Annual report and accounts 2008 Cyril Sweett Group plc Global Knowhow
Cyril Sweett Group plc
Registered in the United Kingdom
Company Registered Number: 03452251
VAT number: 707 3179 38
Registered office:
60 Gray’s Inn Road
London WC1X 8AQ
www.cyrilsweett.com
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Global 
Knowhow
Cyril Sweett Group plc
Annual report and accounts 2008 Contents
Business review
Who we are 01
What we do 02
Financial highlights 04
Business highlights 04
Chairman’s statement 05
Chief Executive’s review 06
People and quality service 12
Market outlook 16
Project management 20
Quantity surveying 22
Specialist services and 
Management consultancy 24
Financial review 26
Governance
Board of directors 30
Report of the directors 32
Statement of directors’ responsibilities 35
Corporate Governance 36
Directors’ remuneration report 39
Independent auditors’ report 42
Financial statements
Consolidated income statement 44
Statement of recognised income 
and expense 45
Consolidated balance sheet 46
Company balance sheet 47
Cash flow statement 48
Notes to the financial statements 49
Investor information
Investor information 92
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Cyril Sweett Group plc
Annual report and accounts 2008
Cyril Sweett Group plc
Annual report and accounts 2008 Who we are
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
01
Cyril Sweett is a leading international construction 
and property consultancy offering expertise in
quantity surveying, project management,
management consultancy and a comprehensive
range of specialist services.
Cyril Sweett is unique within the industry as the
majority of our staff own shares in the business. 
We believe this helps build a sustainable and
profitable business, providing careers and personal
development opportunities over the long term.
Our philosophy is simple – ‘to be the natural 
choice for construction and property consultancy
services by being the best at everything we do’.
Who we are
01 02 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
What we do
Business activity Services
Project management
Cyril Sweett provides experienced project
managers to control the development and
construction process for its clients. Project
managers typically have overall responsibility 
for the complete management of a project from
inception to occupation of the building, but their
role can be for a specific task or activity.
Specialist services and 
management consultancy
Cyril Sweett offers a range of services which
complement the core project management and
quantity surveying services. These are offered
either as stand-alone services direct to clients 
or are integrated into core service commissions.
In all cases they give clients the ability to deal
with the increasing complexity of projects and
the need to ensure that property assets are
used to maximum efficiency.
≤
For more information on project management go to page 20 of this book
or visit www.cyrilsweett.com
≤
For more information on specialist services and management consultancy
go to page 24 of this book or visit www.cyrilsweett.com
> Development appraisals
> Development
management
> Move management
> Operational
commissioning
> Planning and programme
management
> Post project evaluation
> PPP/PFI bid management
> Project delivery
> Project monitoring
> Technical advisory
> Best practice advice
> Building surveying
> Business case
consultancy
> Business improvement
advice
> Capital allowances/
property tax
> Dispute resolution
> Due diligence
> Facilities management
consultancy
> Health and safety
consultancy
> Project monitoring
> Industry research
> Legal and contract
support
> PPP/PFI consultancy
> PPP/PFI facilitation 
and investment
> Project analysis
> Portfolio appraisals
> Property portfolio advice
> Risk advice
> Service and space
planning
> Strategic procurement
advice
> Sustainability advice
> Value management
The facts:
950 people 
29 locations 
11 countries 
Quantity surveying
Cyril Sweett’s quantity surveyors advise clients
on costing and procurement issues throughout
the duration of a construction project. The main
services are cost planning and feasibility studies,
procurement, cost management and whole 
life costing.
≤
For more information on quantity surveying go to page 22 of this book or
visit www.cyrilsweett.com
> Cost benchmarking
> Cost management
> Cost planning
> Engineering advice
> Feasibility costings
> Insurance valuations
> Masterplanning advice
> Procurement and 
contract advice
> Project audits and
controls
> Whole life costing What we do
Sectors
Global reach
> Education
> Health
> Leisure
> Life sciences
> Offices
> PPP/PFI
> Residential
> Retail & mixed use
> Transport &
infrastructure
> Waste & energy
UK & Ireland
Belfast, Birmingham, Bristol, Cambridge, Cardiff, Coleraine, 
Dublin, Edinburgh, Exeter, Glasgow, Leamington Spa, Leeds,
London, Manchester, Newcastle, Norwich, Plymouth, Poole,
Southampton, Truro.
The rest of the world
Asia Pacific Brisbane, Melbourne, Singapore, Sydney 
Europe Madrid, Paris India Mumbai Middle East Abu Dhabi, Dubai 
Cyril Sweett subsidiaries and branches
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
03 03 04 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Financial highlights
Business highlights
+28%
Group revenue
+20%
08
07
06
05
08
07
06
05
08
07
06
05
08
07
06
05
08
07
06
05
£62.7m
£52.1m
£44.8m
£36.4m
Operating profit
+23%
Profit before tax
£5.8m
£4.7m
£4.2m
£3.5m
£5.9m
£4.6m
£4.2m
£3.5m
Net assets
Basic earnings per share (pence)
£26.6m
£14.1m
£11.1m
£8.9m
8.3p
7.4p
6.5p
5.8p
+12%
+89%
> International revenue 
up by 79% from £5.3m 
to £9.4m
> Order book at record 
£86m to 2013
> Secured major framework
agreements
> Penetration of two 
new markets, 
waste and nuclear
> International offices
opened in Dubai, 
Abu Dhabi and Mumbai
> 3 new PPP investments
> Acquired Jones Sweett
(UAE) 
> Acquired since the year end
Nisbet (UK), Burns Bridge
(Australia, Singapore and
UAE) and Roger Richards
(Wales, UK)
> Headcount now at 
950 people Chairman’s statement
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
05
Welcome
The outlook in our chosen markets
remains positive and we see 
plenty of opportunity. Francis Ives,
Chairman, assesses our progress 
and future prospects.
I have great pleasure in introducing the first full year preliminary
results since Cyril Sweett floated on the London Stock Exchange’s
AiM market in October 2007. The flotation has given us the resources
to supplement our strong organic growth with acquisitions.
I am pleased to report a very successful year for the Group. We have
achieved the goals that we set ourselves at the start of last year and
remain on course to deliver the strategic objective of £100m of
revenue in 2010, a target we stated at the time of flotation. 
Cyril Sweett had another outstanding year of growth and development
in 2007/08, outstripping its past performance in revenue and
profitability and therefore meeting market expectations. We began
the year with a strong order book and have built on this by focusing
on a strategy that will secure the long-term success of our business. 
Our success has been based on strong organic growth and we have
maintained our position as a top ten provider in the UK market. 
We have extended our offer in existing and new areas of work;
revenue increased by 20% to £62.7m, operating profit increased by
23% to £5.9m and basic earnings per share increased 12% to 8.3p.
At the same time, operating margins increased from 9.1% to 9.3%.
Our activities were cash generative and we ended the year with net
cash of £6.7m. The international businesses have made excellent
progress and the total order book has reached record levels,
currently standing at around £86m. The board has proposed 
a final dividend in respect of the year ended of 1.6 pence per share,
which together with the interim dividend totals 2.4 pence. The final
dividend will be paid to shareholders on the register at 11 July 2008,
payable on 18 August 2008. 
The dynamics of the environment in which we operate are changing
rapidly through a combination of rationalisation and evolution in the
consultancy markets and new opportunities are opening up
overseas. Our challenge now is to propel the group into the top five
among our UK competitors operating globally.
We have made further significant progress towards our objective of
becoming an international consultancy generating revenues of
£100m, completing four earnings-enhancing acquisitions by the end
of April 2008. These comprise the UK quantity surveying and project
management consultancy, Nisbet LLP; Burns Bridge, which
specialises in project management in Australia, Singapore and the
United Arab Emirates; Cyril Sweett International, formerly a joint
venture with DG Jones and Partners, providing project management
services in the Middle East and Roger Richards Partnership,
quantity surveyors operating in Wales.
In order to maintain our performance we have also strengthened
our management with new senior appointments across the Group.
In the coming year we will continue with our strategy to acquire
small and medium-sized businesses, both in the UK and overseas,
to add geographic penetration and access to new market sectors. 
In addition, we aim to consolidate our delivery systems by tightening
further the management of costs to ensure that we operate as
efficiently and effectively as possible. This will be particularly
important in the UK, where we will respond to changing market
conditions, addressing markets that are slowing, and developing
those that continue to generate increased opportunities. 
The progress we have made this year has continued to raise the
profile of Cyril Sweett as a Group that is recognised as a key player
in the construction and property markets. We are very excited by 
our progress and see significant opportunities ahead to build the
business beyond current expectations.
We now have 950 people working for Cyril Sweett and they are
motivated to do their very best to deliver high quality advice and
services to our existing and future clients. This is central to our
success and without the diligence and spirit shown by our staff,
working as a team, we would not have delivered such an excellent
performance. On behalf of the board I would like to thank them
sincerely for all their hard work.
Outlook 
Cyril Sweett is a diversified business, operating in both the public
and private sectors, with an order book that has grown significantly. 
The international order book is ahead of target and currently
represents 28% of the Group order book.
We believe that the Group is well positioned to continue to develop as
a global service provider, accelerating growth overseas, whilst at the
same time improving its position in the UK market, delivering double
digit growth in revenues in the years ahead. Our ability to deploy
resources flexibly across new markets and locations, together with
our acquisition strategy, all underpin our confidence in the future.
Francis Ives, Chairman
05 Introduction
Cyril Sweett, as a top ten international construction and property
consultancy, offers expert advice in project management, quantity
surveying, management consultancy and a comprehensive range 
of specialist services. 
The Group services a range of construction and property related
projects across public and private sectors including offices, retail
and mixed use, health, education, prisons, residential, life sciences,
transport and infrastructure. The strength and resilience of Cyril
Sweett continues to be based on the Group’s diverse and balanced
sector penetration, combined with wide UK and international
geographical coverage. This enables the Group to manage the
cycles of both public and private sector investment by being equally
responsive to opportunities and threats in each. At the same time,
the skills, mobility and working practices of our people enable
them to operate flexibly across sectors and project locations. 
The Group is structured geographically to ensure effective regional
management and local service delivery. The Group has nineteen
branch offices in the UK, three more in Europe, two in the Middle
East, one in India, three in Australia and one in Singapore. These
are further supported by an alliance network offering services in
over 20 other locations throughout the remainder of Europe, the
Middle East and Asia Pacific regions. 
The Group has a number of differentiators; a strong position in its
key markets, which are well balanced between the public and private
sectors; the Cyril Sweett brand, which has a strong reputation and is
recognised as a consultant to large projects and a strong ethos of
employee ownership, which sets us apart from our competitors. 
We aim to develop each employee to maximise their full potential.
Employee ownership clearly drives cross-selling throughout the
Group, encourages new people to join and supports retention of 
the best people. We benefit from having clear visibility of future
earnings. Our order book, which stands at £86m, is the strongest 
it has ever been as a result of our drive to diversify. We adopt a
conservative approach to valuing our order book and exclude
anticipated contracts under framework agreements. The increasing
rationalisation of supply chains and moves towards framework
06 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Strategy and
performance
Dean Webster, Chief Executive Officer Chief Executive’s review
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
07 07
“Cyril Sweett is a diversified business,
operating in both the public and private
sectors and we are well positioned 
to capitalise on new growth sectors 
in the market both in the UK and
internationally.”
agreements, combined with our ability to deliver on major, long-
term projects, means we are in a position to accurately predict
future revenues and adapt to changing circumstances. 
The flotation raised £8.4m net of expenses. With first mover
advantage, by being the only quoted consultancy amongst our
major UK competitors, we are in a strong position to be a leading
player in the consolidation of what is currently a highly fragmented
construction consultancy market. With cash on the balance sheet,
strong banking support, and a proven acquisition model, we are
able to continue to make further significant acquisitions both in the
UK and overseas.
Group strategy
We operate in markets where there are two main opportunities for
growth. In the UK, consolidation of a highly fragmented market has
begun and is expected to accelerate over the short to medium
term. Internationally the growth in construction activity in
developing markets, coupled with high demand for UK-style
quantity surveying and project management expertise, creates a
significant opportunity. Success in implementing our international
diversification strategy is evidenced by the growth in our overseas
order book.
Key strengths
Market position
We operate across a wide number of areas split almost equally
between the public and private sectors. In those in which we are
pre-eminent, such as health, Public Private Partnerships (PPP) 
and retail, we offer a much wider service offer than our competitors.
With dedicated and experienced teams in all of our sectors, together
with an excellent UK network of offices we are well placed to
increase our market share. We are rapidly expanding our overseas
coverage and are building a strong order book with both new and
existing clients. The Cyril Sweett brand has a strong reputation 
and we are known for our ability to undertake large projects.
People development
Our ethos of employee ownership provides a clear differentiator
between us and our competitors. We believe that if our people
invest in our company we should invest in our people. We aim to
develop each and every member of staff to their full potential, and
to do the same for new staff when they join the Group. The sense 
of ownership that our staff have in the company, drives not only 
a commitment to understand and to help our clients, but also a
willingness to work collaboratively with colleagues. We see that
employee ownership drives cross-selling throughout our company,
encourages new people to join the business and supports our
desire to improve retention levels. 
Visibility of earnings
Our order book is the strongest it has ever been as a result of our
drive to diversify – offering more services across more markets
both in the UK and overseas. The increasing rationalisation 
of supply chains and moves towards framework agreements,
combined with our ability to deliver on major, long term projects,
means we can accurately predict future revenues across our
operation and adapt to changing circumstances. 
Growth opportunities
Our flotation raised £8.4m of cash. With bank support, and an
acquisition model based on a mixture of cash and shares, we 
are able to make further significant acquisitions both in the UK 
and overseas.
With first mover advantage, by being the only quoted consultancy
amongst our competitors, we are in a strong position to be a
leading player in the consolidation of what is currently a highly
fragmented construction consultancy market.
Proven track record
Year on year the Group’s revenues have continued to grow, with 
an average increase of over 18% per annum – and profits growing
at a similar rate. We are still experiencing strong demand in most
sectors and, in fact, still find the sourcing of good new people to be
our biggest challenge. If, therefore, there is a softening in the UK
market, we see this as an opportunity to source new recruits 
more easily, increase market share where we have competitive
advantage, source acquisitions at more competitive prices, and
switch resources flexibly from location to location.  Review of operations
Cyril Sweett has achieved outstanding organic growth since its
management buy out in 1998. A main focus for the Group is to
continue on this course through further strengthening its market
share in identified growth sectors; education, health, transport 
and infrastructure, industrial, prisons, retail and PFI/PPP and to
develop services in new growth markets such as waste, utilities
and energy in both the UK and overseas.
During 2007/08, we made significant progress towards achieving
this strategic priority. Organic revenue growth in the UK market
was 14% and overseas revenues grew by 79%. We successfully
managed to cross-sell specialist and management consultancy
services to existing clients and have seen a 35% uplift over 2006/07
in this area. 19% of UK income was generated through frameworks
and we secured further agreements with several clients including
The Office of Government Commerce, Home Office Estate, Société
Générale and Network Rail. We also secured projects in two new
market areas; waste, where we are part of a consortium to build
and operate one of the most advanced waste treatment projects in
Europe, and nuclear, where we are supporting a client delivering 
a power station project in France. 
Growth in our established locations and increasing market share
has enabled us to move into larger premises in Birmingham,
Bristol, Edinburgh and Glasgow and we have opened new offices 
in Abu Dhabi, Dubai and Mumbai. We have secured major projects
including Yas Island and Jumeirah Village in the UAE and have an
enviable pipeline of future work. 
Cyril Sweett has been extremely active in providing a broad range 
of services to the education and health sectors including Procure 21
and Building Schools for the Future. We have also been selected as
preferred bidder as part of the Education for Inverclyde consortium,
and reached financial close on the Dumfries and Galloway Council
Smarter Schools PPP Project.
Since the IPO, we have made significant progress in our strategy 
of growth through acquisition, acquiring the remaining 50% of the
shares of Cyril Sweett International (formerly Jones Sweett
International) in the Middle East. This business expanded to 35
people during its first year of operations and has established a
healthy order book. In the UK we acquired Nisbet LLP, which has
provided new clients in the public sector, especially in education,
together with further branch offices in the South West of England.
In South Wales we acquired Roger Richards and finally, we
acquired Burns Bridge, headquartered in Australia with branch
offices in three cities, together with branches in Singapore and 
Abu Dhabi. We expect each acquisition to be earnings enhancing
and to provide a platform for further growth, not just locally, but
throughout their wider regions. I am pleased to be able to report
that integration of these businesses is on plan.
Our strategy sees us increasing overseas activity five-fold by 2010,
by which time we expect to be delivering at least 25% of Group
revenues from the Middle East, India and Australasia. Overseas
revenue by geographical destination during 2007/08 reached 
£9.4m and was 79% higher than 2006/07 and represented 15% 
of Group revenues.
We set up a dedicated office in Mumbai in order to capitalise on 
the emerging construction market in India and have aligned our
structure internally and created a separately managed international
business with dedicated resources, infrastructure and processes 
in order to support the focus on international growth. Significant
international projects include Masdar and Zabeel Corporate Park
in the Middle East, Raffles Hotel in Singapore, FreeStyle Park in
Moscow and Hospital San Dureta in Spain. 
During 2007/08, the board made progress in improving operating
profit margins, reducing lock-up (debtor and work in progress days)
and monitoring the pricing and risks associated with all major
projects. Efficiency initiatives throughout the business have
proportionally reduced indirect costs and a new package of
efficiency measures will not only improve our processes and
delivery systems but also benefit bottom line performance to
address a tightening UK marketplace. 
Recruiting and retaining the right people is one of the key issues
this business faces. We seek to recruit and retain high performing
people to ensure that our reputation for excellence is maintained.
During 2007/08, we appointed a Group HR Director to drive 
the strategy. 
Over 58% of our colleagues are shareholders, which we believe
aligns the interests of both our internal and external shareholders
Strategy and 
performance 
Continued
08 Cyril Sweett Group plc
Annual report and accounts 2008
Business review to deliver a common goal. Following the flotation, 200 new
employees joined the group and the percentage of employee
shareholders is targeted to grow markedly. We achieved
recognition when we won the 2007 Award for Best Share
Ownership Plan (in the category of company with fewer than 1,500
employees) from the European Centre for Employee Ownership.
We continue to prioritise the delivery of top quality service to our
clients and have established a dedicated service delivery team to
co-ordinate service quality levels across the Group. The service
delivery team is responsible for deploying quality management
systems and project tool kits, ensuring that all parts of the
business operate on a common platform, continually improve and
innovate and thereby add value to our clients. We have introduced 
a new structure for operational delivery. Each team leader 
has responsibility and authority for project success, resource
management and client satisfaction and we are training all key
account management teams to deliver new techniques and
approaches to maximise cross-selling, client satisfaction and 
client retention. 
The future
We are confident that we can achieve our strategic goal of delivering
£100m of revenue by 2010. The year ahead will see us continue to
build a competitive position in growth sectors where we are strong
and extend our public sector exposure, adapting our existing
resources to support the new growth areas that our market led
research dictates. We will continue with the development of our 
UK regional businesses in order to develop top three status in 
each location, maximising cross selling, and will apply the same
principles to build our businesses in Europe and the Middle East
and further develop our presence in the Gulf States, India,
Southern Asia and Australia. 
We are evaluating a number of earnings enhancing acquisition
opportunities to accelerate growth in our UK and international
branch network. Acquisitions will come with rigorous, risk-based
due diligence and will be accompanied by robust integration
planning and execution.
Our strategy of combining acquisition and organic growth to build 
a global business is on track.
Chief Executive’s review
09 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
09
“Our strategy sees us increasing
overseas activity five-fold by 2010, by
which time we expect to be delivering
at least 25% of Group revenues from
the Middle East, India and Australasia.“ 10 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Strategy and 
performance 
Continued
Investment case
1. Clear three year plan to deliver shareholder value as part of
long-term growth strategy
The management has a clear business plan for the three years 
to March 2010 which should deliver substantial returns to
shareholders. The plan sets a target of doubling revenues to 
in excess of £100m over the three year period. In the longer
term management’s ambition is to create a much larger
international consultancy.
2. Highly fragmented market, presenting significant acquisitive
growth opportunities
The quantity surveying and project management supply chain 
is very fragmented with up to 500 practices operating in the UK 
and it is also highly fragmented internationally. Cyril Sweett has
potential acquisition firepower and management is reviewing a
pipeline of acquisition opportunities to be a consolidator in the
market. Although some of the larger construction consultants 
have made acquisitions, this has been relatively limited because
the majority of the larger players (and almost all of the larger
independent ones) are partnerships, with relatively limited access
to capital to fund acquisitive growth. Cyril Sweett was the first
quoted player and will have a significant competitive advantage in
terms of its ability to consolidate the sector .
