Cyril Sweett Group plc (CSG.L) in a pre-close trading update for the half year ended 30 September 2009 said overall trading for the half year is expected to be in line with management's expectations. Of note, there will be a number of one-off costs being absorbed within operating profits and an exceptional cost of approximately £0.4 million recognised in respect of expenditure incurred on a PFI project abandoned by Norfolk County Council after preferred bidder status had been achieved.
The costs of the development activities are being accommodated within operating profits, which will reflect a poor performance in Australia.
Furthermore, in line with the company's strategy to continue to grow the Group's PPP Investment business across a wider sector base, it is currently working on several PPP and PFI prospects, one of which achieved construction completion within the period. The company is also part of the consortium which was appointed by NHS Cumbria to form a Local Improvement Finance Trust company to finance and redevelop the county's existing community hospitals.
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