Results round-up

Infrastructure management company Sweett Group said it has admitted to an offence under the UK Bribery Act for which it expects to pay a fine, as it posted a wider pre-tax loss for the first half.

Household Goods & Home Construction

11,324.30

15:45 15/11/24

-0.77%

-87.44

The Serious Fraud Office launched an investigation last year into allegations that a Dubai-based former employee of Sweet had asked a firm of architects to bribe officials for a $100m contract. The allegations were first made in the Wall Street Journal in 2013.

Sweet Group said on Wednesday that it has admitted to failing to prevent an associated person bribing another to obtain or retain business for the company.

Chief executive officer Douglas McCormick said: “Today's announcement brings closure on the Middle East legacy issues a step closer, allowing the group to progress unencumbered in the future. This is an important next step in the strategic turnaround of the business.”

In addition, the company said that for the six months to the end of September, it incurred a pre-tax loss of £548m compared with a £59m loss in the same period last year, mostly as a result of the SFO probe for which it shelled out £0.9m in exceptional costs.

Revenue rose to £30.2m from £27.8m and the company said that since the end of the first half, it has sold its Asia Pacific and India businesses for £9.3mn in cash.

London-focused property developer Telford Homes said its interim pre-tax profit doubled on the back of strong demand in the London property market.

In the six months to the end of September, the group said its pre-tax profit more than doubled to £21m, while revenue surged from £65.1m to £139.6m.

The company’s gross profit margin was 27.6%, comfortably ahead of the 24% it targeted.

Telford said its policy of focusing on non-prime locations in London was proving beneficial, as demand had not been affected by changes to the stamp duty regime. The group said it has a forward sales book of £700m and anticipates its investment in the private rent sector will boost future sales.

"A fundamental lack of supply of homes in London is contributing to strong demand for our properties in non-prime locations,” said group chief executive Jon Di-Stefano.

“As a result we have a sector leading forward sold position which gives the board exceptional visibility over future profits and cash flows.”

The London-listed group said it will hike its interim dividend 27.4% year-on-year to 6.5p.