3. Strong management team with an excellent track record
The Cyril Sweett management team includes a strong group of
experienced leaders with backgrounds in the construction and
property industry. Many members of the management team have
been working in the company since the MBO in 1998 and have
demonstrated a proven track record of consistently delivering 
growth for the company. Their depth of overall business experience
provides Cyril Sweett with a strong and talented senior management
team that has been instrumental in the company’s success. 
The management team continues to be led by Chairman Francis Ives.
4. Strong order book and high levels of repeat business
The order book currently stands at £86m, up from £67m at
September 2007. 28% of the order book comprises non-UK work,
which represented just 15% of FY 08 revenue, suggesting that FY09
will see further strong growth in overseas revenues following the
recent JSI (Middle East) and Burns Bridge (Australia/Asia/Middle
East) acquisitions. The order book figure excludes potential work
under frameworks which accounted for 18% of FY07 revenue (the
order book only includes work already allocated under frameworks).
In total the Group has around 50 frameworks (formal and informal)
including Royal Bank of Scotland, Goldman Sachs, JP Morgan
Chase, English Partnerships, DEFRA, HM Prison Service, the Office
of Government Commerce and the Home Office. Chief Executive’s review
11
5. Healthy margins
In FY08 Cyril Sweett generated an operating profit margin of 9.3%.
Margins have been consistently around this level for the last three
years. This is in large part due to Cyril Sweett’s higher average fees
generated per fee earner which more than offsets the impact 
of higher employee costs. 
6. Broad sector exposure with healthy spread of work between
private and public sectors
A key focus for management since the MBO has been to create a
more broadly based business in terms of services delivered, range
of sectors serviced, and number of clients. A key feature of Cyril
Sweett’s business is the combination of staff with strong sector
skills, supported by a policy of transferability of key service oriented
staff between different sectors. This means that the Group should
be able to react to market trends in individual sectors to ensure
that growth targets are achieved. The Group has shifted its focus
towards the public sector and international activity in 2007 and has
therefore limited exposure to any potential downturn in the UK
private sector following recent turbulence in the financial markets.
7. Strong balance sheet and significant banking facilities
Cyril Sweett has a strong balance sheet providing significant scope
to pursue both organic and acquisitive growth opportunities. 
Dean Webster, Chief Executive Officer
diversified 
sector portfolio
professional
service (white
collar consulting)
strategies
strategies
partnership and
joint venture
focus on core 
skill set
aligning the
business to
growth markets
long-term
relationships/
framework
agreements
recruit and 
retain high
performing 
people
acquisition
strategy
key account
management
focus
structured
geographic
expansion
programme
project 
management
quantity
surveying
specialist
services,
management
consultancy
Proven growth business model 
“The management has a clear 
business plan for the three years to
March 2010 which should deliver
substantial returns to shareholders.“
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
11 People and 
quality service
12 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
“As part of the new HR
strategy, we have dedicated
greater resource to help
attract, identify and source
high calibre professionals.”
08
07
06
709
625
543
+13%
Average number  
of employees 
08
08
08
90%
75%
70%
Client  
feedback 
449 05
08 68%
Meeting expectations
Sector knowledge
Client focus
Professionalism
Derek Pitcher, Executive Director
Staff shareholder ethos
Cyril Sweett currently has 950 employees, and a high proportion of
staff are shareholders in the business. Employee share ownership
is an important feature of Cyril Sweett's corporate culture which is
unique within our industry. Through it, we want our people to act
like owners and care as much about the company as their personal
position. Companies which make a public commitment to employee
ownership often perform better than their peers.
Our tax-efficient share schemes provide additional benefits to
employees buying shares in the company. Cyril Sweett has
operated a Share Incentive Plan (SIP) in the UK since 2001, 
is currently seeking Irish Revenue approval to implement an
Approved Profit Sharing Scheme in Ireland, and has recently 
made a tax-free share award in Australia and Singapore. 
Despite less favourable legislation in some markets, we are
constantly looking at ways to extend our share ownership schemes
to all employees so that everyone has the chance to own shares 
in the company for which they work. 
For three consecutive years from 2005 to 2007, our commitment 
to employee share ownership earned Cyril Sweett the award 
for Best Share Ownership Plan* from the European Centre for
Employee Ownership. 
*In the category of company with fewer than 1,500 employees. People and quality service
13
Global Knowhow: Commitment to delivering service excellence
>
People development
We have a human resources (HR) strategy that is capable of
sustaining the growth of the Group as it expands, both in its
international coverage and in employee numbers. The objective 
of the strategy is to have the company recognised as an employer
of choice, and capable of attracting and retaining high calibre,
talented professionals.
The strategy is built on four pillars:
> initiatives to improve employee engagement;
> leveraging mobility to share best practice between departments
and divisions within the UK and internationally;
> nurturing a learning culture; and
> growth through centrally co-ordinated recruitment campaigns
including an international graduate programme.
The success of the strategy will – among other performance
indicators – be measured by its effectiveness at reducing staff
attrition, increasing fee earner productivity, improving the level 
of professional qualifications, and further increasing the number 
of employees who are shareholders in the company.
Improving employee engagement
Cyril Sweett has a culture in which people are treated as
individuals, with respect and dignity. Teams are kept small and an
informal management style ensures that people at all levels have
access to directors. Top management are encouraged to be ‘visible’
and a programme aimed at recognising and rewarding special
contributions is being developed. 
We are reviewing our staff appraisal process to make it more
focused on objectives and key performance indicators. It will also
reflect the competences identified that make us a successful
business. All directors and managers are expected to conduct
monthly ‘one-to-ones’ with their sub-ordinates where an open,
objective two-way communication process is encouraged. 
Sustainability expertise
Cyril Sweett was the first construction consultancy
company to offer specialist sustainability services
and we continue to lead the market in this area
with an extensive range of services that includes
shaping high level public policy, strategy
development and pragmatic project delivery. 
Our specialist sustainability team trains all 
of our fee-earning staff in an understanding 
of the subject, raising their awareness of the
challenges their clients face now and in the
future, and enabling them to lead the debate on
potential solutions. The training initiative covers 
a wide range of areas such as political, social 
and regulatory drivers for more sustainable
construction and property management; areas
where our staff can influence the sustainability
agenda of their projects; BREEAM, Code and
Energy performance rating systems.
New training and development team
In 2007 the company set up a dedicated learning
and development team in order to establish 
a programme of continued professional
development events, technical and professional
updates and seminars aimed at improving the
knowhow and wider business skills of our
people. We have ensured that our graduate
development programme meets the standards 
of the Royal Institution of Chartered Surveyors;
the company’s directors have been through a
programme of Board level training; and a new
accredited management programme has been
established for middle management employees. 
Employee shareholder roadshow
Cyril Sweett’s employee shareholder culture is
unique in the industry and we are committed to
ensuring that our staff continue to benefit from
the rewards that ownership brings. Over recent
months the Company Secretariat conducted 
a series of roadshows throughout Cyril Sweett
UK offices to present a newly published ‘UK
Employee Shareholder Guide’. A presentation
was given, followed by a Q&A session and a
significant amount of interest has been received
in the scheme. 
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
13 Sharing best practice
We have implemented an international mobility strategy 
whereby staff are encouraged and supported to work overseas. 
The programme helps to share best practice; helps to develop
executives with a broader outlook; and helps to nurture our
international business as part of a cohesive brand.
A learning culture
In 2007, we set up a dedicated learning and development team who
co-ordinate a programme of continued professional development
events, technical and professional updates and seminars aimed 
at improving the knowhow and wider business skills of our
professionals. The strategy also seeks to help improve employee
retention by offering our workforce the opportunity to develop
themselves in the widest sense. We are working on a competency
framework which will help determine promotion through the ranks,
associated learning requirements, improved clarification of job
roles and be used as a basis for selection in recruitment.
Centrally co-ordinated recruitment 
As part of the new HR strategy, we have dedicated greater resource
to help attract, identify and source high calibre professionals. A key
priority is the development of our employer brand which will help
drive greater employee commitment to the Cyril Sweett brand and
differentiate ourselves from our competitors so that we can
compete more effectively for talent. 
The company is a meritocracy and operates a flexible remuneration
policy that enables high achievers to be appropriately rewarded.
There is intense competition for good people and skill shortages 
in a number of areas. We are making a number of improvements 
to our overall employee benefits package so as to maintain our
competitive position, ensuring that remuneration levels reflect
individual performance while not eroding the firm’s margins 
of profitability.
People and 
quality service 
Continued
Delivering quality 
Quality is integral to everything that we do and the focus of our
service delivery strategy is to create the systems, processes,
information and guidance to enable our staff to deliver the best
possible service to our clients. This involves us combining centrally
managed development with a culture of continual improvement
and of sharing across the organisation to meet client needs for
local delivery. 
We use three management systems to assess the effectiveness of
our service:
> The Balanced Scorecard is a performance management
process enabling progress against the business plan and
strategic targets to be measured across the company. 
14 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Client
client attract grow 
satisfaction new existing
clients clients
client new increased
satisfaction clients business
Objective Measure
Finance
income profit debtors
order income marginnet job lock up
book per fee profit profit-
earner ability
Objective Measure
People
attract retain develop 
staff staff staff
growth satisfaction training
Objective Measure
Service Delivery
business 
delivery quality improvement
efficiency service initiatives
performance
Objective Measure People and quality service 
15
> It is closely linked to our Quality Management System, which
manages individual project service delivery, and which is
externally audited every six months.
> Our Environmental Management System manages our
environmental impacts. This is being implemented to the 
ISO 14001 standard.
Performance is managed through service level agreements and
key performance indicators (KPIs) with the results converted 
into SMART (specific, measurable, achievable, realistic and time
framed) targets. 
The KPIs for determining client satisfaction measure our services
in terms of:
> Overall performance
> Value for money
> Quality of service
> Timely delivery
> Health and safety. 
Business success is measured by improved profitability, repeat
business, and clients’ response to our service delivery initiatives.
In September 2007, we established a new, high-calibre, service
delivery team, whose remit is to ensure that the services we
provide to our clients meet agreed objectives, and that standards
are consistent across sectors and geographical regions. They are
also charged with identifying best practice and, free from the
pressures of operational delivery, to develop innovative solutions 
to client and business issues in key areas to provide the foundation
for continuous improvement. 
Along with the implementation of the balanced scorecard 
across the business and the application of our Environmental
Management System to all offices by the end of 2009, the team’s
initial priorities have included the development of a new intranet,
and best practice guidance and economic briefings for all of our
market sectors. 
The new intranet, which is scheduled for delivery in 2008/09, will
provide the whole business with real time access worldwide to all
Cyril Sweett documentation. This interactive facility will benefit
clients and improve our own internal communication and efficiency.
The information contained on the intranet will be continuously
updated by specialist owners.
Going forward, we plan to establish a managed process of
prioritised change to give clients ever better value, while
recognising that this must be achieved within the commercial
constraints of the operational business. 
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
15
For more information on our clients visit www.cyrilsweett.com
≤ 16 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Market outlook
Market conditions
The more adverse economic climate and credit crunch have had a
notable impact on the UK construction market. Whilst the market
expanded at a brisk pace during the latter half of 2007 as we had
expected, this pace of growth was unlikely to be sustained given the
deterioration in private residential activity and employment levels.
Between July of last year and April this year construction
employment is estimated to have fallen by around 2% and the
residential downturn has worsened into 2008.
The official first quarter 2008 construction output figures published
in early June
3
therefore failed to provide any surprises. Overall real-
term construction output expanded by 0.5% quarter-on-quarter as
per the previous National Statistics preliminary GDP release. As
expected, private residential and private industrial recorded notable
falls in output. This is consistent with these two market sectors
continuing to be the weakest performers. And private commercial
also weakened modestly after the double-digit pace of growth of
the sector during the past two years. We continue to believe that
these three sectors will remain the weakest within the new work
side of the market over the remainder of this year and into next. 
In the Republic of Ireland the residential-led downturn has
worsened with a broader-based market decline. Activity is falling 
in offices, leisure, other commercial and retail, whilst residential
remains by far the weakest sector of the market. The infrastructure
sector should be supported by transport projects for the metro and
rail. Both the UK and Irish construction markets are set for a
difficult period over at least this year and into next. A contraction 
in the Irish market is expected for 2008 but now the UK market 
is also likely to fall into recession this year too. In contrast, the
markets in India and the United Arab Emirates are seeing buoyant
activity levels and we expect them to record continued strong rates
of growth. 
Economic outlook 
Global economic and financial conditions have seen a further
deterioration since the turn of the year . This has again been seen
most keenly in the United States and Europe with economic
indicators turning down – resulting in renewed downgrades to
economic projections
1
. Developing economies are generally seeing
continued buoyancy, though they too have seen growth projections
reduced as a consequence of weaker conditions in the developed
economies. Energy and food price inflation has become a growing
difficulty for both the developed and developing economies, though
it is the latter which are generally seeing a greater pass-through
effect to official inflation rates. On the financial front the
crystallisation of further sub-prime related losses, weaker financial
asset prices and western banks reining in their lending has seen
the credit crunch continue. 
The UK economy has continued to slow around the turn of the year
after if grew above its trend rate during 2006 and 2007. Having
slowed to around trend in the final quarter of 2007 the economy
decelerated to a sub-trend pace in the first quarter of 2008
2
. This
marked the weakest quarter for three years and alongside other
more timely indicators suggests that the economy has entered an
economic downswing over the first half of the year .
1
World Economic Outlook, International Monetary Fund April 2008.
2 
UK Quarterly National Accounts – Q1 2008, National Statistics June 2008. 
3
Output and Employment in the Construction Industry, National Statistics June 2008.
4
Preliminary Construction Forecast for 2008, DKM Economic Consultants April 2008 Market outlook
17
UK market outlook
We have previously warned about difficult market conditions for
both this year and next given weaker economic and financial
conditions
5
. Whilst consensus economic projections
6
have fallen for
both 2008 and 2009, with growth averaging around 1.5% over the
two years the risks of a weaker economic performance and hence
weaker construction output are rising. Indeed, the residential
housing market has weakened further – both activity-wise and in
terms of prices – employment in construction is falling and credit
conditions are tightening further . We now expect that overall
construction output contracts modestly not only this year but
during 2009 too as the residential-led downturn becomes more
severe and broadly-based.
Among independent commentators, the consensus opinion has
shifted since the turn of the year from modest market growth to
outright contraction. For example, the Construction Products
Association (CPA) recently downgraded their forecasts published
from their January update. Back then they expected real-term
growth of around 1% for 2008 and 2009 with growth of less than 1%
thereafter . In their June forecasts
7
the CPA now predict an outright
contraction of -1.3% for 2008, -1.6% for 2009, before a modest
recovery of 0.7% in 2010. These downgraded forecasts are primarily
due to a much deeper contraction in the housing sector – around
20% over the two years 2008-09 as opposed to around 2%
previously over the two years. The CPA are also slightly more
pessimistic on the repair and maintenance sector and private
commercial than previously, though the latter is expected to
expand during 2008 on the back of existing projects underway. 
Experian in their April forecast
8
predict a modest contraction in
construction output of -0.4% this year, but a firm recovery to 1.7%
in 2009 and 1.3% in 2010. Their 2008 forecast places the industry in
a mild technical recession – with total new work also contracting by
-1.1%. After this April forecast we warned of the downside risks to
this year and did not also expect such a firm recovery in 2009. With
the CPA again at the more pessimistic end of the forecast
spectrum it would not come as a surprise if Experian come 
their summer update were to downgrade their forecasts in line 
with the CPA. 
In terms of sectors there is likely to be a greater contrast between
public and private construction output trends over the three years.
For example, public housing is expected to expand over the three
years, whilst private house building is set to contract during this
year and next with only a modest recovery in 2010. Public non-
residential should also be another growth sector with PFI schemes
- particularly in education and to a lesser extent health - as well as
the boost from the 2012 Olympics and Paralympics. In contrast,
private industrial is set to contract during 2008 and 2009 with some
stabilisation during 2010 as UK economic conditions improve.
Private commercial – which encompasses offices, retail and leisure
– should be supported by existing schemes for this year but with a
contraction in activity commencing in 2009 and worsening in 2010. 
Common to both the public and private markets, infrastructure is
likely to be the strongest growth sector over this year as well as
next. We expect infrastructure output to grow at an accelerating
pace, building on the modest growth achieved during 2007 after a
number of years of weakness. Significant areas of infrastructure
growth include waste, water, rail, airports, as well as PFI schemes. 
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
17
London, United Kingdom
5
See the Q1 and Q2 2008 editions of the Cyril Sweett Quarterly Review. 
6
Forecasts for the UK economy, HM Treasury June 2008.
7
Construction Industry Forecasts, Construction Products Association Summer 2008. 
8
Construction Forecasts, Experian Spring 2008 update.  18 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Market outlook 
Continued
Market Conditions – United Arab Emirates
The market is strong with around £20bn of building projects
currently under way. Whilst the highest levels of activity are
primarily concentrated in the more mature Dubai market, 
activity levels in Abu Dhabi are growing strongly. Moreover, the
forthcoming launch of the Abu Dhabi comprehensive development
plan will provide a significant boost to the Abu Dhabi market. 
In Dubai, market activity is still growing at a brisk pace and
expected to remain strong over the next twelve months and beyond.
Activity has been strong across all sectors, though arguably a little
less strong in public projects in the education and health sectors.
Over the next three months activity in other sectors is generally
expected to remain buoyant, though we see a slight cooling in
offices and industrial activity. Shortages of major contractors,
subcontractors and lack of interest from tenderers are getting
worse as are planning delays and delays to project start times.
Major projects currently underway include the Jebel Ali airport,
Dubai Mall and Dubai Land. 
The smaller Abu Dhabi market is similarly buoyant and we expect
firm construction growth for at least the next twelve months.
Activity across all sectors of the market is growing strongly and 
this broad-based growth is expected to continue over the next 
three months. Infrastructure activity is especially strong and within
leisure the hotels sub-sector could see especially strong activity
over the medium term. However, shortages of contractors,
subcontractors and interest from tenderers are all getting worse 
as are project time and cost overruns. Major projects include Yas
Island, Al-Raha Beach and Masdar City. 
Market conditions – Republic of Ireland
The slowdown in the Republic’s construction sector is more
advanced than in Northern Ireland and the rest of the United
Kingdom. Activity is still decreasing and we expect this to continue
for the rest of this year . Looking to 2009, though the consensus
among economists is for economic growth to rebound, the balance
of risks point to another year of weak GDP growth and depressed
construction market conditions. The residential sector, which led
the market downturn, remains the weakest part of the market with
prices and activity still falling. This has resulted in a knock-on
impact on other sectors with contracting activity seen in offices,
leisure, other commercial and retail. 
The broader-based weakening of the market has released 
further capacity which has increased competition for tenders. 
It is more common to find developments faced with tighter funding
conditions or being re-evaluated, leading to delayed start times 
or outright cancellation. Whilst public sector works should provide
some support for the infrastructure sector - notably transport
projects for the metro and rail – other public sector works could 
be curtailed due to the deterioration in the public finances. 
There is therefore a risk of a trimming in education and health
construction budgets as the public finances are hit by the economic
downturn. Certainly there are signs that public sector projects are
already being postponed or slowing due to the deterioration in the
public finances.
On the cost side, materials cost inflation is continuing to fall 
and we still see this trend running for the foreseeable future given
the contraction in market activity. However, given the underlying
upward pressure on input costs, we think that materials cost
inflation will eventually stabilise once the contraction in output
begins to bottom out. Labour cost inflation also continues to
decrease and we expect this to continue for some time given the
squeeze in contractors’ average margins and mounting
construction redundancies. All in all, average tender price 
inflation is likely to remain negative this year, in contrast to
Northern Ireland where tender inflation should remain positive
despite its market slowdown. Market outlook
19
Construction cost inflation pressures continue to pose a significant
challenge. Both markets are seeing strong increases in materials
cost inflation. There are shortages of cement and steel, with the
latter believed to have increased by around 30% over the past few
months alone. Labour costs are increasing and have risen slightly
faster than usual over the past few months due to labour strikes
and then as a result of the official increase in the minimum wage in
Dubai. Whilst we are expecting some stabilisation in labour cost
inflation pressures over the next few months, continued high rates
of domestic inflation and US dollar weakness could see workers’
real take home pay cut again. 
Average contractors’ margins are increasing and this is seen
continuing with some potential for stabilisation in around twelve
months’ time. Tender price inflation remains firm, but again is seen
stabilising around the turn of the year .
Market Conditions – India 
The market is growing rapidly and we expect market activity 
to remain buoyant over the next twelve months. Activity is firm
across all sectors of the market, with notable hot spots in the
infrastructure, offices, leisure, other commercial and retail sectors.
This is seen continuing for the foreseeable future with increasing
activity also anticipated in education, health and industrial.
