Sweett Group plc (“Sweett Group” or "the Group") Audited final results for the year ended 31 March 2014
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- Treasury shares Share option reserves Other reserves
- £’000 £’000 £’000 £’000 £’000
- At 31 March 2014 6,865 13,833 (17)
- Consolidated statement of cash flows for the year ended 31 March 2014
- £’000 £’000
- Net cash generated from operating activities
- Net cash generated from / (used in) investing activities
- Cash flows from financing activities
- Net cash generated from financing activities
- Cash, cash equivalents and bank overdrafts at the beginning of the year
- Exchange gains / (losses) on cash, cash equivalents and bank overdrafts
- Cash, cash equivalents and bank overdrafts at the end of the year
- 2. Significant accounting policies
- £’000s £’000s £’000s
- Other profit and loss disclosures Europe Middle East, Africa and India Asia
Consolidated statement of cash flows for the year ended 31 March 2014
Notes to the audited financial results 1. General information This preliminary announcement does not constitute the Group's full financial statements for the year ended 31 March 2014. The financial information for the year ended 31 March 2014, set out in this announcement does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and has been extracted from the Annual Report and Financial Statements for the year ended 31 March 2014. Statutory accounts for the year ended 31 March 2013 have been delivered to the Registrar of Companies and those for the year ended 31 March 2014 will be available to shareholders by 5 August 20104 for approval at the Annual General Meeting to be held on 29 August 2014. Those accounts have not yet been delivered to the Registrar. The auditors have reported on these accounts; their report was unqualified. Sweett Group plc is a public limited company with shares listed on the Alternative Investment Market and is incorporated and domiciled in the United Kingdom under the Companies Act 2006. The address of the registered office is 60 Gray’s Inn Road, London, WC1X 8AQ. The Company is the parent company of a group of international companies and the principal activities of the Group include the provision of construction cost consultancy, project management and other specialised consultancy services, including building surveying. These activities are carried out in Europe, Middle East, Africa and India (MEAI) and Asia Pacific, the Group’s operating segments. Basis of preparation The accounting policies applied by the group were published in the Annual Report and Financial Statements for the year ended 31 March 2013, which is available on the Group’s website at www.sweettgroup.com, and they will also be included in the Annual Report and Financial Statements for the year ended 31 March 2014. There have been no significant changes to the Group’s accounting policies during the year. 2. Significant accounting policies The accounting policies adopted for the year ended 31 March 2014 are consistent with the policies included in the annual report and financial statements for the year ended 31 March 2013. 3. Segmental analysis Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as being the Board. The Board considers Sweett Group’s business and internal reporting by geography, being Europe, the Middle East, Africa & India and Asia Pacific. The Investments business, which was previously reported as a separate segment is dealt with as part of Europe and comparatives have been adjusted since its future size does not warrant separate identification. All three categories generate revenues from the provision of quantity surveying, project management and specialist services / management consultancy and the Europe business generated profits on the disposal of its PPP/PFI financial assets available for sale. The Board assesses performance based on a measure of earnings before interest and tax (EBIT). This measurement is net of intra-group trading balances and this basis excludes the effects of corporate and central costs. Interest income and expenditure are not included in the results for each operating segment that is reviewed by the Board.
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