, whose pre-tax profits slid by £100,000 to £2.1 million in the year to March on turnover down 17 per cent to £65.6 million, says it is paying an earnngs multiple of less than four for Widnell, whose own pre-tax profits rose 55 per cent to £1.4 million in the year to February, on turnover 12.5 per cent ahead at £9 million.

Webster maintains China represents a 'key growth opportunity' for Sweett and says the two companies' partnership there, Widnell Sweett, provides the means 'to unlock the market'. Sweett and Widnell recently forged a tripartite alliance with quoted Japanese group Meiho Facility Works.

Floated at 110p three years ago, Sweett's shares have suffered from adverse economic trends, falling as low as 25p not so long ago. Now 26.5p, up 1p this morning, they value the company at £15.5 million.

Tags: AIM, Emerging markets, Mergers & acquisitions

Sector: Support Services

Companies: Sweett Group (formerly Cyril Sweett)

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