Residential is experiencing broadly steady activity levels. The 
rapid growth of the market has created supply bottlenecks with
shortages of contractors and specialist subcontractors getting
worse. Delays to project start dates, project overruns and
cancellations are getting slightly better – consistent with the
buoyant market backdrop. 
On the cost side, the general inflation environment has become
more challenging with official weekly wholesale price inflation now
running at over 11%
9
on the back of rising food and energy prices.
Materials cost inflation remains a difficulty and is expected to
continue rising during the next twelve months. Similarly labour
cost inflation is also rising as there is a shortage of higher-end
skills and experienced workers more generally relative to demand.
These cost pressures coupled with buoyant market conditions are
allowing contractors’ to significantly increase their average
margins, especially for larger projects. Tender price inflation is
rising and expected to remain firm for the foreseeable future. 
“The market is growing
rapidly and we expect
market activity to remain
buoyant over the next
twelve months.“
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
19
Mumbai, India
9
Central Statistical Organisation, India June 2008. “Project management is 
a growth area for the 
business demonstrated 
by the scale and complexity
of projects that are now
being undertaken.”
20 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Project management
08
07
06
£20.576m 
£18.182m
£14.927m
Revenue growth 
+13%
Services provid ed
> Development appraisals
> Development management
> Move management
> Operational commissioning
> Planning and programme management
> Post project evaluation
> PPP/PFI bid management
> Project delivery
> Project monitoring
> Technical advisory 21
>
Contribution to Group strategy
Cyril Sweett’s project management business has grown rapidly
over the last five years to become one of the most successful
practices in the UK, generating significant opportunities for other
skill groups within the business. 
Our ability to respond to the demands of our clients both in the UK
and internationally demonstrates that we are building a business
that is flexible enough to adapt to the rapidly changing environment
in which projects are being both procured and delivered. 
The post period acquisition of Burns Bridge, a project management
business with offices in Australia and Singapore, has provided us
with a platform to support our clients in the Asia Pacific region,
complementing our existing operations in India, the Middle East
and Europe. 
In addition, our position as market leaders in the delivery of PFI
technical advisory services means that we are well placed to export
our sector skills and expertise into these markets.
In the UK we have secured a number of national framework
agreements with clients such as English Partnerships and
Partnerships for Health, and these continue to be an important
source of repeat business.
In the current economic climate our priority as a project
management business is to build a capability that is flexible and
responsive and enables us to deliver services to where our clients
are doing business. 
Performance and KPIs
Trading conditions for project management services, both in the UK
and internationally, remain favourable with strong sustainable
growth being experienced at the present time in hotels, leisure,
health, education and transport. Project Management grew
organically by 13.2% in the last financial year by continuing to focus
on our core sectors in the UK and by supporting some of our key
clients overseas. 
Priorities
We will continue to develop our ability to provide a consistent high
quality service to our clients both in the UK and internationally by
developing our people and investing in the infrastructure needed to
achieve this.
Key to our growth is our ability to attract and retain talented people.
In 2007, we launched our graduate training programme for Project
Managers. Aimed at both cognate and non-cognate graduates, the
two-year programme provides graduates with a combination of on-
the-job experience and external training leading to a recognised
professional qualification in Project Management. 
As part of our commitment to add significant and specific value to
our clients’ projects we launched our ‘Project Management Toolkit’
in 2007. Intranet based, the ‘Toolkit’ provides our project managers
with access to a comprehensive set of processes and standard
documentation, which are constantly updated in line with best
practice. We plan to roll this out to all of our international offices
over the coming year .
We must also look to new markets. Our ability to position ourselves
within new markets is demonstrated well by our move into life
sciences where we are now providing Project Management services
to the Medical Research Council. We will continue to examine other
sectors, which may provide opportunities for growth in future years.
Project management
Global Knowhow: Commitment to delivering service excellence
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
21
01. North Middlesex University Hospital, London
Cyril Sweett was appointed as the Trust's lead technical advisor for the redevelopment
of the North Middlesex University Hospital under the Private Finance Initiative. Cyril
Sweett prepared the Full Business Case which was approved in summer 2007 and
enabled the project to achieve financial close in August 2007.
02. FC200, West London
FC200 is the second office development at First Central Park and provides
160,789ft2 of high quality office accommodation. Cyril Sweett developed a model 
for the procurement of the building that enabled the scheme to be developed to
planning and contract/price agreement within the agreed constraints of funding 
and expenditure on fees. 
03. Yas Island, Abu Dhabi
Cyril Sweett is providing project management and cost consulting services on this
world-class real estate development in Abu Dhabi. The commission is for the retail
element of the development which comprises over 700 retail units, two departments
stores, a signature anchor store and parking for over 16,000 cars. 
01 02 03
Client: London & Regional Properties | Architect: RyderHKS Quantity surveying
22 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
08
07
06
£32.986m 
£27.113m
£23.345m
Revenue growth 
+22%
“We draw on the highest
calibre of skills and the
most accurate up-to-date
data, to ensure that projects
are delivered on time and
within budget.“
Services provid ed
> Cost benchmarking
> Cost management
> Cost planning
> Engineering advice
> Feasibility costings
> Insurance valuations
> Masterplanning advice
> Procurement and 
contract advice
> Project audits and controls
> Whole life costing >
Quantity surveying
Global Knowhow: Commitment to delivering service excellence
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
23
Contribution to Group strategy
The quantity surveying business has experienced strong consistent
organic growth in key markets, such as retail, commercial and
health in the last three years. Whilst the company will retain its
competitive advantage in these markets, the company aims to grow
other public sector markets such as education, transport and
infrastructure. Cyril Sweett is well positioned to grow these
markets due to the acquisition of Nisbet LLP, a business with an
excellent reputation for delivery quantity surveying services to the
public sector . 
The company has been developing business with international
clients in line with the Group strategy and has won major projects
with blue chip commercial clients such as Goldman Sachs, 
Royal Bank of Scotland and JPMorgan Chase. The business has
established stronger relationships with signature architects as they
too expand internationally especially in the Middle East where we
are involved with projects such as Masdar, Al Raha Beach and Yas
Island. Key framework agreements have been successfully secured
with Société Générale and Network Rail.
Accurate cost modelling lies at the heart of any successful property
venture and we draw on the highest calibre of skills and the most
accurate current data, to ensure that projects are delivered within
budget and maximise the value of the investment. Cyril Sweett
continuously seeks to attract high calibre staff and in 2007 we
revamped our graduate training programme which is aimed at
cognate and non-cognate graduates. 
Performance and KPIs
The quantity surveying business maintained its strong performance
overall and grew organically by 22% in the last financial year . 
Priorities
Cyril Sweett is continuously seeking to attract and develop the 
best talent in the industry. In 2007, we revamped our graduate
training programme for cost consultants, aimed at cognate and
non-cognate graduates. Building on the success of the previous
APC programme we have recruited learning and development
professionals to further enhance the graduate experience.
Furthermore, our international opportunities have enabled us 
to secure exciting opportunities for our younger members as 
well as our more senior staff, to relocate either short or long-term
on world-class projects. 
Our priority is to continue to attract significant overseas work
through our reputation in our key international sectors including
retail led mixed use, transport and commercial. 
In the UK we will redeploy our resources into markets which are
buoyant and we will work closely with our clients to ensure that 
we are continuously delivering above our clients’ expectations.
23
01 02 03
01. Titanic Quarter, Belfast
This mixed use city quarter will provide major new employment opportunities,
residential accommodation, learning centres, heritage, leisure and cultural facilities.
Cyril Sweett was appointed as cost consultant and CDM co-ordinator for this signature
building. The site is centred upon the former shipbuilding lands from which liners
such as Titanic, Olympic and Canberra were launched.
02. King’s Mill Hospital, England 
Cyril Sweett was appointed by the Sherwood Forest NHS Trust to provide capital and
whole life technical advisor services for the redevelopment of Kings Mill Hospital and
Mansfield Community Hospital. The £320m PFI scheme incorporating the biggest
green-friendly scheme in Europe.
03. Thameslink, London
The Thameslink Programme comprises the major redevelopment and capacity
upgrade of the north and south route through Central London. Although there are
significant works throughout Central London, there are three main Central London
Stations: Blackfriars; Farringdon; London Bridge. Cyril Sweett has undertaken cost
planning of all elements as part of a continuous engagement ongoing since 2003 to
the present day. “In all of our services we will
continue to serve markets
that are robustly diversified
across the public and private
sector, but all relate back 
to the management and
development of assets and
property.”
Specialist services and
Management consultancy
24 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
08
07
06
£9.143m 
£6.766m
£6.531m
Revenue growth 
+35%
Services provid ed
> Best practice advice
> Building surveying
> Business case consultancy
> Business improvement advice
> Capital allowances/property tax
> Dispute resolution
> Due diligence
> Facilities management consultancy
> Health and safety consultancy
> Project monitoring
> Industry research
> Legal and contract support
> PPP/PFI consultancy
> PPP/PFI facilitation and investment
> Project analysis
> Portfolio appraisals
> Property portfolio advice
> Risk advice
> Service and space planning
> Strategic procurement advice
> Sustainability advice
> Value management Cyril Sweett Group plc
Annual report and accounts 2008
Business review
25
>
Contribution to Group strategy
The specialist services and management consultancy group
delivers a broad range of services all focused on enhancing the
performance of our client base. This may involve improving the
effectiveness of delivery for complex schemes, driving property
related business improvement initiatives or advising on the most
efficient way to manage a client’s asset portfolio. 
The Group comprises four main service areas and major
contributions to the Group strategy include:
1. Management Consultancy – undertaking a quantitative risk
analysis to review financial contingency provisions on the
Thameslink 2000 project; Securing a position on the OGC Buying
Solutions Technical Assurance framework; Researching the cost
implications of seeking higher standards of environmental
performance in housing developments for English Partnerships;
Facilities Management advice to Southwark Council in the 
re-negotiation of their leisure FM supply arrangements; PFI due
diligence for a number of major asset portfolio acquisitions;
Advising Carbon Trust on the effectiveness of tax based related
fiscal incentives to encourage the development of low carbon
homes; and expert witness delay analysis for the State of Guernsey.
2. Environmental/Sustainability – recent key projects have
included: Framework advisor to WRAP for the development of
waste management software, training and advocacy work; DTZ/
Kenmore Property Group – providing sustainability advice to the
UK’s first ‘green property fund’ to forecast future legislative change
across Europe, evaluate the implications of this on commercial
property types and provide specifications for the sourcing and
acquisition of fund commercial properties and Project
Sustainability Advisors for British Land on a range of projects,
including Ropemaker Place in London, a new landmark building in
Birmingham city centre, and Meadowhall in Sheffield, where the
team is determining key sustainability priorities for each scheme
and cost effective delivery solutions.
3. Building Surveying – key projects include condition surveys on
11 stores in the South East for ASDA; condition surveys in Wiltshire
for the Ministry of Defence; carrying out separation works and
various refurbishment works of banks across the country for RBS;
and party wall agreements in London for Network Rail.
4. Safety, Health and Environmental Consultancy – recent key
projects have included: Health and Safety management
consultancy to Bouygues UK; Provision of a seconded safety
management team for UBS and Tate Modern CDM Co-ordinator .
Performance and KPIs
The business successfully managed to cross-sell specialist and
management consultancy services to existing clients and have
seen a 35% uplift over the last year .
Priorities
In all of our services we will continue to serve markets that are
robustly diversified across the public and private sector, but all
relate back to the management and development of assets and
property. This connection is critical in the forward strategy of the
Group and in maintaining that symbiotic relationship with the
workload and client base of the core business. 
Looking forward the Group has an exciting agenda aimed at
developing the scope and breadth of services offered as well as
maximising the benefits of the acquisitions being made by the
business to access a wider client base. 
Global Knowhow: Commitment to delivering service excellence
Specialist services and 
Management consultancy
25
01. Department of Communities and Local Government, Regulatory
Impact Assessment, England 
Cyril Sweett was commissioned by the Department of Communities and Local
Government (DCLG) to undertake a regulatory impact assessment, evaluating the
costs and benefits of the Government’s proposals to reduce the carbon footprint of
new-housing development (including analysis of variant options for the proposed move
to zero carbon housing in 2016). 
02. Transforming Tate Modern, London
Cyril Sweett has been appointed to act as the CDM co-ordinator for a major project to
transform the Tate Modern into the world’s first museum celebrating the breadth of
21st Century contemporary art. The landmark 11-storey development will feature ten
new art galleries, innovative performance spaces inside disused oil tanks, 360 degree
landscaped gardens, retail outlets, cafes, bars and restaurants. 
03. Transport for Scotland, Scotland
Cyril Sweett is working on a commission providing programme management services
to deliver a portfolio of rail, tram and station projects across central Scotland.
Programme management services comprising project management support,
planning, cost management, risk and value services, stakeholder management,
project controls and reporting services on a portfolio of nine major transport projects
all at different stages; schemes include a tram scheme, two major station
redevelopments and six rail projects.
01 02 03
Day South View © Herzog & de Meuron Record year
The year to 31 March 2008 was another record year for Cyril Sweett.
Group revenue increased by 20% to £62.7m, which represented
entirely organic growth; growth in UK project revenues was 14%
and growth in overseas project revenues was 79%. Profit before 
tax increased by 28% to £5.9m and net assets increased by 89%
to £26.6m.
Cash flow from operations increased by 65% to £4.0m 
(£4.5m when adjusted for contributions to fund the pension
scheme deficit). The Group’s improved cash position reflects not
only the funds raised on flotation but also a significant improvement
in the management of working capital throughout the year .
At the time of writing, the Group order book, including newly-
acquired businesses, stood at approximately £86m compared with
£61m at the same time in 2007. Approximately one-third of this
order book is represented by overseas projects.
Key events
> On 31 October 2007, we successfully floated on AiM, placing
23,911,545 Ordinary 10p shares at 110p per share and raising
funds of £8.4m net of expenses for the Group, providing the
capital base with which to commence our acquisition strategy;
> With effect from 31 December 2007 we gained full control of 
the remaining 50% of our former joint venture Cyril Sweett
International Limited (formerly Jones Sweett International
Limited) which operates primarily in the United Arab Emirates.
Underlying profit margins
The gross profit margin was maintained at 36%, the operating profit
margin increased from 9.1% to 9.3% and the profit before tax
margin increased from 8.8% to 9.3%.
Tax
The effective tax rate was 30.9%. We are recognising for the first
time a deferred tax asset in relation to the potential corporation tax
relief that may arise on the future exercise of existing share options
at the year end. Based on the share price at the year end this
amounted to £0.6m.
Financial review
26 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
“Cyril Sweett has continued
its successful financial
progress during the year 
to 31 March 2008.”
Mike Kemsley, Chief Financial Officer
Profit before tax +28%
Dividend paid +11%
Contracted order book till 2013 +41%
08
07
06
05
£5.9m
£4.2m
£4.6m
£3.5m
08
07
06
05
£1.39m
£1.03m
£1.25m
£0.74m
08
07
£86.0m
£61.0m 27
Earnings per share
Basic earnings per share increased by 12% to 8.3p (2007: 7.4p) and
fully diluted earnings per share increased by 8% to 7.8p (2007:
7.2p). Earnings per share are calculated by adding back shares
held by employee trusts to the weighted average number of shares.
Balance sheet
The Group ended the year with:
> Cash and cash equivalents less financial liabilities (net funds)
of £5.8m, which compared with net debt of £3.2m as at 31
March 2007; and
> Net assets of £26.6m, which compared with net assets 
of £14.1m as at 31 March 2007.
We continue to invest in fixed assets to ensure that as the business
environment becomes more complex and technology evolves, the
Group’s IT systems and equipment are kept up-to-date and
properly serve the business.
Costs directly relating to the issue of new shares on admission
to AiM have been offset against the share premium reserve.
Other related costs have been charged to the income statement.
Banking facilities
The Group funds its activities through cash generated from
operations and supplemented, where necessary and appropriate,
with bank borrowings and finance leases.
Following the flotation the Group market-tested its banking
facilities, changed provider from The Royal Bank of Scotland plc 
to Bank of Scotland plc and repaid existing debt with the former,
leading to a lapse of the related security. Bank of Scotland plc
provides Cyril Sweett with overdraft and revolving credit facilities,
asset finance and insurance premium funding, as well as a letter 
of credit facility in relation to the ongoing equity obligations of the
Group’s PPP investment projects.
At 31 March 2008, the amount undrawn under the Group’s credit
and guarantee lines was £14.6m (2007: £0.9m).
International Financial Reporting Standards
The annual report for the year to 31 March 2008 are the 
Group’s first audited financial statements to be published under
International Financial Reporting Standards as adopted by the 
EU (IFRS) and the comparative figures for the year to 31 March
2007 have been restated under IFRS.
Note 34 to the financial statements provides a more detailed
explanation of the transition to IFRS, but a summary of the key
elements of the re-statement is set-out below. Our reporting 
is fully IFRS compliant; no further impact is expected from the
transition and all our policies are consistent with those presented
in the AiM Admission Document.
2007
Profit on ordinary activities before tax £’000
Previously reported under UK GAAP 4,500
Adjustment – employee benefits (23)
Adjustment – share of joint venture profits 84
Restated under IFRS 4,561
Dividends
An interim dividend for the year to 31 March 2008 of 0.8p per share
was paid on 7 January 2008 to all shareholders on the register 
as at 7 December 2007. The directors are recommending a final
dividend of 1.6p per share which, if approved by the shareholders 
at the AGM, will be paid on 18 August 2008 to all shareholders on
the register as at 11 July 2008. The final dividend will be accounted
for when approved.
Employee Benefit Trust
The Group’s Employee Benefit Trust (EBT) is a separately
administered discretionary trust in Jersey for the benefit of
employees. Shares owned by the EBT are shown as a reduction in
capital and reserves as Treasury shares. Periodically, payments are
made by Cyril Sweett to the EBT to reimburse the EBT for awarding
shares or transferring shares to employees at less than cost, on
the exercise of options.
Financial review
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
27 28 Cyril Sweett Group plc
Annual report and accounts 2008
Business review
Financial review 
Continued
Share Incentive Plan
The Share Incentive Plan, originally launched in February 2001,
enables UK resident employees to acquire shares in the Group out
of untaxed income and provides a tax-efficient means of awarding
shares to employees. Dividends received by the plan in cash are
used to purchase additional shares on behalf of employees. 
Free shares may be awarded to qualifying employees based 
on remuneration. Shares held in the plan which have not been
allocated to individual employees are shown as a reduction 
in capital and reserves as Treasury shares.
Risk management
Risk management involves identifying the principal risks relating 
to the Group and its business, establishing appropriate controls 
to manage those risks and ensuring that appropriate monitoring
and reporting systems are in place. The Group’s risk management
process balances cost against risk and is consistent with the
prudent management of a diverse professional organisation.
The Group is exposed to a wide range of risks inherent in most
parts of our business. 
Reputational risks
Our reputation for being able to deliver large projects relies heavily
on the perception of our clients and how this is portrayed in the
public arena. The risk of failure due to poor quality cost advice 
or project management could adversely affect our ability to win
future work. We mitigate this risk by ensuring we have robust cost
and project management systems linked to our internal quality
processes, which are regularly audited by independent consultants
against industry standards.
The Board considers reputational risk to be one of the most
significant risks in a professional service organisation. Awareness
of the importance of the Group’s reputation and individual integrity
underpins our business ethics and culture. This risk could arise as
a result of other failures in other operational or financial controls.
Changes in Government policy and spending
Some of the market sectors in which the Group operates are
funded and regulated by Government bodies. These sectors may 
be affected by changes in (UK and overseas) governments,
government policy, spending, regulation or procurement practices.
There is a risk that a reduction in public sector funding will impact
our operations. The Group seeks to mitigate this risk by working in
a diverse number of sectors and markets and regularly monitors
public sector spending patterns.
Retention of key employees
Skilled people are our key resource and the recruitment,
development and retention of top quality staff are crucial to our
future success. Failure to do so would constrain the growth of 
the business and prevent the Group from achieving its maximum
potential. The skills needed are in short supply both in the UK 
and overseas and the Group has to compete with a number of 
other organisations to secure the best people.
The Group has strengthened management effort and resource 
in this area, and a summary of our approach during 2007/2008, 
is set out below:
> Appointed a Group Human Resources Director and a new 
Head of Resourcing to drive forward a more business-focused
strategy to attract talented professionals, improve productivity
through training and development, and further align reward 
and recognition with business performance;
> Developed a competency framework that defines our unique
people-orientated performance culture against which we can
recruit, develop, appraise and promote our best people;
> Established a company-wide Graduate Recruitment and
Development Scheme to ensure internal succession and 
meet growth targets;
> Established a master-class development programme for 
Board directors and an accredited management skills 
training programme for middle management;
> Introduced an internal job opportunities framework aimed 
at developing increased mobility.
Health, safety and the environment
The Group’s business is concerned with the built environment 
and this entails significant health, safety and environmental risks.
Should the Group’s policy or practice in this area prove inadequate
there is a consequent risk to employees, clients, contractors and
third parties. 29
Financial review
The Group takes health, safety and environmental issues very
seriously and ensures that all employees are appropriately trained
and that procedures are continuously reviewed and improved. Our
aim is to go further than base legal requirements and proactively
manage issues and identify solutions before problems arise.
In all cases of managing the health and safety risks, Cyril Sweett
ensures at all times that its duties are compliant with The
Construction (Design & Management) Regulations 2007 (CDM
2007). The Group employs a team of full-time health and safety
consultants with experience of working across various business
sectors, whose role it is to act as CDM Co-ordinators and Health
and Safety Consultants on construction projects. We also recognise
that our cost consultants and project managers need to fully
understand the requirements of CDM, in order to provide a
comprehensive professional service to our clients. 
Foreign currency risk
The Group, through its ownership of branches and subsidiaries
based outside the UK, has foreign currency-denominated assets.
To mitigate the effect of currency exposure arising from net
investments overseas, it is the Group’s policy to consider hedging
those exposures, where material, using borrowings denominated 
in foreign currency. At 31 March 2008 and 2007 the Group had 
no loans denominated in foreign currency. 
The Group also has transactional currency exposure. These
exposures arise from revenues or costs incurred in currencies
other than its branch or subsidiaries’ functional currencies. It is the
Group’s policy to consider hedging such risk, where material, using
forward currency contracts. At 31 March 2008 and 2007 the Group
had no outstanding forward foreign exchange contracts.
Professional negligence
The Group’s business may be subject to claims for professional
negligence. The professional services provided by the Group involve
risk of contractual and professional errors and omissions and
other liability claims as well as the risk of adverse publicity that
may impact the financial performance and condition. This risk
applies to the work carried out by Cyril Sweett’s own employees
and by the other professional firms and individuals Cyril Sweett
regularly employs in a sub-consultant capacity and for whose work
Cyril Sweett is contractually liable.
In common with other professional advisory businesses, the Group
has professional liability insurance policies in place; however it is
exposed to residual levels of risk on an ongoing basis. The Board
considers that these insurance policies, together with internal
quality management systems and accreditation processes are
adequate to minimise the risk to the Group. 
Business continuity
The Group has undertaken a business continuity review and
established disaster recovery procedures, however residual risk
exists should the Group lose one of its major regional offices due to
fire, flood, etc. Such a loss of one of the major offices would cause
significant operational disruption and would have a negative impact
on regional performance.
Closed defined benefit pension scheme
The defined benefit pension scheme was closed to new members
with effect from 1 January 1999 and the Group ceased making
contributions in respect of members’ future service with effect
from 30 June 2003.
The Group made contributions to its defined benefit pension
scheme during the year totalling £0.5m (2007: £0.5m). After
charging £0.1m to the current year income statement and crediting
£0.6m to reserves in respect of actuarial gains the balance sheet
records neither an asset nor a liability in respect of the scheme at
the year end (2007: £1.2m liability).
The directors recognise that the underlying longevity and
investment risks remain a potential risk to the financial
performance of the Group.
Summary
Cyril Sweett has continued its successful financial progress during
the year to 31 March 2008. The Group’s balance sheet is very strong
and when combined with the skills, professionalism and dynamism
of its employees, provides an excellent platform for the anticipated
development and transformation of Cyril Sweett to become a global
service provider of the highest quality.
Mike Kemsley, Chief Financial Officer
17 July 2008
Cyril Sweett Group plc
Annual report and accounts 2008
Business review
29 30 Cyril Sweett Group plc
Annual report and accounts 2008
Governance
01. Francis Ives 02. Dean Webster
06. Roger Mabey 07. Nick Woollacott
03. Mike Kemsley 04. Derek Pitcher 05. Michael Henderson
Board of directors Governance
01. Francis Ives FRICS Dip.Proj.Man
Chairman
Francis has considerable experience in the
construction industry. Shortly after joining
the company in 1970, he qualified as a
quantity surveyor in 1972 and as a Fellow of
the RICS, Francis has in the past been a
President of the British Council of Shopping
Centres and the Vice Chairman of the Joint
Contracts Tribunal. Currently he is a board
member of the British Council for Offices.
Francis also chairs the RICS Contracts
Panel and represents the RICS on the JCT.
He has chaired the Group for the past 
17 years. Aged 60.
02. Dean Webster MBA, BSc, MRICS, MAPM 
Chief Executive Officer
In 1980 Dean joined the Company from
Taylor Woodrow Construction and qualified
as a member of the RICS in 1986 before
becoming a member of the Association of
Project Managers. Between 1995 and 2004
Dean was responsible for steering the
Company’s project management business
from a team of 35 to 120 people and setting
strategy for the future. Appointed Chief
Executive in 2005, Dean now drives the
Group’s overall strategy and is responsible
for the delivery of mergers and acquisitions
and performance of business operations. 
Aged 47.
03. Michael Kemsley FCA, MCMI, 
MBIFM, FRSA 
Chief Financial Officer
Mike trained with Edward Moore & Sons
and qualified as a Chartered Accountant in
1980. Prior to joining Cyril Sweett in 1993,
he spent ten years in commercial banking
with The First National Bank of Boston 
and Lloyds TSB and three years with 
the Chartered Surveying practice, 
Dron & Wright. 
For over five years he was Finance Director 
of Lloyds TSB Commercial Finance Ltd
(formerly Boston Financial Company Ltd),
today the UK market leader in asset-based
lending. Mike helped start this business 
in 1983 and sold it to TSB Group in 1987. 
He was also Chief Financial Officer of 
TSB Commercial Holdings plc, which held
the Group’s non-banking subsidiaries,
including Noble Lowndes, Swan National
Group and Wallem Group. 
As Cyril Sweett’s Chief Financial Officer,
Mike is responsible at board level for
investment strategy, management and
support services and employee share
schemes. Aged 53.
04. Derek Pitcher BSc, FRICS Dip.Proj.Man
Executive Director
Derek joined Cyril Sweett in 1978, became 
a Partner at the age of 30 and Managing
Director of the quantity surveying division 
in 1996. As Executive Director he is
responsible for the London and South East
business unit, supervising the delivery of 
the business plan for the region and the
performance of the sectors and balanced
scorecard functions.
As well as the National Operations delivery
process and best practice programme
Derek oversees the Group’s Corporate
Social Responsibility, Environmental and
Health and Safety policies. Derek is the
Honorary Treasurer of the BCSC and an
active member of BCO, Design and Build
Foundation and also the RICS Procurement
panel. Aged 48.
05. Michael Henderson FCA, FRSA, KHS 
Non-Executive Director
Michael enjoys a long standing reputation
for his expertise and network in industrial
and financial management. He was
Managing Director and Chief Executive of
Cookson Group PLC (a FTSE 100 company)
for 12 years and has also been a Director 
of Guinness Mahon Holdings PLC and
Tioxide Group PLC. He was also Chairman
of Henderson Crossthwaite Ltd. At present
he is also Vice Chairman of the advisory
Board of Quexco Inc., the largest lead
producer in the world. Michael was
appointed Non-Executive Director in 1998.
Aged 69.
06. Roger Mabey CMG, FCIOB, FRSA 
Non-Executive Director
Roger has a wealth of knowledge of
operating in international and UK
construction markets. He has 40 years’
experience in the construction and property
industry, previously as Managing Director at
Bovis International Ltd and as Director at
Bovis Lendlease Ltd. He is currently Vice
Chairman for Housing Solutions Ltd, a
Fellow of the Chartered Institute of Building
and a Fellow of the Royal Society of Arts. 
Roger was appointed Non-Executive
Director in 2003. Aged 63.
07. Paul Nicholas Woollacott BSc (Hons)
Physics
Non-Executive Director
Nicholas is an experienced director of both
listed and unlisted companies. As a Group
Managing Director of Lattice plc he was
previously a FTSE 100 main board director
and as the former Senior Independent
Director and acting Chairman of Enterprise
plc, and now a Director of Goldshield plc, 
he also has extensive experience of working
with AIM and smaller companies.
Following a degree in Physics, Nicholas’s
career has ranged from oil trading 
with Shell through leading the first
comprehensive assessment of renewable
energy in Britain to developing, financing
and running major power and gas
infrastructure projects both in the UK 
and overseas. Nicholas was appointed
Non-Executive Director in 2007. Aged 60.
31 Cyril Sweett Group plc
Annual report and accounts 2008
Governance
31 Report of the directors
The directors have pleasure in presenting their report and the audited annual financial statements for the year ended 31 March 2008.
Principal activities
The principal activities of the Group continue to be the provision of construction cost consultancy, project management and other
specialised consultancy services, including building surveying.
During the year these services were delivered through a network of 18 wholly-owned offices in the UK, France, India, Ireland, Spain 
and the UAE.
Business review
Details of the Group’s performance and activities during the year are contained in the Business review section on pages 1 to 29.
Results
The results for the year and the Group’s financial position at the end of the year are shown in the attached financial statements.
Branches outside the UK
The results of the company’s overseas branch in France are included in these financial statements.
Future developments
An indication of future developments is contained in the Business review section on pages 1 to 29.
Dividends
The directors recommend the payment of a final dividend of 1.6 pence per share, making, with the interim dividend of 0.8 pence per
share, a total dividend of 2.4 pence per share. The final dividend of 1.6 pence per share has not been accounted for in these financial
statements.
Post balance sheet events
Following the year end we re-organised our corporate structure and made three acquisitions, all of which are detailed at note 33 to the
annual financial statements. The approval of the final recommended dividend of 1.6 pence per share will be proposed at the forthcoming
annual general meeting.
Directors and their interests in the shares of the company
The directors who held office during the year were as follows:
Francis Ives Andrew Hemsley
Dean Webster Michael Henderson (Non-Executive)
Michael Kemsley Roger Mabey (Non-Executive)
Derek Pitcher Nicholas Woollacott (Non-Executive)
Jimmi Bradbury
Jimmi Bradbury and Andrew Hemsley resigned on 30 August 2007 and Nicholas Woollacott was appointed on 21 November 2007. 
Details of the directors’ interests in shares in the Company appear in the Directors’ remuneration report on pages 39 to 41.
Substantial interests in shares
As at 1 July 2008, the following interests in 3% or more of the company’s Ordinary share capital had been notified to the Company:
Number of shares Percentage held
Cyril Sweett Trustee Company Limited 9,039,483 15.7%
Artemis Investment Management 5,355,361 9.3%
Brewin Dolphin Limited 2,710,127 4.7%
INVESCO 2,590,910 4.5%
Treasury shares
Treasury shares included in the annual financial statements comprise Cyril Sweett Group plc Ordinary shares held by the Cyril 
Sweett Employee Benefit Trust and the Cyril Sweett Share Incentive Plan, details of which are included at note 23 to the annual 
financial statements.
Key Performance Indicators
Details of the Group’s Key Performance Indicators can be found in the Business review section on pages 1 to 29.
32 Cyril Sweett Group plc
Annual report and accounts 2008
Governance Governance
Employment policy
As a consultancy business, Cyril Sweett recognises that its employees are its most important assets. Employees are kept informed of
developments within the Group through newsletters and electronic communications. Regular staff meetings enable their views to be
taken into consideration.
The Group is an Equal Opportunity Employer and its policy is to ensure that all employees and job applicants will be given equal
opportunity, irrespective of their sex, race, ethnic origin, ability, age, marital status, sexual orientation or religious affiliation in all
respects of employment and training and that no such person is placed at a disadvantage by requirements or conditions which cannot be
shown to be justified.
The Group encourages, where possible, the employment of disabled people and retention of those who become disabled during their
employment with the Group.
Environmental policy
The Group recognises the benefits of sustainable construction and protecting the environment whilst carrying out construction projects
and associated activities.
All activities are undertaken in a manner that manages our environmental impact, fulfils opportunities to enhance the environment,
prevents pollution, minimises waste, controls noise, uses materials and resources efficiently and protects wildlife. 
The Group complies with environmental legislation and environmental codes of practice applicable to the construction industry.
Corporate social responsibility
At Cyril Sweett we believe that Corporate Social Responsibility (CSR) is a driver that influences and encompasses all of our business
activities. We recognise that CSR has a major influence on our economic, social and environmental impact. We have been working hard
to devise an effective and coherent strategy, one that reflects our ambitions of growth and corresponds with the demands of modern
business. Our CSR strategy encompasses four main areas:
1. People – looking after and listening to our staff, facilitating improvements and encouraging everyone to ‘get involved’ in ensuring that
Cyril Sweett is an enjoyable and dynamic place to work. We adopt the approach of ‘leadership from the top, development from the
bottom’ and our senior staff members are proud to recognise and commend employees that have gone beyond their normal job
requirements in order to contribute to wider CSR goals.
2. Environment – analysing our effect on the environment both internally and externally and identifying how to reduce detrimental, 
and promote beneficial, activities, harnessing our expertise with regard to sustainable development and demonstrating to our clients 
its importance and role in their business objectives.
3. Community – recognising the importance of working with local communities and identifying ways that our skills and knowledge can
be useful to those organisations that do not have the same pool of resources. Our long-term aim is to develop strong relationships with
individuals and groups from a wide range of backgrounds to assist and learn wherever possible.
4. Charity – supporting numerous worthwhile causes, be it on a local or national scale, through fundraising activities, knowledge
transfer and education. Often the venture will be on a Group-wide basis yet, in addition, we also support our individual staff through
matched funding and other forms of sponsorship in situations where they have assigned themselves the task of raising funds/awareness
for a specific charity.
Health and safety policy
It is Group policy to fulfil its duties under the Health and Safety at Work Act 1974 and all other associated acts and legal obligations
applicable to the construction industry. In order to achieve the standards required, line management will provide suitable and sufficient
resources and properly trained supervision to ensure all work places can carry out their activities in a safe manner .
It is the responsibility of the Group’s management at all levels to be conversant with the contents of the policy and to plan work such that
foreseeable risks are identified and reduced to an acceptable level through the implementation of risk assessments.
All employees must take care of the health and safety of themselves and actively participate and co-operate with the Group to enable the
Group to discharge its statutory responsibilities and fulfil its desire for continual improvement in all safety, health and welfare matters.
Supplier payment policy
The Group applies a policy of agreeing and clearly communicating terms and conditions for business transactions with its suppliers.
Payment is then made in accordance with these terms, subject to terms and conditions being met by the suppliers. As at 31 March 2008
the Group had 16 (2007: 16) days of purchases in trade payables, and the company had 18 (2007: 14) days.
Risks and uncertainties
Details of the risks and uncertainties faced by the Group can be found in the Financial review on pages 26 to 29.
Cyril Sweett Group plc
Annual report and accounts 2008
Governance
33 Treasury
The main risks arising from the Group’s financial instruments are foreign currency risk, credit risk and liquidity risk. Our policy is to
manage these risks in a manner which ensures straightforward administration and operational flexibility, whilst minimising risk.
The financial instruments used by the Group comprise internal cash resources, shares, borrowings and receivables and payables
arising from normal trading activities. Banking facilities are negotiated to provide working capital and acquisition finance to meet
current and future requirements.
It is the Group’s policy that no speculative trading in financial instruments shall be undertaken. The Board reviews and agrees policies
for managing each of these risks and they are summarised below.
Foreign currency risk
Most of our trading activity is denominated in the currency relevant to the trading entity, thereby matching the currency with its 
cost base. Where contracts are denominated in non-local currency, the policy is to mitigate this risk having regard to all the 
relevant circumstances.
Credit risk
The Group has no significant concentration of credit risk. This risk is managed by implementing appropriate credit control procedures
in the conduct of its business.
Liquidity risk
The Group’s objective is to ensure sufficient cash reserves are available to fund ongoing activities and future development plans. 
This risk is managed by the policy of periodic invoicing on long-term contracts and existing banking facilities.
Interest risk
The Group has no material exposure to interest rate risk as it has no borrowings other than finance lease commitments and short-term
bank loans at fixed interest rates.
Capital risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the long-term cost
of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or sell assets to reduce debt.
Corporate governance
A report on the Group’s corporate governance compliance is set in the corporate governance section of this Annual Report.
Donations
During the year, the Group made no political contributions (2007: £nil) but made various charitable contributions totalling £11,402
(2007: £11,177) details of which are as follows:
2008 2007
£ £
Children’s charities 1,000 544
Charities Aid Foundation 7,000 9,000
Other non-registered charities 2,555 950
Donations of £100 or less: 19 (2007: 17) 847 683
11,402 11,177
Disclosure of information to auditors
In the case of each of the persons who are directors at the time when the report is approved, the following applies.
>
so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware; and 
> they have taken all the steps that he ought to have been taken as directors in order to make themselves aware of any relevant audit
information and to establish that the company's auditors are aware of that information.
Auditors
PricewaterhouseCoopers LLP were appointed as auditors during the year and have indicated their willingness to continue in office and
a resolution that they be re-appointed will be proposed at the Annual General Meeting.
By order of the Board
James Murray, Company Secretary
17 July 2008
Report of the directors
Continued
34 Cyril Sweett Group plc
Annual report and accounts 2008
Governance Statement of directors’ responsibilities in respect of the
Annual Report and the financial statements
Governance
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and
regulations.
Company law requires the directors to prepare financial statements for each financial year . Under that law the directors have elected 
to prepare the Group and Parent Company financial statements in accordance with International Financial Reporting Standards 
(IFRSs) as adopted by the European Union and as regards the Group financial statements, article 4 of the IAS Regulations. The financial
statements are required by law to give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss 
of the Group for that period.
In preparing those financial statements, the directors are required to:
> select suitable accounting policies and then apply them consistently;
>
make judgements and estimates that are reasonable and prudent;
> state that the financial statements comply with IFRSs as adopted by the European Union;
> prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the group will continue 
in business, in which case there should be supporting assumptions or qualifications as necessary. 
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial
position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 1985
and, as regards the Group financial statements, article 4 of the IAS regulation. They are also responsible for safeguarding the assets of
the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the company’s website and legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 
By order of the Board
James Murray, Company Secretary
17 July 2008 
Cyril Sweett Group plc
Annual report and accounts 2008
Governance
35 Whilst the Group is not required to comply under Combined Code 2006, the Group is committed to high standards of Corporate
Governance and considers sound governance and transparency to be fundamental to achieving its objective of enhancing shareholder
value. The policy of the Board is to manage the affairs of the Group in accordance with the principles of corporate governance contained
in the Combined Code of Corporate Governance, in so far as is practicable for a company of its size.
The Board of directors
The Board comprises four executive directors and three non-executive directors. Its role is to determine the strategic direction of the
Group within a framework of best practice corporate governance and prudent and effective controls which enables risks to be assessed
and managed. It sets the Group's values and standards, including matters relating to corporate social responsibility and ensures that its
obligations to its shareholders and others are understood and met. 
The mix of skills and business experience of the non-executive directors is a major contribution to the proper functioning of the Board,
ensuring matters are debated and that no individual or group dominates the Board decision-making process. 
Specific responsibilities reserved to the Board include:
> The acquisition or disposal of a business or of shares in a company; 
> The establishment of a new business or closure of an existing business; 
> The annual budget and strategic plan; 
> Significant capital expenditure, IT equipment and leasing arrangements; 
> Proposed contracts satisfying specific criteria; 
> Changes to the organisation structure or management structure; and 
> Dividend policy.
The Board is assisted by certain committees and a description of the specific responsibilities which have been delegated to them is set
out below.
Audit Committee
The company has established an Audit Committee comprised of the non-executive directors. The Audit Committee meets not less than
three times per year and is responsible for making recommendations to the Board on the appointment of the auditors and the audit fee,
reviewing the conduct and control of the annual audit and reviewing the operation of the internal financial control environment. It also
has responsibility for the reporting of the financial performance of the Group and for reviewing financial statements prior to publication.
Remuneration Committee
The company has established a Remuneration Committee currently comprised of the non-executive directors. It reviews the
performance of the executive directors and sets the scale and structure of their remuneration and the basis of their service agreements
with due regard to the interest of shareholders. The Remuneration Committee also determines the allocation of share options to
employees. It is a rule of the Remuneration Committee that a director shall not participate in discussions or decisions concerning
his/her own remuneration.
The Group has adopted the Model Code for directors’ dealings as set out in the Listing Rules of the UK Listing Authority and as
applicable to AiM companies and will take all reasonable steps to ensure compliance by directors and relevant employees.
Nominations Committee
The company has established a Nominations Committee comprising one executive director, the non-executive directors and the
Chairman of the company. The Nominations Committee will meet at least twice a year and is responsible for reviewing the Board
structure, size and composition, making recommendations to the Board with regard to any adjustments that are deemed necessary 
and identifying candidates for the approval of the Board to fill Board places as and when they arise.
Corporate Governance
36 Cyril Sweett Group plc
Annual report and accounts 2008
Governance Approval and Allotment Committee
The company has established an Approval and Allotment Committee comprising the executive directors and the Company Secretary. 
The Approval and Allotment Committee will meet as and when required and will be responsible for approving matters relating to the
interim and final accounts process, the entry into contracts, acquisitions and disposals, the entry into parent company guarantees and
treasury related contracts and the allotment of shares pursuant to the company’s employee share schemes. 
Board processes
The Company Secretary supports the Chairman in ensuring new directors receive appropriate training. Upon flotation of the company on
AiM, the Board had already been in place for a number of years. Following the flotation, the Board, together with directors of subsidiary
companies, received formal training provided by the Institute of Chartered Secretaries and Administrators. The Board is developing a
formal programme which will ensure new directors, as well as existing directors, receive appropriate training, particularly in the areas 
of legal, regulatory and accounting developments. This will include an induction pack, which incorporates background information 
about Cyril Sweett and its directors and details of Board procedures, directors' responsibilities and various governance-related issues.
Further training is provided as and when necessary and may be identified as part of the annual evaluation process.
All directors have access to the advice and services of the Company Secretary and there is a procedure for directors to seek independent
professional advice, in furtherance of their duties, at the company’s expense. The Company Secretary is responsible for ensuring that
Board procedures and applicable rules and regulations are followed. The Company Secretary, in consultation with the Chairman,
ensures that the information presented to the Board is not only timely but of sufficient quality to enable members to make an 
informed decision.
There were eight full Board and six other Board meetings during the financial year . The table below details the attendance by directors 
at Board meetings during the year:
Attendance
Executive
Francis Ives 11
Dean Webster 13
Michael Kemsley 14
Derek Pitcher 13
Jimmi Bradbury (resigned on 30 August 2007) 3
Andrew Hemsley (resigned on 30 August 2007) 3
Non-executive
Michael Henderson 7
Roger Mabey 8
Nicholas Woollacott (appointed on 21 November 2007) 2
In addition there were two meetings of the Audit Committee with full attendance.
Following the admission to AiM, all directors are submitted for re-election at regular intervals of not more than three years at the Annual
General Meeting, subject to continued satisfactory performance. The non-executive directors will be submitted for re-election at the
forthcoming AGM.
Board performance and evaluation
The Board is committed to evaluating its own performance. The Board is currently finalising a formal annual evaluation programme 
for its own performance and that of its committees and individual directors. The evaluation process will be used constructively as a
mechanism to improve Board effectiveness, maximise strengths and tackle weaknesses.
Internal audit
The Audit Committee has approved the development of an internal audit function and proposals are currently being considered for the
development of an implementation plan.
Non-executive directors
The non-executive directors are appointed by the Board, on the recommendation of the nomination committee, for specified terms. 
They are subject to periodic re-appointment by shareholders and statutory provisions regarding removal.
Governance
Cyril Sweett Group plc
Annual report and accounts 2008
Governance
37 All three non-executive directors have significant external commercial experience, and bring expert advice and strong judgement to the
Board. The Board believes that the non-executive directors are independent of management and have no business or other relationships
which could materially interfere with the exercise of their independent judgement. The Board believes that the relatively low value of
shares held by non-executive directors does not impair their independence.
The roles of the Chairman and Chief Executive are separate and clearly defined.
The remuneration of the non-executive directors is detailed in the Directors’ remuneration report.
Internal control and risk management
The Board is responsible for establishing, reviewing and maintaining the Group’s systems of internal control and risk management and
ensuring that these systems are effective for managing the business risk within the Group. The Group has established a framework for
identifying, evaluating and managing significant risks faced by the Group. The framework of risk management and internal control
operating within the Group has been in place throughout the year and is designed to safeguard shareholders’ investments and the
Group’s assets whilst ensuring that proper accounting records are maintained. This framework is reviewed annually.
It is the responsibility of management to ensure that the controls and procedures that operate within the framework are followed and
that the Board is kept fully appraised of any risks and control issues, both operational and financial. The Board recognises that any
system of internal control exists to minimise the risk of failure rather than eliminate it, and that any system of internal control can only
provide reasonable, not absolute, assurance against material misstatement or loss.
The risk management of joint ventures and strategic partnerships is agreed between the parties and periodic reviews carried out where
appropriate.
The Group annually reviews the effectiveness of the risk management system and its internal controls.
Relations with shareholders
The Board is committed to a continuing dialogue with its shareholders. Following the announcement and presentation of the interim and
year end results, there is a series of formal meetings with institutional shareholders. These meetings enable the executive directors 
to appraise the investors of the Group’s business and future plans and the shareholders can communicate any concerns they may have.
The Group’s brokers and financial PR advisors provide feedback from the shareholder and analyst meetings and present the results 
to the Board.
The Group’s investor relations section on its website contains information on the Group’s financial results and its stock exchange
announcements. Additionally, the AGM provides a useful interface with shareholders. All shareholders are invited to attend the AGM 
and all members of the Board will be available at the meeting to answer questions. Full Interim and Annual Reports are made available
to all shareholders.
Corporate Governance
Continued
38 Cyril Sweett Group plc
Annual report and accounts 2008
Governance The Group is not required to prepare a full Remuneration Report.
Remuneration Committee
The Remuneration Committee comprises the non-executive directors of the company and is chaired by Michael Henderson.
Executive directors’ remuneration policy
The Remuneration Committee determines the overall remuneration package for each executive director, with the aim of attracting,
motivating and retaining executive directors of a high calibre. To this end, the Remuneration Committee takes external independent
advice where it considers it appropriate to do so.
Basic salary
The salary of each executive director is determined by the Committee, taking into account their personal performance and the prevailing
rates in the employment market for executives of comparable status, responsibility, skill and position in other relevant companies. 
When determining directors’ salaries the Committee is always sensitive to pay and employment conditions throughout the Group.
Executive bonus scheme
The Group currently operates a discretionary, non-contractual profit sharing scheme in which the executive directors participate. A more
formal bonus scheme is being developed under which bonuses earned will be linked to agreed key performance indicators.
The Cyril Sweett share option plans
The executive directors hold options under the Enterprise Management Incentive share options scheme, the HMRC approved Company
Share Option Plan and the unapproved Company Share Option Plan. The company no longer qualifies to grant further options under the
Enterprise Management Incentive scheme.
Other benefits
Each of the executive directors is provided with the use of a car or receives an annual cash allowance in lieu of this provision. Each also
has the option of receiving the benefit of private medical insurance for themselves and/or their spouse and/or children. Other benefits
provided include the payment of professional subscriptions and access to the Group’s gym membership scheme.
Non-executive directors’ remuneration policy
The remuneration of the non-executive directors is determined by the Board and the level of remuneration reflects the time commitment
and responsibilities of their roles.
Service contracts
Details of the directors’ service agreement are set out below:
Notice period Notice period
Directors Date of agreement by company by director
Executives
Francis Ives 31 October 2007 12 months 12 months
Dean Webster 31 October 2007 12 months 12 months
Michael Kemsley 31 October 2007 12 months 12 months
Derek Pitcher 31 October 2007 12 months 12 months
Non-executives
Michael Henderson 31 October 2007 3 months 3 months
Roger Mabey 31 October 2007 3 months 3 months
Nicholas Woollacott 21 November 2007 3 months 3 months
Governance
Directors’ remuneration report
Unaudited information
Cyril Sweett Group plc
Annual report and accounts 2008
Governance
39 Directors’ emoluments
Gain on 
exercise
Bonus Pension Other of share Total Total
Salary/fees scheme contributions benefits options 2008 2007
Directors £’000 £’000 £’000 £’000 £’000 £’000 £’000
Executives
Francis Ives 158 25 12 27 52 274 240
Dean Webster 149 25 6 10 – 190 188
Michael Kemsley 100 20 10 10 – 140 140
Derek Pitcher 136 25 10 16 – 187 189
Jimmi Bradbury 
(resigned on 30 August 2007)* 41–24– 47 132
Andrew Hemsley 
(resigned on 30 August 2007)* 48–25 76 131 156
Non-executives
Michael Henderson 29–––– 29 27
Roger Mabey 33–––– 33 32
Nicholas Woollacott 
(appointed on 21 November 2007)* 13–––– 13 –
* Emoluments in respect of the period during which they served as directors.
Directors’ share options
Exercise Number of Number of
Earliest price shares at shares at
Date of exercise Expiry (pence 31 March Granted Exercised Lapsed 31 March
Director grant date date per share) 2007 in the year in the year in the year 2008*
Francis Ives 20/11/2000 20/11/2003 20/11/2010 13.6 100,000––– 100,000
06/10/2003 06/10/2006 06/10/2013 20.8 216,346 – 216,346 – –
28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
Dean Webster 28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
31/10/2007 31/10/2010 31/10/2017 110.0 – 100,000 – – 100,000
Mike Kemsley 28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
31/10/2007 31/10/2010 31/10/2017 110.0 – 75,000 – – 75,000
Derek Pitcher 20/11/2000 20/11/2003 20/11/2010 13.6 75,000––– 75,000
06/10/2003 06/10/2006 06/10/2013 20.8 216,346––– 216,346
28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
31/10/2007 31/10/2010 31/10/2017 110.0 – 75,000 – – 75,000
Andrew Hemsley 20/11/2000 20/11/2003 20/11/2010 13.6 75,000 – 75,000 – –
06/10/2003 06/10/2006 06/10/2013 20.8 216,346 – 216,346 – –
28/11/2005 28/11/2008 28/11/2015 33.5 59,701 – – 59,701 –
Jimmi Bradbury 21/09/2001 21/09/2004 21/09/2011 15.9 157,233––– 157,233
06/10/2003 06/10/2006 06/10/2013 20.8 48,077––– 48,077
28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
31/10/2007 31/10/2010 31/10/2017 110.0 – 50,000 – – 50,000
* Or date of resignation if earlier .
None of the terms and conditions of the share options were varied during the year . All options were granted in respect of 
qualifying services.
The market price of the company's shares at the end of the financial year was 95.5p and the range of market prices during the year 
was between 42.7p and 123.5p.
The market price when Mr F R Ives exercised his share options was 45p.
Directors’ remuneration report
Continued
40 Cyril Sweett Group plc
Annual report and accounts 2008
Governance Directors’ interest in shares
The interests of the directors (including their spouses’ interests) in the shares of the company at 31 March 2008 were as follows:
At 31 March 2008 At 31 March 2007
Directors Ordinary shares* ‘A’ shares ‘B’ shares
Francis Ives 2,659,534 2,205,890 1,372,000
Dean Webster 851,858 1,296,559 –
Michael Kemsley 1,012,218 1,489,437 –
Derek Pitcher 1,435,030 1,995,832 –
Michael Henderson 210,350 291,115 –
Roger Mabey 209,872 294,644 –
Andrew Hemsley – 1,440,984 –
Jimmi Bradbury – 1,152,508 –
* On 18 June 2007 pursuant to resolutions passed by the shareholders of the company, all of the issued and unissued ‘A’ Ordinary shares
of 10p each and ‘B’ Ordinary shares of 10p each in the capital of the company were re-designated as Ordinary shares of 10p each.
Further information on the capital reorganisation is given in note 21 of the annual financial statements.
Pensions
F R Ives is a deferred member of the Final Salary Pension Scheme and as such, no benefits accrue to him other than the annual cost of
living increase. None of the other directors are members of the scheme.
This report has been approved by the Board and has been signed on behalf of the Board by:
Michael Henderson, Chairman of the Remuneration Committee
17 July 2008 
Governance
Cyril Sweett Group plc
Annual report and accounts 2008
Governance
41 Independent auditors’ report to the members 
of Cyril Sweett Group plc 
We have audited the Group and Parent Company financial statements (the ‘financial statements’) of Cyril Sweett Group plc for the
year ended 31 March 2008 which comprise the Consolidated income statement, the Consolidated and company balance sheets, the
Consolidated and company cash flow statement, the Consolidated and company statement of recognised income and expense and
the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of Directors’
Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the company’s members
as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or
assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared in
accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Report of the
Directors is consistent with the financial statements. The information given in the Report of the Directors includes that specific
information presented in the Business review section.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other
transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements.
The other information comprises only the Report of the Directors, the Business review, the Board of directors, Statement of directors’
responsibilities, Directors’ remuneration report and the Corporate Governance statement. We consider the implications for our report if
we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not
extend to any other information.
42 Cyril Sweett Group plc
Annual report and accounts 2008
Governance Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial
statements, and of whether the accounting policies are appropriate to the Group’s and company’s circumstances, consistently applied
and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error . In forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion:
> the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the
Group’s affairs as at 31 March 2008 and of its profit and cash flows for the year then ended;
>
the parent company financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union as
applied in accordance with the provisions of the Companies Act 1985, of the state of the parent company’s affairs as at 31 March 2008
and cash flows for the year then ended;
>
the financial statements have been properly prepared in accordance with the Companies Act 1985; and
>
the information given in the Report of the Directors is consistent with the financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
17 July 2008 
Governance
Cyril Sweett Group plc
Annual report and accounts 2008
Governance
43 2008 2007
Notes £’000 £’000
Revenue 3 62,705 52,061
Cost of sales (40,394) (33,287)
Gross profit 22,311 18,774
Administrative expenses (16,501) (14,038) 
Operating profit 5,810 4,736
Finance income 4 222 58
Finance expense 4 (173) (322)
Net finance income/(expense) 49 (264)
Share of profit of joint venture – 4
Profit on sale of investment in associate – 85 
Profit before taxation 5 5,859 4,561
Taxation 7 (1,809) (1,370)
Profit for the year 4,050 3,191
Profit attributable to:
Equity shareholders of the parent 4,050 3,191
Basic earnings per share (pence) 9 8.3 7.4
Diluted earnings per share (pence) 9 7.8 7.2
The notes on pages 49 to 91 are an integral part of these financial statements.
The company has elected to take the exemption under Section 230 of the Companies Act 1985 to not present the company’s 
Income Statement.
The profit of the company for the year was £3,663,995 (2007: £2,394,684). 
Consolidated income statement 
for the year ended 31 March
44 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 2008 2007
Group Company Group Company
Notes £’000 £’000 £’000 £’000
Foreign exchange translation difference 25 280 (2) 5–
Available-for-sale investments:
Valuation gains taken to equity 25 –– 600 –
Deferred tax on valuation gain 25 –– (180) –
Adjustment to change in tax rates 25 12 – ––
Actuarial gain/(loss) on pension scheme 25 651 651 (60) (60)
Deferred tax on actuarial gain/(loss) 25 (182) (182) 18 18
Net income/(expense) recognised directly in equity 761 467 383 (42)
Profit for the year 4,050 3,664 3,191 2,395
Total recognised income for the year 4,811 4,131 3,574 2,353
Attributable to:
Equity shareholders 4,811 4,131 3,574 2,353
Cumulative actuarial gains/losses for the Group and the Company recognised through the statement of recognised income and expense
are £582,000 gain (2007: £69,000 loss).
Financial statements
Statement of recognised income and expense
for the year ended 31 March 
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
45 2008 2007
Notes £’000 £’000
Non-current assets
Intangible assets 10 3,674 3,258
Property, plant and equipment 11 1,279 1,241
Financial assets 12 941 904
Investment accounted for using the equity method 13 – 220
Deferred income tax asset 15 769 435
Total non-current assets 6,663 6,058
Current assets
Trade and other receivables 16 24,438 21,731
Cash and cash equivalents 17 6,730 1,221
Total current assets 31,168 22,952
Current liabilities 
Financial liabilities 18 (793) (3,960)
Trade and other payables 19 (9,368) (8,819)
Current income tax liabilities (805) (460)
Total current liabilities (10,966) (13,239)
Net current assets 20,202 9,713
Total assets less current liabilities 26,865 15,771
Non-current liabilities
Financial liabilities 18 (96) (481)
Deferred income tax liability 15 (168) –
Retirement benefit obligations 20 – (1,211)
Total non-current liabilities (264) (1,692)
Net assets 26,601 14,079
Equity
Share capital 21 5,534 4,451
Share premium 22 9,987 1,923
Treasury shares 23 (341) (354)
Share option reserve 24 615 154
Retained earnings 25 10,806 7,905
Total equity shareholders’ funds 25 26,601 14,079
The notes on pages 49 to 91 are an integral part of these financial statements.
The financial statements were authorised for issue by the Board of directors on 17 July 2008 and were signed on its behalf by: 
D L Webster M Kemsley 
Consolidated balance sheet
as at 31 March
46 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 2008 2007
Notes £’000 £’000
Non-current assets
Intangible assets 10 3,055 2,965
Property, plant and equipment 11 1,145 1,175
Financial assets 12 1,402 1,298
Deferred income tax asset 15 769 615
Total non-current assets 6,371 6,053
Current assets
Trade and other receivables 16 23,131 19,774
Cash and cash equivalents 17 5,101 256
Total current assets 28,232 20,030
Current liabilities 
Financial liabilities 18 (788) (3,907)
Trade and other payables 19 (8,818) (7,661)
Current income tax liabilities (509) (263)
Total current liabilities (10,115) (11,831)
Net current assets 18,117 8,199
Total assets less current liabilities 24,488 14,252
Non-current liabilities
Financial liabilities 18 (86) (481)
Retirement benefit obligations 20 – (1,211)
Total non-current liabilities (86) (1,692)
Net assets 24,402 12,560
Equity
Share capital 21 5,534 4,451
Share premium 22 9,987 1,923
Treasury shares 23 (341) (354)
Share option reserve 24 615 154
Retained earnings 25 8,607 6,386
Total equity shareholders’ funds 25 24,402 12,560
The notes on pages 49 to 91 are an integral part of these financial statements.
The financial statements were authorised for issue by the Board of directors on 17 July 2008 and were signed on its behalf by: 
D L Webster M Kemsley 
Financial statements
Company balance sheet
as at 31 March
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
47 2008 2007
Group Company Group Company
Notes £’000 £’000 £’000 £’000
Cash flows from operating activities
Cash flows from operations 27 3,993 3,412 2,415 2,319
Interest paid (178) (177) (322) (321)
Income taxes paid (1,341) (1,345) (1,544) (1,521)
Net cash generated from operating activities 2,474 1,890 549 477
Cash flows from investing activities
Interest received 210 144 58 9
Proceeds on disposal of investment in associate –– 125 125
Proceeds on disposal of property, plant and equipment 33 88
Purchase of property, plant and equipment (628) (550) (230) (197)
Purchase of computer software (203) (203) (98) (98)
Increase in financial assets 12 (37) – (68) –
Decrease in Treasury shares 13 13 141 141
Acquisition of subsidiary, net of cash acquired 26 68 (104) (173) (115)
Net cash used in investing activities (574) (697) (237) (127)
Cash flows from financing activities
Dividends paid 8 (1,390) (1,390) (1,253) (1,253)
Repayments of borrowings (1,772) (1,772) (2,026) (2,026)
Repayments of obligations under finance leases (262) (262) (406) (406)
Proceeds on issue of Ordinary shares 25 10,715 10,715 229 229
Issue costs 25 (1,568) (1,568) ––
Purchase of own shares in satisfaction of share options 25 (595) (595) ––
New bank loans raised 786 786 1,423 1,423
Net cash generated from/(used in) financing activities 5,914 5,914 (2,033) (2,033)
Net increase/(decrease) in cash and cash equivalents 7,814 7,107 (1,719) (1,683)
Cash and cash equivalents at beginning of year (1,084) (2,006) 635 (323)
Cash and cash equivalents at end of year 17 6,730 5,101 (1,084) (2,006)
Cash flow statement
for the year ended 31 March
48 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 1. General information
Cyril Sweett Group plc (formerly Cyril Sweett Limited) is a company incorporated and domiciled in the United Kingdom under the
Companies Act 1985. The address of the registered office is 60 Grays Inn Road, London, WC1X 8AQ. The principal activities of the Group
and the company include the provision of construction cost consultancy, project management and other specialised consultancy
services, including building surveying. 
2. Significant accounting policies
The principal accounting policies in the preparation of this financial information are set out below. These policies have been consistently
applied to all years presented, unless otherwise stated.
Basis of preparation – Group
In connection with the company's application for AiM Admission, the company has prepared and presented in its Admission document
the last three years consolidated historical financial information in a form consistent with the accounting policies to be adopted in the
Group's 2008 consolidated financial statements. Accordingly, the directors of the company prepared information for the Group at the
transition date of 1 April 2004 and for each of the years ended 31 March 2005, 2006 and 2007, on the basis expected to be applicable, 
in so far as was then currently known, for the financial statements to be prepared for the year ended 31 March 2008, except where
otherwise required or permitted by IFRS 1 First-time adoption of International Financial Reporting Standards.
Cyril Sweett Group plc now prepares its consolidated and company financial statements in accordance with International Financial
Reporting Standards as adopted for use in the European Union (‘EU’) (IFRS). The Group and company financial statements have been
prepared in accordance with those parts of the Companies Act 1985 that are applicable to companies adopting IFRS and comply with
Article 4 of the EU IAS legislation.
Transition to IFRS – Company
The company’s transition date is 1 April 2005. The company prepared its opening IFRS balance sheet at that date and the company’s
IFRS adoption date was 1 April 2006. The company applied IFRS 1 in preparing the financial statements and full details of the application
of IFRS can be found at note 34.
The preparation of financial statements in conformity with IFRS requires the use of judgements, estimates and assumptions that affect
the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions are recognised
in the period in which the estimate or assumption is revised. The key areas where estimates have been used and assumptions applied
are in impairment testing of goodwill, deferred taxation, assessing the outcome of projects and recoverability of work in progress and 
in assessing the defined benefit pension scheme liabilities (see notes 10, 15, 16 and 20 respectively). The financial statements are
presented in sterling to the nearest thousand (£’000).
Consolidation
The consolidated financial statements incorporate the results of Cyril Sweett Group plc and all of its subsidiary undertakings made up 
to 31 March 2008, adjusted to eliminate intra-group balances, transactions, income and expenses. The Group has used the acquisition
method of accounting to consolidate the results of subsidiary undertakings, which are included from the date of acquisition, which is
defined as the date when control passes.
Financial statements
Notes to the financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
49 2. Significant accounting policies (continued)
Basis of consolidation
Acquisition of subsidiaries and businesses are accounted for under the purchase method. On acquisition, the identifiable assets
(including intangible assets), liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of
acquisition. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on
acquisition) is credited to the income statement in the period of acquisition. The interest of minority shareholders is stated at the
minority’s proportion of the fair values of the assets and liabilities recognised.
Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with
those used by the Group.
Associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or jointly control, through
participation in the financial and operating policy decisions of that entity. Investments in associates are accounted for using the equity
method of accounting. Investments in associates are initially recognised at cost. The group’s investment in associates includes goodwill
identified at acquisition, net of any accumulated impairment loss. Under this method the company’s share of the post-acquisition profits
or losses of associates is recognised in the income statement and its share of post acquisition movements in reserves is recognised in
reserves. The cumulative post-acquisition movements are adjusted against the cost of the investment.
In the company, associates are accounted for at cost less any provision for impairment.
Joint venture
A joint venture is an entity in which the Group holds a long-term investment which is jointly controlled by the Group and one or more
other ventures under a contractual arrangement. The results of joint ventures are consolidated using the equity accounting method.
Segmental reporting
A segment is a distinguishable component of the Group that is engaged in providing services and has a different risk and reward profile.
As the risks and rates of return are unaffected by differences in respect of these services, the primary format for reporting segment
information is based on geographical location.
Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates
prevailing on the balance sheet date. Translation differences on non-monetary items carried at fair value are reported as part of the fair
value gain or loss. Gains and losses arising on retranslation are included in the income statement.
The consolidated financial information is presented in sterling which is the company’s functional and presentation currency. 
On consolidation, income statements and cash flows of foreign entities are translated into pounds sterling at average exchange rates for
the year and their balance sheets are translated at the exchange rates ruling at the balance sheet date. Exchange differences arising
thereon are taken to shareholders’ equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity
and translated at the exchange rate ruling on the date of acquisition. Exchange differences are taken to reserves.
Notes to the financial statements
Continued
50 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 2. Significant accounting policies (continued)
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and
services provided in the normal course of business, net of discounts, value added tax and other sales related taxes and after eliminating
intra-group sales.
Contract work in progress
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion 
of the contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. Variations in contract
work, claims and incentive payments are included to the extent that it is probable that they will result in revenue and they are capable of
being reliably measured. Where any long-term project is substantially incomplete, it is normal in terms of the relevant accounting
standards and prudence in general to restrict any profit recognition by valuing the related work in progress at the lower of cost and net
realisable value. Recognising the low risks attaching to Cyril Sweett’s fee-based business, but with due regard to market conditions 
and out-turns on recently-completed contracts, all substantially incomplete contracts and all contracts in excess of that figure at each
valuation date showing thin margins on projected out-turns will be critically reviewed and the profit restricted to the lower of cost and
net realisable value if considered necessary. Any forecast loss will in any event be recognised immediately.
Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred
that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is
probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Pre-contract costs
Pre-contract costs are capitalised and treated as work in progress only if they can be separately identified, measured reliably and it is
probable that the related contract will be won. This is generally presumed to be when preferred bidder status is awarded. Until this
status is reached, all such costs are expensed to the income statement in the period in which they are incurred. 
Time-based contracts
Revenue on time-based products is recognised in line with labour hours delivered.
Interest
Interest income is recognised on a time-proportion basis using the effective interest method.
Dividend
Dividend income is recognised when the right to receive payment is established.
Intangible assets
(i) Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the
identifiable assets and liabilities of a subsidiary or associate at the date of acquisition. Each acquisition is treated as a separate 
cash-generating unit.
Goodwill is subject to an annual impairment review. Any impairment is recognised immediately in the income statement and is not
subsequently reversed. On disposal of a subsidiary or associate, the attributable amount of goodwill is included in the determination of
the profit or loss on disposal. 
(ii) Computer software
Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring to use the specific software.
Computer software licences are held at cost and amortised on a straight-line basis over three years.
Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. Costs that
are directly associated with identifiable and unique software products controlled by the Group, and which are expected to generate
economic benefits exceeding costs beyond one year, are recognised as intangible assets and amortised over their estimated useful lives.
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
51 2. Significant accounting policies (continued)
Property, plant and equipment
Property, plant and equipment is shown at cost less subsequent accumulated depreciation and impairment. Cost includes expenditure
that is directly attributable to the acquisition of these assets.
Subsequent costs are included in the asset’s carrying amount, only when it is probable that future economic benefits associated with 
the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to the income
statement during the financial period in which they are incurred.
Depreciation is calculated to write off the cost of assets less residual value on a straight-line basis over their expected useful lives.
The rates of depreciation used for the assets are as follows:
Fixtures and fittings 20% – straight line
Computer hardware 33.3%–50% – straight line
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets, or, where shorter,
over the term of the relevant lease.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and is included in the income statement.
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment and whenever events 
or changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are tested
for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment
loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows (cash-generating units).
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount
recognised as a provision at the balance sheet date is the best estimate of the consideration required to settle the present obligation
taking into account the risks and uncertainties surrounding the obligation. Where there is a material effect the expected future payments
are discounted. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
the receivable is recognised as an asset only if it is virtually certain that reimbursement will be received and the amount of the receivable 
can be measured reliably.
Financial assets
Financial assets are classified as ‘available-for-sale’ financial assets and ‘loans and receivables’. Available-for-sale financial assets are
recorded at fair value less transaction costs. Gains and losses arising from changes in fair value are recognised directly in equity, until
the asset is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is
included in the income statement for the period. Impairment losses on available-for-sale financial assets are not reversed. Loans and
receivables are classified as financial assets when they are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and are initially measured at fair value and subsequently measured at amortised cost using the effective
interest method less accumulated impairment losses.
Trade receivables
Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for
impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts 
due according to the original terms. The amount of the provision is recognised in the income statement.
Notes to the financial statements
Continued
52 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 2. Significant accounting policies (continued)
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks and other short-term highly liquid investments with original
maturities of three months or less. Bank overdrafts are shown within borrowings in current financial liabilities on the balance sheet.
For the purposes of the cash flow statement cash and cash equivalents are net of bank overdrafts.
Impairment of financial assets
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset has been impaired.
Impairment losses are recognised in the income statement. 
Financial liabilities
Financial liabilities are classified as either financial liabilities as ‘at fair value through profit or loss’, or other financial liabilities. 
Financial liabilities are classified as ‘at fair value through profit or loss’ where the financial liability is either held for trading or it is
specifically designated as such.
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs and subsequently 
at amortised cost.
Borrowings
Interest-bearing bank loans and overdrafts are initially recorded at the proceeds received, net of direct issue costs. Finance charges,
including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis to the income
statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not
settled in the period in which they arise.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Leases
Leases of property, plant and equipment by which the Group has substantially all the risks and rewards of ownership are classified as
finance leases. Finance leases are capitalised at the inception of the lease at the lower of fair value and the estimated present value of
the underlying lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant
rate of interest on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in
liabilities. The interest element of the finance cost is charged to the income statement over the lease period. Property, plant and
equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life and the lease term. Leases where 
a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made
under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for
the year . Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group liability for current
tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax
expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial information
and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax 
is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than in a business combination, that
at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws
that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related tax asset is
realised or the tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilised.
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future.
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
53 2. Significant accounting policies (continued)
Employee benefits
Pension obligations
Group companies operate various pension schemes. The schemes are funded through payments to insurance companies or trustee-
administered funds. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan that
defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as
age, years of service and compensation. The pension cost for defined benefit schemes is assessed in accordance with the advice of
qualified independent actuaries.
The liability records the defined benefit obligation at the balance sheet date less the fair value of plan assets. Independent actuaries
calculate the obligation annually using the ‘projected unit’ funding method. Actuarial gains and losses are recognised in full in the period
in which they occur and are presented in the statement of recognised income and expense. As permitted under IFRS 1 all actuarial gains
and losses as at 1 April 2004, the date of transition to IFRS, were recognised for each plan.
Past-service costs are recognised immediately in the consolidated income statement, unless the changes to the scheme are conditional
upon employees remaining in service for a specified period, in which case the past-service costs are amortised on a straight-line basis
over this period.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no
legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. Contributions are recognised as an expense in the income statement when
they fall due.
Share-based payments
The Group operates executive and employee share schemes. For all grants of share options and awards, the fair value as at the date of
grant is calculated using an appropriate option pricing model and the corresponding expense is recognised over the period to which the
associated employee’s service relates. The company has taken advantage of the transitional provisions of IFRS 2 only to recognise equity
settled awards granted after 7 November 2002 that had not vested before 1 January 2005.
The grant by the company of share options over its equity instruments to the employees of subsidiary undertakings in the Group is
treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is
recognised over the investing period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity.
Employee Benefit Trust (EBT)
The company’s EBT is a separately administered discretionary trust for the benefit of employees. The assets of the EBT mainly comprise
shares in the company. The assets, liabilities, income and costs of the EBT are consolidated in the financial information. The investment
in own shares is treated as a deduction in Shareholders’ Funds.
Sources of estimation uncertainty
The preparation of the financial information requires the Group to make estimates, judgements and assumptions that affect the reported
amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. The directors base their
estimates on historical experience and various other assumptions that they believe are reasonable under the circumstances, the results
of which form the basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different assumptions or conditions.
Significant judgements
The Group believes that the most significant critical judgement area in the application of its accounting policies is revenue recognition
and the assessment of the value of work-in-progress. The other principal areas where judgements have been made are defined benefit
pension assumptions and impairment of goodwill.
Notes to the financial statements
Continued
54 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 2. Significant accounting policies (continued)
Recent accounting developments
The following standards, amendments and interpretations have been issued but are not yet mandatory:
IFRS 8, ‘Operating Segments’ (effective for annual periods beginning on or after 1 January 2009) introduces disclosures to enable the
user to evaluate the nature and financial effect of the business activities in which it engages and the economic environment in which it
operates. This standard is not expected to have a material impact on the Group’s consolidated financial statements.
IFRS 3 (Revised), ‘Business Combinations – Comprehensive revision on applying the acquisition method’ (effective from 1 July 2009),
which will impact the way future acquisitions are reported. This standard will not have a material impact on the acquisition made during
the year .
IAS 23 (revised), ‘Borrowing Costs’ (applies to borrowing costs relating to qualifying assets for which the commencement date for
capitalisation is on or after 1 January 2009). This standard is not expected to have a material impact on the Group’s consolidated
financial statements.
IAS 27 (Revised), ‘Consolidated and separate financial statements – consequential amendment arising from amendments to IFRS 3’
(effective for annual periods beginning on or after 1 January 2008). The Group will apply IAS 27 from 1 April 2008, but it is not expected 
to have a material impact on the Group’s consolidated financial statements.
IAS 28 (Revised), ‘Investments in Associates – consequential amendment arising from amendments to IFRS 3’. The Group will apply 
IAS 28 from 1 April 2008, but it is not expected to have a material impact on the Group’s consolidated financial statements.
IAS 31 (Revised), ‘Investments in Joint Ventures – consequential amendment arising from amendments to IFRS 3’. The Group will apply
IAS 31 from 1 April 2008, but it is not expected to have a material impact on the Group’s consolidated financial statements.
IAS 1 (Revised), ‘Presentation of financial statements – Comprehensive revision including a statement of comprehensive income’
(effective from 1 January 2009), impacting the presentational disclosure of the financial statements, but will have no impact on the
carrying values of items. It is not expected to have a material impact on the Group’s consolidated financial statements.
IFRIC 12, ‘Service Concession Arrangements’ (effective for annual periods beginning on or after 1 January 2008). The Group will apply
IFRIC 12 from 1 April 2008, but it is not expected to have a material impact on the Group’s consolidated financial statements.
IFRIC 13, ‘Customer Loyalty Programmes’ (effective for annual periods beginning on or after 1 July 2007). The Group will apply IFRIC 13
from 1 April 2008, but it is not expected to have a material impact on the Group’s consolidated financial statements.
IFRIC 14, ‘IAS 19 – The limit on defined benefit asset, minimum funding requirements and their interaction’ (effective for annual periods
beginning on or after 1 January 2008). The Group will apply IFRIC 14 from 1 April 2008, but it is not expected to have a material impact on
the Group’s consolidated financial statements.
IFRIC 13 and IFRIC 14 have not been endorsed by the European Union.
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
55 3. Segmental analysis
For management purposes, the company manages its operations through three geographical regions, which are viewed as the primary
segments. Allocations have been made on the basis of the location of assets, with the exception of certain corporate costs which have
remained unallocated.
Primary segments
2008 2007
Other Other
UK Ireland overseas Total UK Ireland overseas Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Revenue by geographical regions, by origin
External sales 56,564 3,245 2,896 62,705 48,397 2,851 813 52,061
Gross profit 20,347 1,158 806 22,311 17,012 1,542 220 18,774
Administrative expenses (13,956) (616) (912) (15,484) (12,366) (695) (128) (13,189)
Share of operating results of joint ventures – ––– 4––4
Segment results 6,391 542 (106) 6,827 4,650 847 92 5,589
Unallocated corporate costs (1,017) (849)
Finance income 222 58
Finance costs (173) (322)
Profit on sale of investment In associate – 85
Profit before tax 5,859 4,561
Taxation (1,809) (1,370)
Profit for the year 4,050 3,191
* Unallocated corporate costs comprise directors remuneration, advertising, public relations, corporate financing costs and legal and
professional fees.
Other information
2008 2007
Other Other
UK Ireland overseas Total UK Ireland overseas Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Capital additions 884 41 74 999 632 29 12 673
Depreciation and amortisation 804 31 13 848 818 29 4 851
Impairment of intangible assets –––– 295–– 295
Capital additions comprise the acquisition of property, plant and equipment and computer software.
Balance sheet
2008 2007
Other Other
UK Ireland overseas Total UK Ireland overseas Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Assets 
Segmental assets 32,106 2,652 2,304 37,062 26,081 2,175 319 28,575
Unallocated corporate assets 769 435
Consolidated total assets 37,831 29,010
Liabilities 
Segmental liabilities 8,847 403 286 9,536 9,246 618 166 10,030
Unallocated corporate liabilities 1,694 4,901
Consolidated total liabilities 11,230 14,931
Notes to the financial statements
Continued
56 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 3. Segmental analysis (continued)
The assets of the segments include intangible assets, property, plant and equipment, assets from finance leases, financial assets,
investments accounted for using the equity method, trade receivables and other receivable and cash and cash equivalents. The liabilities
comprise trade and other payables and retirement benefit obligations. Unallocated corporate assets comprise deferred tax assets and
unallocated corporate liabilities comprise financial liabilities and current income tax liabilities.
Segment assets and liabilities are reconciled to entity assets and liabilities as follows:
2008 2007
Assets Liabilities Assets Liabilities
£’000 £’000 £’000 £’000
Segment assets/liabilities 37,062 9,536 28,575 10,030
Unallocated:
Deferred tax 769 – 435 –
Current tax – 805 – 460
Current borrowings – 674 – 368
Non-current borrowings –86 – 1,378
Bank overdrafts –– – 2,305
Current obligations under finance leases – 119 – 277
Non-current obligations under finance leases –10 – 113
Total 37,831 11,230 29,010 14,931
The Group’s three business segments operate in three main geographical regions, even though they are managed on a worldwide basis.
Secondary formats
2008 2007
£’000 £’000
Revenue by business activity
Quality Surveying 32,986 27,113 
Project Management 20,576 18,182 
Specialist Services/Management Consultancy 9,143 6,766 
62,705 52,061 
Additional information
Revenue by geographical destination
United Kingdom 53,265 46,783 
Republic of Ireland 3,243 3,368 
Other overseas 6,197 1,910
62,705 52,061 
The Group manages its business through segments based on geographical region. Business activities are not controlled independently
and separate information for segmental assets and capital expenditure is not available. All revenue is generated from the rendering 
of services.
4. Net finance income/(expense)
2008 2007
£’000 £’000
Finance income
Interest receivable on bank deposits 222 58
Finance expense
Interest payable on bank and other borrowings (147) (275)
Finance leases (26) (47)
(173) (322)
Net finance income/(expense) 49 (264)
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
57 5. Profit before taxation is stated after charging/(crediting):
Profit before taxation is stated after charging/(crediting):
2008 2007
£’000 £’000
Employee benefit expense (note 6) 39,132 33,212
Depreciation of property, plant and equipment
Owned assets 515 383
Under finance leases 110 275
Amortisation of intangible assets (included in administrative expenses)
Owned assets 171 132
Under finance leases 52 61
Impairment of goodwill (included in administrative expenses) – 295
Impairment loss recognised on trade receivables 307 383 
Loss on disposal of property, plant and equipment 28 –
Operating lease rentals
Plant and equipment 593 571
Property 1,523 1,304
Fees payable to company’s auditor for the audit of the parent company and consolidated financial statements 85 75
Fees payable to company’s auditor for other services:
– the audit of company’s subsidiaries pursuant to legislation 6 16
– taxation services 36 10
– other services 537 8
Exchange (gain)/loss (28) 4
Included in the fees payable to the company’s auditor for other services pursuant to legislation are fees amounting to £332,000 
(2007: £nil), in respect of due diligence reviews, which have been capitalised. 
6. Directors and employees
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Staff costs, including directors were as follows:
Wages and salaries 34,345 32,042 29,134 27,857
Social security costs 3,589 3,462 3,051 2,946
Share-based payments 77 77 68 68
Post employment benefit
Defined contribution plan 910 826 779 727
Defined benefit plan 211 211 180 180
Total employee benefit expense 39,132 36,618 33,212 31,778
The average number of employees during the year:
Fee earners 580 542 510 492
Administration 129 120 115 112
Total staff 709 662 625 604
Notes to the financial statements
Continued
58 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 6. Directors and employees (continued)
Directors’ emoluments
2008 2007
£’000 £’000
Group and company
Aggregate emoluments 874 1,054
Aggregate gains made on exercise of share options 128 105
Company contributions to money purchase scheme 42 49
1,044 1,208
2008 2007
£’000 £’000
Highest paid director:
Aggregate emoluments 210 228
Aggregate gains made on exercise of share options 52 –
Company contributions to money purchase scheme 12 12
274 240
The highest paid director exercised options over 216,346 shares during the year (2007: nil).
2008 2007
Number Number
Number of directors earning pension entitlement through company pension contributions 6 6
Directors exercising share options:
Number of directors exercising share options 2 2
Refer to the Directors’ remuneration report for further details of remuneration of the directors employed by the company.
Key management compensation
Group and company
Key management of the company are considered to be the directors.
2008 2007
£’000 £’000
Aggregate emoluments 874 1,054
Share-based payments 11 19
Company contributions to money purchase scheme 42 49
927 1,122
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
59 7. Taxation
Analysis of change in the year
2008 2007
£’000 £’000
Current tax:
UK corporation tax 1,577 1,179 
Overseas tax 106 127 
Double tax relief (41) – 
Adjustments in respect of previous years 44 (150)
1,686 1,156 
Deferred taxation:
Origination and reversal of timing differences – note 15 123 214 
Taxation charge 1,809 1,370 
Factors affecting the tax charge for the year:
The total tax charge is higher (2007: higher) than the standard rate of corporation tax in the UK (30%). 
The differences are explained as follows:
2008 2007
£’000 £’000
Profit before tax 5,859 4,561
Profit before tax multiplied by standard rate of corporation tax in the UK of 30% 1,758 1,368
Effects of:
Expenses not deductible for tax purposes 430 296
Income not subject to taxation – (33)
Tax relief in respect of share options (384) –
Different tax rates on overseas earnings (133) (163)
Adjustments to tax charge in respect of previous periods 45 (150)
Remeasurement of deferred tax arising on the change in future tax rate 10 –
Other timing differences 83 52
Total taxation charge 1,809 1,370
During the year, as a result of the change in UK Corporation Tax rates which will be effective from 1 April 2008, deferred tax balances
have been remeasured. Deferred tax relating to temporary differences expected to reverse after 1 April 2008 are measured at the tax rate
of 28% as this is the tax rate that will apply on reversal. 
8. Dividends
2008 2007
£’000 £’000
Interim dividend paid of 0.8p per share in respect of the year ended 31 March 2008 443 426 
Final dividend paid of 2.15p per share in respect of the year ended 31 March 2007 947 827 
1,390 1,253 
Dividend per share in respect of the financial year:
Interim dividend per share paid during the year 0.80p 0.97p
Final dividend per share declared for the year 1.60p 2.15p
The Board has declared a final dividend in respect of the year ended 31 March 2008 of 1.60p per share amounting to £920,637 
(2007: 2.15p per share amounting to £957,026). Included in the amount of £957,026 is £10,124 paid to the Employee Benefit Trust. 
These financial statements do not reflect the final dividend for 2008.
Notes to the financial statements
Continued
60 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 9. Earnings per share
2008 2007
£’000 £’000
Profit for the financial year attributable to equity shareholders 4,050 3,191
Number Number
Weighted average number of shares in issue 49,098,651 42,813,568
Basic earnings per share (pence) 8.3 7.4
Weighted average number of shares in issue 49,098,651 42,813,568
Diluted effect of share options 2,877,532 1,830,139
51,976,183 44,643,707
Diluted earnings per share (pence) 7.8 7.2
Basic
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of
Ordinary shares in issue during the year excluding Ordinary shares purchased by the company and held as Treasury shares (note 23).
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding to assume
conversion of all dilutive potential Ordinary shares. The company’s dilutive potential Ordinary shares are share options. A calculation 
is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market 
share price of the company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. 
The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise
of the share options.
10. Intangible assets
Computer
Goodwill software Total
Group £’000 £’000 £’000
Cost
At 1 April 2006 2,996 786 3,782 
Additions 295 98 393 
Disposals – (106) (106)
At 31 March 2007 3,291 778 4,069 
Additions 324 315 639 
Disposals – (171) (171)
At 31 March 2008 3,615 922 4,537 
Accumulated impairment/amortisation
At 1 April 2006 – 429 429 
Impairment 295 – 295
Charge for the year – 193 193
Disposals – (106) (106)
At 31 March 2007 295 516 811 
Charge for year – 223 223 
Disposals – (171) (171)
At 31 March 2008 295 568 863 
Net book amount
At 31 March 2008 3,320 354 3,674 
At 31 March 2007 2,996 262 3,258 
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
61 10. Intangible assets (continued)
As at 1 April 2006, the balance represented goodwill acquired on the acquisition of the trade and assets of Cyril Sweett Group in 
1998 (£2,703,000) together with that arising on the acquisition of BoydCreedSweett Limited (£293,000) which became a subsidiary on 
30 September 2005. During 2007, the company acquired the entire share capital of Altonwood Project Services Limited resulting in an
addition to goodwill amounting to £295,000.
During the year the company completed the acquisition of the remaining 50% of the share capital of Jones Sweett International Limited,
for a cash payment of £104,000 and a mutual return of shares. The acquisition took effect from 31 December 2007 and Jones Sweett
International Limited subsequently changed its name to Cyril Sweett International Limited. Goodwill arising on acquisition amounted 
to £324,000 further details of which can be found at note 26.
The net book amount of computer software above includes assets held on finance lease with a net book amount of £48,000 
(2007: £115,000). Amortisation of £52,000 (2007: £61,000) is included in administration expenses.
Computer 
Goodwill software Total
Company £’000 £’000 £’000
Cost
At 1 April 2006 2,940 786 3,726 
Additions – 98 98 
Disposals – (106) (106)
At 31 March 2007 2,940 778 3,718 
Additions – 313 313 
Disposals – (171) (171)
At 31 March 2008 2,940 920 3,860 
Accumulated impairment/amortisation
At 1 April 2006 237 429 666 
Charge for year – 193 193 
Disposals – (106) (106)
At 31 March 2007 237 516 753 
Charge for year – 223 223 
Disposals – (171) (171)
At 31 March 2008 237 568 805 
Net book amount
At 31 March 2008 2,703 352 3,055 
At 31 March 2007 2,703 262 2,965 
The net book amount of computer software above includes assets held on finance lease with a net book amount of £48,000 
(2007: £115,000). Amortisation of £52,000 (2007: £61,000) is included in administration expenses.
The key assumptions used in the value in use calculations for the evaluation of the carrying value of goodwill relating to the acquisition
of the Cyril Sweett Group in 1998 and BoydCreedSweett in 2006 were:
>
Revenue and profit before tax to grow in line with the rate of inflation, estimated at 3%;
> A pre-tax discount rate of 10%.
The directors consider the assumptions used to be prudent in the light of the historical performance of each cash-generating unit and
economic and industry measures and forecasts. 
62 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
Notes to the financial statements
Continued 11. Property, plant and equipment
Fixtures Computer
and fittings hardware Total
Group £’000 £’000 £’000
Cost
At 1 April 2006 1,566 939 2,505 
Foreign exchange (2) (1) (3)
Additions 246 329 575 
Disposals (72) (104) (176)
At 31 March 2007 1,738 1,163 2,901 
Foreign exchange 26 13 39 
Additions 490 172 662 
On acquisition of subsidiary undertaking (note 26) 9 13 22
Disposals (478) (334) (812)
At 31 March 2008 1,785 1,027 2,812 
Accumulated depreciation
At 1 April 2006 657 514 1,171 
Foreign exchange (1) (1) (2)
Charge for the year 317 341 658 
Disposals (71) (96) (167)
At 31 March 2007 902 758 1,660 
Foreign exchange 18 11 29 
Charge for the year 359 266 625 
Disposals (448) (333) (781)
At 31 March 2008 831 702 1,533 
Net book amount
At 31 March 2008 954 325 1,279 
At 31 March 2007 836 405 1,241 
The net book amount of property, plant and equipment above includes assets held on finance lease with a net book amount of £145,000
(2007: £449,000).
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
63 11. Property, plant and equipment (continued)
Fixtures Computer
and fittings hardware Total
Company £’000 £’000 £’000
Cost
At 1 April 2006 1,506 914 2,420 
Foreign exchange (1) – (1)
Additions 240 301 541 
Disposals (72) (103) (175)
At 31 March 2007 1,673 1,112 2,785 
Foreign exchange 6 – 6 
Additions 458 127 585 
Disposals (478) (334) (812)
At 31 March 2008 1,659 905 2,564 
Accumulated depreciation
At 1 April 2006 645 504 1,149 
Charge for the year 305 324 629 
Disposals (72) (96) (168)
At 31 March 2007 878 732 1,610 
Foreign exchange 3 – 3 
Charge for the year 341 247 588 
Disposals (448) (334) (782)
At 31 March 2008 774 645 1,419 
Net book amount
At 31 March 2008 885 260 1,145 
At 31 March 2007 795 380 1,175 
The net book amount of property, plant and equipment above includes assets held on finance lease with a net book amount of £135,000
(2007: £445,000).
12. Financial assets
Available-for- Loans and 
sale assets receivables Total
Group £’000 £’000 £’000
Fair value/cost
At 1 April 2006 – 236 236 
Additions 4 64 68 
Fair value adjustment 600 – 600 
At 31 March 2007 604 300 904 
Additions 8 29 37 
At 31 March 2008 612 329 941 
Financial assets available for sale primarily relate to the capital cost of 19% of the issued share capital of Lift Investments Limited, 
a company incorporated in England and Wales, 5% of the issued share capital of Education 4 Ayrshire (Holdings) Limited, a company
incorporated in Scotland and 15% of Education 4 Dumfries & Galloway Limited, a company incorporated in Scotland. Fair values 
are based upon the prevailing secondary market discount rate for such assets together with prices obtained on the sale of similar
investments. The financial assets available for sale are in the UK.
Loans and receivables are subordinated loans to Lift Investments Limited together with accrued interest (note 29).
There were no disposals or impairment provisions on available-for-sale assets during 2008 or 2007.
Notes to the financial statements
Continued
64 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 12. Financial assets (continued)
Shares in 
Shares in subsidiary
joint venture undertakings Total
Company £’000 £’000 £’000
Fair value/cost
At 1 April 2006 216 1,079 1,295
Additions – 368 368
At 31 March 2007 216 1,447 1,663
Additions [note 26] – 104 104 
Transfer from investment in joint venture (216) 216 – 
At 31 March 2008 – 1,767 1,767 
Provisions for impairment
At 1 April 2006 –––
Additions – 365 365
At 31 March 2007 and at 31 March 2008 – 365 365
Net book amount
At 31 March 2008 – 1,402 1,402 
At 31 March 2007 216 1,082 1,298 
13. Investments accounted for using equity method
Associated
Joint ventures undertakings Total
Group £’000 £’000 £’000
At 1 April 2006 216 40 256 
Share of retained earnings 4 – 4 
Disposals – (40) (40)
At 31 March 2007 220 – 220 
Transfer to shares in Group undertakings (220) – (220)
At 31 March 2008 – – – 
During the year Cyril Sweett Group plc acquired the remaining 50% of Jones Sweett International Limited, following which the name 
of the now wholly owned subsidiary was changed to Cyril Sweett International Limited (note 26).
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
65 14. Subsidiary undertakings
Group’s Class of Country of Principal
interest shares held registration activities
Cyril Sweett Investments Limited 100% Ordinary England Intermediate group 
(formerly Cyril Sweett (Holdings) Limited) holding company
Cyril Sweett International (Holdings) Limited 100% Ordinary England Intermediate group
holding company
Cyril Sweett Limited 100% Ordinary England Non-trading
Cyril Sweett & Partners Limited+ 100% Ordinary England Dormant
C E Ball & Partners Limited + 100% Ordinary England Dormant
Cyril Sweett Trustee Company Limited*+ 100% Ordinary England Corporate trustee
Lift Partnerships Limited+ 100% Ordinary England Construction consultancy
Altonwood Project Services Limited 100% Ordinary England Non-trading
CSBC (Healthcare) Limited+ 100% Ordinary Ireland Construction consultancy
BoydCreedSweett Limited 100% Ordinary Ireland Construction consultancy
Cyril Sweett España S.L. 100% Ordinary Spain Construction consultancy
Cyril Sweett International Limited 100% Ordinary Cyprus Intermediate group
holding company
Cyril Sweett (Cyprus) Limited 100% Ordinary Cyprus Intermediate group
holding company
Cyril Sweett (India) Private Limited+ 100% Ordinary India Construction consultancy
Cyril Sweett Australia Pty Limited 100% Ordinary Australia Intermediate group
holding company
All subsidiary undertakings are direct holdings of the company unless denoted by +.
* Cyril Sweett Trustee Company Limited is the corporate trustee of the Cyril Sweett Share Incentive Plan.
The above subsidiary undertakings are all included in these consolidated accounts.
15. Deferred taxation
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Deferred tax:
At 1 April 435 615 811 811
Charged to the income statement (123) (123) (214) (214)
Credited/(charged) directly to reserves 289 277 (162) 18
At 31 March 601 769 435 615
Disclosed as:
Deferred tax asset 769 769 435 615
Deferred tax liability 168 – ––
Deferred taxation provided in the accounts is as follows:
Capital allowances in advance of depreciation 101 101 102 102
Outstanding share options 615 615 ––
Other timing differences (115) 53 (30) 150
Retirement benefit obligations (note 20) –– 363 363
At 31 March 601 769 435 615
Deferred tax estimated to be recoverable within one year is £162,000 (2007: £137,000). There are no material unrecognised deferred 
tax assets.
Other timing differences represent net of deferred tax asset on provisions of £53,000 (2007: £150,000) and deferred tax liability on
valuation gain of £168,000 (2007: £180,000).
Notes to the financial statements
Continued
66 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 16. Trade and other receivables
2008 2007
Group Company Group Company
Current receivables £’000 £’000 £’000 £’000
Gross amount due from customers for contract work 60,593 56,210 57,355 56,111
Less: progress payments received (54,932) (51,247) (51,980) (51,326)
5,661 4,963 5,375 4,785
Trade receivables 17,442 14,905 15,533 13,806
Less: provision for impairment (947) (902) (640) (638)
16,495 14,003 14,893 13,168
Amounts owed by Group undertakings – 2,572 – 676
Other receivables 811 193 424 135
Prepayments and accrued income 1,471 1,400 1,039 1,010
24,438 23,131 21,731 19,774
As at 31 March 2008, trade receivables of £2,246,000 (2007: £1,384,000) were impaired by either a bad debt or credit note provision. 
The amount of the debt provision was £947,000 (2007: £640,000). The individually impaired receivables mainly relate to ongoing minor
disputes with customers. It was assessed that a portion of the receivables is expected to be recovered. The ageing of these receivables
from the date of invoice is as follows:
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Less than 90 days 436 430 461 461 
Over 90 days 1,810 1,765 923 921 
2,246 2,195 1,384 1,382 
As of 31 March 2008, trade receivables of £7,826,000 (2007: £4,472,000) were past due but not impaired. These relate to a number of
independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables from the date 
of invoice is as follows:
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Less than 90 days 5,601 4,653 2,577 2,112
Over 90 days 2,225 1,069 1,895 1,265
7,826 5,722 4,472 3,377
The carrying amounts of receivables are denominated in the following currencies:
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Pounds 13,773 13,768 13,026 13,012 
Euros 2,331 235 1,867 156 
Dirhams 356 – – – 
Rupees 35 – – – 
16,495 14,003 14,893 13,168 
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
67 16. Trade and other receivables (continued)
Movements in the provision for impairment of trade receivables are as follows:
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
At 1 April 640 638 257 257 
Provision for receivables impairment 550 507 532 530 
Unused amounts reversed or written off (243) (243) (149) (149)
At 31 March 947 902 640 638 
The creation and release of provisions for impaired receivables has been included in ‘administrative expenses’ in respect of the bad debt
provision and as a reduction in revenue in respect of credit note provision in the income statement.
The maximum exposure to credit risk at the reporting date is the carrying value of the receivable balances mentioned above. The Group
does not provide any collateral as security.
17. Cash and cash equivalents 
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Cash at bank and in hand 6,730 5,101 1,221 256 
For the purposes of the cash flow statement, cash and cash equivalents are included net of overdrafts repayable on demand. 
These overdrafts are excluded from the definition of cash and cash equivalents disclosed on the balance sheet.
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Cash and cash equivalents as above 6,730 5,101 1,221 256 
Overdraft (note 18) – – (2,305) (2,262)
6,730 5,101 (1,084) (2,006)
The effective interest rate on cash balances was 5.6% (2007: 4.8%).
Notes to the financial statements
Continued
68 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 18. Financial liabilities
2008 2007
Group Company Group Company
Current £’000 £’000 £’000 £’000
Bank overdrafts – – 2,305 2,262 
Bank loans 674 674 1,378 1,378 
Obligations under finance leases 119 114 277 267 
793 788 3,960 3,907 
2008 2007
Non-current £’000 £’000 £’000 £’000
Bank loans 86 86 368 368 
Obligations under finance leases 10 – 113 113 
96 86 481 481 
2008 2007
Bank loans £’000 £’000 £’000 £’000
Analysis of maturity of debt:
Within one year or on demand 674 674 1,378 1,378 
Between one and two years 86 86 279 279 
Between two and five years – – 89 89 
760 760 1,746 1,746 
In December 2002 the Group took a five year term loan from The Royal Bank of Scotland plc of £2.1m. This was repayable in quarterly
instalments commencing February 2003 and was secured by an all asset debenture and letters of non reactivation for Cyril Sweett
(Holdings) Limited, Cyril Sweett & Partners Limited, C E Ball & Partners Limited. The rate of interest is LIBOR plus 1.75%. capped 
at 6%. On 1 February 2006 the Company took a further two year term loan from The Royal Bank of Scotland plc of £0.9m which was
secured on the same basis as the existing term loan and was repayable in to equal annual instalments commencing on 1 February 2007.
The rate of interest was LIBOR plus 1.25%. 
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
69 18. Financial liabilities (continued)
During the year, the company changed its principal banker from The Royal Bank of Scotland plc to Bank of Scotland plc and repaid
existing debt with the former, leading to a lapse of the related security. As part of the new banking arrangements, Bank of Scotland plc
has provided a multi-currency revolving credit facility of up to £5m for the financing of acquisitions. This facility is secured by a first 
and only debenture and a cross-guarantee of the company, Cyril Sweett Limited, Cyril Sweett International (Holdings) Limited and 
Cyril Sweett Investments Limited. The rate of interest is 1.1% over LIBOR or EURIBOR and drawdowns are repayable in 2013, with
prepayment in whole or in part permitted. The facility was unused at the balance sheet date. Further bank loans of £760,000 
(2007: £928,000) are unsecured.
The present value of finance leases liabilities fall due as follows:
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Within one year or on demand 123 118 294 282 
Between one and two years 11 – 118 118 
134 118 412 400 
Future finance charges on finance leases (5) (4) (22) (20)
Present value of finance lease liabilities 129 114 390 380 
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Analysis of maturity of debt:
Within one year or on demand 119 114 277 267 
Between one and two years 10 – 113 113 
129 114 390 380 
19. Trade and other payables
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Amounts due to customers on long-term contracts 1,495 969 1,247 736
Trade payables 993 981 683 681
Amounts owed to Group undertakings – 651 –68
Other taxes and social security costs 2,890 2,691 2,810 2,589
Other payables 579 528 431 410
Accruals and deferred income 3,411 2,998 3,648 3,177
9,368 8,818 8,819 7,661
Notes to the financial statements
Continued
70 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 20. Retirement benefit obligations
Defined benefit pension schemes
Group and company
The company’s funded defined benefit pension scheme was closed to new members from 1 January 1999 and with effect from 30 June
2003 the company stopped making contributions to this scheme for current members in respect of their future service. Contributions
that previously would have been paid into this scheme are now being paid into the Cyril Sweett Group Personal Pension Scheme.
Full actuarial valuations are prepared every three years, with the next valuation due at 30 June 2008. At the last valuation the following
growth rate assumptions were used:
Investment return 6.0%–7.0%
Salary increases 2.8%
Pension increases 2.8%
At the latest actuarial valuation completed as at 30 June 2005 the market value of the assets was £7,179,000 which represented 
72% of the benefits accrued to members on an ongoing basis, the resulting deficit being £2,827,000.
During the year the company contributed at the rate of £40,000 per month and the current schedule of contributions requires ongoing
contributions of this amount.
The most recent and full actuarial valuation was carried out at 30 June 2005, by an independent actuary, and has been updated to 
31 March 2008 for the purposes of inclusion of information about the pension scheme in these accounts. The main assumptions used 
by management were:
% per annum % per annum % per annum % per annum
31 March 31 March 31 March 31 March
2008 2007 2006 2005
Rate of increase of salaries n/a n/a n/a n/a
Rate of increase of index-linked pensions in payment 3.6% 3.3% 3.1% 3.1%
Discount rate 6.8% 5.4% 5.0% 5.4%
Inflation assumption 3.6% 3.3% 3.1% 3.1%
The assumptions used by management are best estimates chosen from a range of possible actuarial assumptions which, due to the
timescale covered, may not necessarily be borne out in practice.
The average life expectancy in years of a pensioner retiring at the age of 65 on the balance sheet date is as follows:
2008 2007
Male 19 19
Female 22 22
The average life expectancy in years of a pensioner retiring at the age of 65, 20 years after the balance sheet date is as follows: 
2008 2007
Male 19.9 19.9
Female 22.8 22.8
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
71 20. Retirement benefit obligations (continued)
Defined benefit pension schemes (continued)
Group and company (continued)
The amounts recognised in the balance sheet are determined as follows:
2008 2007 2006
£’000 £’000 £’000
Present value of plan assets 9,199 9,140 8,609
Present value of funded obligation (9,199) (10,351) (10,347)
Asset/(liability) in the balance sheet – (1,211) (1,738)
Related deferred tax asset – 363 521
Net pension asset/(liability) – (848) (1,217)
The amounts recognised in the income statement are as follows:
2008 2007 2006
£’000 £’000 £’000
Current service costs 211 180 142
Expected return on plan assets (630) (587) (485)
Interest cost 551 509 467
Total included in administrative expenses 132 102 124
Movement in the present value of the defined benefit obligation during the year is as follows:
2008 2007 2006
£’000 £’000 £’000
Opening retirement benefit obligation (1,211) (1,738) (1,945)
Movement in the year:
Current service cost (211) (180) (142)
Employer contributions 692 689 361
Expected return on plan assets 630 587 485
Interest on plan liabilities (551) (509) (467)
Actuarial gains/(losses) 651 (60) (30)
Closing retirement benefit obligation – (1,211) (1,738)
Analysis of amount recognised in the statement of recognised income and expense.
2008 2007 2006
£’000 £’000 £’000
Actual return less expected return (744) (230) 1,327
Experience gains and losses 36 (132) (35)
Changes in assumptions 1,359 302 (1,322)
Recognised actuarial gains/(losses) 651 (60) (30)
Notes to the financial statements
Continued
72 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 20. Retirement benefit obligations (continued)
Defined benefit pension schemes (continued)
The major categories of plan assets and the expected rate of return at the balance sheet date for each category, is as follows:
Long-term Long-term Long-term
rate of rate of rate of
return return return
expected at Fair value at expected at Fair value at expected at Fair value at
31 March 31 March 31 March 31 March 31 March 31 March
2008 2008 2007 2007 2006 2006
p.a. £’000 p.a. £’000 p.a. £’000
Equities and property 7.50% 4,744 7.80% 5,913 7.40% 6,564
Fixed interest 5.00% 1,993 5.30% 1,557 4.90% 1,023
Index linked gilts 4.50% 2,397 4.80% 1,603 4.40% 1,022
Cash and other 5.25% 65 5.25% 67 4.50% –
9,199 9,140 8,609
In 2008 there was a negative return on plan assets of £114,000 (2007: positive return of £357,000).
The contribution expected to be paid during the financial year to 31 March 2009 amounts to £480,000 for the funded final salary scheme
and £212,000 for the Group Life Scheme.
The fair value of the scheme’s assets, which are not intended to be realised in the short term and may be subject to significant change
before they are realised, and the present value of the scheme’s liabilities, which are derived from cash flow projections over long periods
are thus inherently uncertain.
Movement in the present value of plan assets were as follows:
2008 2007 2006
£’000 £’000 £’000
Opening fair value of plan assets 9,140 8,609 6,811
Expected return on plan assets 630 587 485
Benefits paid (519) (515) (375)
Actual return less expected return (744) (230) 1,327
Contribution from the employer 692 689 361
Closing fair value of plan assets 9,199 9,140 8,609
Movement in the present value of defined obligations were as follows:
2008 2007 2006
£’000 £’000 £’000
Opening fair value of obligations 10,351 10,347 8,756
Interest on plan liabilities 551 509 467
Benefits paid (519) (515) (375)
Changes in assumptions (1,359) (302) 1,322
Current service costs 211 180 142
Experience gains and losses (36) 132 35
Closing fair value of obligations 9,199 10,351 10,347
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
73 20. Retirement benefit obligations (continued)
Defined benefit pension schemes (continued)
The history of experience adjustments is as follows:
2008 2007 2006
£’000 £’000 £’000
Difference between actuarial and expected return on plan assets:
Amount (744) (230) 1,327
% of plan assets (8%) (3%) 15%
Experience gains and losses on plan liabilities:
Amount 36 (132) (35)
% of plan liabilities 0% (1%) 0%
Total amount recognised in statement of recognised income and expense:
Amount 651 (60) (30)
% of plan liabilities 7% (1%) 0%
Money purchase pension schemes
The company’s contribution to the Cyril Sweett Group plc Group Personal Pension (GPP) scheme for the period 1 April 2007 to 31 March
2008 was £878,000 (2007: £777,000).
The company also contributes to employees’ personal pension schemes and the charge for the year was £120,000 (2007: £144,000).
At the year end the accounts included an accrual for pension contributions of £135,000 (2007: £103,000).
21. Share capital
Group and company
2008 2007
£’000 £’000
Authorised:
75,000,000 (2007: 50,000,000) Ordinary shares of 10p each 7,500 5,000
2008 2007
£’000 £’000
Called up and fully paid:
‘A’ Ordinary shares of 10p each – 4,314
‘B’ Ordinary shares of 10p each – 137
Ordinary shares of 10p each 5,534 –
5,534 4,451
2008 2007
000’s 000’s
Number of shares
‘A’ Ordinary shares of 10p each – 43,141
‘B’ Ordinary shares of 10p each – 1,372
Ordinary shares of 10p each 55,336 –
55,336 44,513
Notes to the financial statements
Continued
74 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 21. Share capital (continued)
Movement in share capital
2008 2007
£’000 £’000
At 1 April 4,451 4,283
Shares issued (note 22) 1,083 168
At 31 March 5,534 4,451
On 18 June 2007, pursuant to resolutions passed by the shareholders of the company, all of the issued and unissued A Ordinary shares
of 10p each and B Ordinary shares of 10p each in the capital of the company were re-designated as Ordinary shares of 10p each and the
authorised share capital of the company was increased from £5,000,000 to £7,500,000 by the creation of 25,000,000 new Ordinary shares
of 10p each. The A Ordinary shares and B Ordinary shares carried the same rights and privileges and ranked pari passu in all respects
for participation in the profits and assets of the company and in all other respects except that the B Ordinary shares did not entitle the
holders thereof to receive notice of or to attend or vote at any general meeting.
22. Share premium account
Group and company
2008 2007
£’000 £’000
At 1 April 1,923 1,613
Shares issued 9,632 310
Issue costs (1,568) –
At 31 March 9,987 1,923
On 15 June 2007, the Company issued 216,346 B Ordinary shares at a premium of 10.8p per share, 216,346 A Ordinary shares at a
premium of 10.8p per share and 75,000 A Ordinary shares at a premium of 3.6p per share, in satisfaction of the exercise of share options.
On 19 July 2007 the company issued 560,000 Ordinary shares to the Cyril Sweett Employee Benefit Trust, at a premium of 35p per share.
On 22 August 2007 the company issued 48,077 Ordinary shares at a premium of 10.8p per share in satisfaction of the exercise of share
options. On 7 September the company issued 216,346 Ordinary shares at a premium of 10.8p per share in satisfaction of the exercise 
of share options and on 1 October 2007 the company issued 350,000 Ordinary shares to the Cyril Sweett Employee Benefit Trust, 
at a premium of 76p per share.
On 31 October 2007 the company issued 9,090,910 Ordinary shares at a premium of £1 per share, these shares were admitted to trading 
on the Alternative Investment Market of the London Stock Exchange plc. The costs incurred in connection with placing these shares,
amounting to £1.6m have been deducted from the share premium account.
On 6 December 2007, the company issued 50,000 Ordinary shares at a premium of 3.6p per share, in satisfaction of the exercise of 
share options.
23. Treasury shares
Group and company
2008 2007
£’000 £’000
At 1 April 354 495 
Disposals (13) (141)
At 31 March 341 354
As at 31 March 2008, the Treasury shares represent 354,006 Ordinary shares (2007: 785,478 ‘A’ Ordinary shares) of the company held by
the company’s Employee Benefit Trust and Share Incentive Plan set out below with a value of £341,000 (2007: £354,000). These shares
represented 0.6% (2007: 1.76%) of the company’s issued shares. 
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
75 23. Treasury shares (continued)
Cyril Sweett Employee Benefit Trust
The Employee Benefit Trust was established as a scheme for encouraging or facilitating the holding of shares in the company by or for
the benefit of bona fide employees of the company. Assets and liabilities recorded by the Employee Benefit Trust are treated as assets
and liabilities of the company, but are under the day to day control of trustees. 
The trustees have the power to grant options over any shares held by the trust or to sell or transfer any such shares to any beneficiaries
from time to time provided always that the trustees consider that the grant of options or sale of shares will be advantageous to the
beneficiaries. Costs of the Employees Benefit Trust have been recorded as a part of operating expenses of the company. At 31 March
2008 the Employee Benefit Trust held 209,081 shares (2007: 416,864 shares) which were valued at £212,000 (2007: £188,000).
Cyril Sweett Share Incentive Plan
The Share Incentive Plan was established to enable qualifying employees to acquire shares in the company out of untaxed income and
provides a tax efficient means of granting shares to employees. Dividends received by the plan in cash are used to purchase additional
shares on behalf of individuals. Free shares are awarded to qualifying employees based on remuneration.
As of 31 March 2008 the plan held 144,295 shares (2007: 368,614 shares) with a value of £129,000 (2007: £166,000) which had not been
allocated to individual employees.
24. Equity settled share-based payments
The company has granted certain unapproved share options together with share options under its Approved Company Share Option Plan
(CSOP) and its Enterprise Management Incentive (EMI) scheme. These options have a contractual life of ten years and are exercisable on
the third anniversary from the date of grant. The Group has no legal or constructive obligation to repurchase or settle the options in cash
and options lapse if an option holder is not a full-time employee of the Group. The unexercised options at the end of the year are 
stated below.
Option 2008 2007
exercise price Shares Shares
Date of grant of option per share 000’s 000’s
Unapproved options
20 November 2000 13.6p 175 175
31 October 2007 110.0p 186 –
361 175
CSOP
20 November 2000 13.6p 65 190
21 September 2001 15.9p 157 157
29 January 2007 42.7p 100 100
31 March 2007 45.0p 44 44
31 March 2008 94.5p 30 –
396 491
EMI
6 October 2003 20.8p 559 1,953
28 November 2005 33.5p 1,223 1,350
16 October 2006 42.7p 1,490 1,565
31 October 2007 110.0p 734 –
14 January 2008 110.0p 30 –
4,036 4,868
The estimated fair value of these share options range between 5p per share and 14p per share. This was calculated by applying a
binomial option pricing model. The model inputs were the share price at grant date, the appropriate exercise price, expected volatility of
30%, expected dividend yield of 2.5% (2007: 8.6%), contractual life of ten years and a risk-free interest rate of 5.5% (2007: 5.5%). It was
assumed that employees would exercise their options during the first year after the option vesting date. The volatility of 30% (2007: 30%)
represents the average of the volatility of a range of listed companies which operate in the same or similar sector as this company.
Notes to the financial statements
Continued
76 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 24. Equity settled-share based payments (continued)
Further details of the three share option plans are as follows:
2008 2007
2008 Weighted 2007 Weighted 
Number of average Number of average
options exercise options exercise
000’s price 000’s price
Outstanding at the start of the period 5,534 30.5p 5,014 24.2p
Granted 980 110.0p 1,846 42.3p
Forfeited (202) 36.9p (226) 35.3p
Exercised (1,519) 20.2p (1,100) 20.8p
Outstanding at the end of the period 4,793 49.7p 5,534 30.5p
Exercisable at the end of the period 956 49.7p 2,475 30.5p
Options exercised during 2008 resulted in 697,115 shares being issued at 20.8p each and 125,000 shares being issued at 13.6p each
(2007: 1,099,999 shares issued at 20.8p each). The related weighted average share price at the time of exercises was 30.5p (2007: 24.2p)
per share.
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Shares
Exercise 
price 
Expiry date of option per share 2008 2007
20 November 2010 13.6p 240,000 365,000
21 September 2011 15.9p 157,233 157,233
6 October 2013 20.8p 558,654 1,952,884
28 November 2015 33.5p 1,222,636 1,349,501
16 October 2016 42.7p 1,490,000 1,565,000
29 January 2017 42.7p 100,257 100,257
1 March 2017 45.0p 44,444 44,444
31 October 2017 110.0p 920,000 –
14 January 2018 110.0p 30,000 –
31 March 2018 94.5p 30,000 –
4,793,224 5,534,319
Share option reserve
Group and company
2008 2007
£’000 £’000
At 1 April 154 145
Value of employee services provided 77 68
Deferred tax on unexercised options 459 –
Transfer to retained earnings on exercise (75) (59)
At 31 March 615 154
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
77 25. Statement of changes in shareholders’ equity 
Share
Share Share Treasury Retained option Total 
capital premium shares earnings reserves equity
Group £’000 £’000 £’000 £’000 £’000 £’000
At 31 March 2006 4,283 1,613 (495) 5,525 145 11,071
Exchange differences –––5–5
Profit for the year – – – 3,191 – 3,191
Dividends – – – (1,253) – (1,253)
Actuarial loss – – – (60) – (60)
Deferred tax on actuarial loss – – – 18 – 18
Available-for-sale investments – – – 600 – 600
Deferred tax on available-for-
sale investments – – – (180) – (180)
Employee share option scheme
– value of services provided –––– 68 68
– exercise of awards – – – 59 (59) -
Disposal of shares during the year – – 141 – – 141
New shares issued on acquisition 168 310 - – – 478
At 31 March 2007 4,451 1,923 (354) 7,905 154 14,079
Exchange differences – – – 280 – 280
Profit for the year – – – 4,050 – 4,050
Dividends – – – (1,390) – (1,390)
Actuarial gain – – – 651 – 651
Deferred tax on actuarial gain – – – (182) – (182)
Deferred tax on available-for-
sale investments – – – 12 – 12
Employee share option scheme
– value of services provided –––– 77 77
– exercise of awards – – – 75 (75) –
– deferred tax on unexercised options –––– 459 459
Purchase of shares by the EBT 
less exercise price of options 
exercised over these shares – – – (595) – (595)
Disposal of shares during the year – – 13 – – 13
New shares issued during the year 1,083 9,632––– 10,715
Issue costs – (1,568) – – – (1,568)
At 31 March 2008 5,534 9,987 (341) 10,806 615 26,601
Cumulative exchange gains recorded through the statement of changes in shareholders’ equity amounted to £296,000 (2007: £16,000).
Included in retained earnings is an amount of £408,000 (2007: £420,000) which is not available for distribution.
Notes to the financial statements
Continued
78 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 25. Statement of changes in shareholders’ equity (continued)
Share
Share Share Treasury Retained option Total 
capital premium shares earnings reserves equity
Company £’000 £’000 £’000 £’000 £’000 £’000
At 31 March 2006 4,283 1,613 (495) 5,227 145 10,773
Profit for the year – – – 2,395 – 2,395
Dividends – – – (1,253) – (1,253)
Actuarial loss – – – (60) – (60)
Deferred tax on actuarial loss – – – 18 – 18
Employee share option scheme
– value of services provided –––– 68 68
– exercise of awards – – – 59 (59) –
Disposals during the year – – 141 – – 141
New shares issued on acquisition 168 310––– 478
At 31 March 2007 4,451 1,923 (354) 6,386 154 12,560
Exchange differences – – – (2) – (2)
Profit for the year – – – 3,664 – 3,664
Dividends – – – (1,390) – (1,390)
Actuarial gain – – – 651 – 651
Deferred tax on actuarial gain – – – (182) – (182)
Employee share option scheme
– value of services provided –––– 77 77
– exercise of awards – – – 75 (75) –
– deferred tax on unexercised options –––– 459 459
Purchase of shares by the EBT less 
exercise price of options exercised 
over these shares – – – (595) – (595)
Disposals during the year – – 13 – – 13
New shares issued during the year 1,083 9,632––– 10,715
Issue costs – (1,568) – – – (1,568)
At 31 March 2008 5,534 9,987 (341) 8,607 615 24,402
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
79 26. Acquisitions
On 22 February 2008, the company completed the acquisition of the remaining 50% of the share capital of Jones Sweett International
Limited, for a cash payment of £103,518 and a mutual return of shares. The acquisition took effect from 31 December 2007 and Jones
Sweett International Limited subsequently changed its name to Cyril Sweett International Limited.
Group
Provisional fair value and book value of the assets and liabilities of Jones Sweett International Limited are:
2008
£’000
Plant and equipment 22
Receivables 628
Payables (822)
Cash and cash equivalents 172
Net assets acquired –
Goodwill 324
Consideration 324
Consideration satisfied by: 
Transfer from shares in joint venture 220
Cash costs paid 104
324
The acquired business contributed revenues of £370,000 and a net loss of £39,000 to the Group for the period from 1 January 2008 to 
31 March 2008. If the acquisition had occurred on 1 April 2007, Group revenue would have been £63.6m and profit before taxation would
have been £5.7m.
27. Cash flows from operations
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Operating profit 5,810 5,394 4,736 3,921
Adjustment for:
Depreciation of property, plant and equipment 625 588 658 629
Amortisation of intangible assets 223 223 193 193
Impairment of goodwill –– 295 –
Impairment of financial assets –– – 365
Loss on disposal of plant and equipment 28 28 ––
Share-based payments 77 77 68 68
Operating cash flows before movements in working capital 6,763 6,310 5,950 5,176
Increase in receivables (2,434) (3,524) (3,249) (2,433)
(Decrease)/increase in payables (390) 623 (292) (424)
Foreign exchange 54 3 6–
3,993 3,412 2,415 2,319
Notes to the financial statements
Continued
80 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 28. Major non-cash transactions
Group and company
2008 2007
£’000 £’000
Capital value of new finance lease arrangements – 345
29. Financial risk management
The main risks arising from the Group's financial instruments are foreign currency risk, credit risk and liquidity risk. The Group seeks 
to manage these risks in a manner which ensures straightforward administration and operational flexibility, whilst minimising risk. 
The financial instruments used by the Group comprise internal cash resources, shares, borrowings and debtors and creditors arising
from normal trading activities. Banking facilities are negotiated to provide working capital and acquisition finance to meet current and 
future requirements.
Foreign currency risk
Most of the Group's trading activity is denominated in the currency relevant to the trading entity, thereby matching the currency with its
cost base. Where contracts are denominated in non-local currency, the policy is to mitigate the risk having regard to all the relevant
circumstances.
The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency
exposure arising from the net assets of the Group’s foreign currency operations is managed primarily through borrowings denominated
in the relevant foreign currencies. 
Liquidity and interest rate risk
The Group's objective is to ensure that sufficient cash reserves are available to fund ongoing activities and future development plans.
This risk is managed through a combination of short and long-term loan funding, the purchase of assets through finance lease
arrangements and overdraft facilities. In addition the risk is mitigated by the policy of periodic invoicing on long-term contracts.
The maturity of financial liabilities is as follows:
2008 2007
Group Company Group Company
£’000 £’000 £’000 £’000
Within one year 793 788 3,960 3,907
Between one and two years 96 86 393 392
Between two and five years –– 88 89
889 874 4,441 4,388
The group changed its principal banker from The Royal Bank of Scotland plc to Bank of Scotland during the year . The principal cash
facilities now available comprise a committed overdraft facility of £4m and a five-year committed revolving credit facility of £5m to be 
used for acquisition finance. Neither of these facilities nor an overdraft facility of a subsidiary company of £175,000 was utilised at 
31 March 2008.
In addition to these facilities, the principal banker has made available other cash facilities totalling £3.5m for asset and insurance
premium financing, none of which was drawn at 31 March 2008. This facility is subject to the following covenants:
> Net worth, including goodwill, shall not at any time be less than £13m;
>
The ratio of earnings before interest, tax, depreciation and amortisation to total interest for each quarterly test date shall not be less
than 4:1.
The Group has £6,730,000 (2007: £1,221,000) of cash and cash equivalents at the year end held in bank accounts which is immediately
available for use. Cash surplus to short-term requirements is usually invested overnight on the money market to earn interest at rates
close to the prevailing local base rates. The effective interest rate on cash held was 5.6% (2007 4.8%).
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
81 29. Financial risk management (continued)
Fair values
The fair value of the Group's financial assets and liabilities are equal to their carrying value.
Credit risk
The Group has no significant concentration of credit risk. This risk is managed by implementing appropriate credit control procedures 
in the conduct of its business.
Capital risk
The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the long-term cost
of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital 
to shareholders, issue new shares or sell assets to reduce debt.
30. Related party transactions 
Group and company
Mr M Kemsley is a shareholder of Fieldwick Kemsley and Partners Limited which provided accountancy and company secretarial
services to the company during the year at a cost of £6,510 (2007: £7,141). At the year end no monies were owed to this company 
(2007: £nil).
During the year the company entered into transactions totalling £14,541 (2007: £20,038) with The British Council of Offices, of which
Francis Ives is a director . At the year end £858 was owed to this company (2007: £nil).
Additionally, the company entered into transactions totalling £26,194 (2007: £36,054) with The British Council of Shopping Centres, 
of which Derek Pitcher is a director . At the year end £464 was owed to this company (2007: £nil).
The directors are of the opinion that the above transactions were on normal commercial terms.
Cyril Sweett Investments Limited (formerly Cyril Sweett (Holdings) Limited) holds 19% of the issued share capital of Lift Investments
Limited, to which it has advanced subordinated debt funding and on which it earns interest at the rate of 12.5%. The subordinated debt
repayable at 31 March 2008 was £329,959 (2007: £300,075) and interest earned during the year was £42,112 (2007: £33,050).
Other receivables of the Group include the following amounts receivable from directors in respect of season ticket loans. All advances
are interest free and repayable by monthly instalments.
31 March 31 March
2008 2007
Director £’000 £’000
A R Hemsley – 1
F R Ives – 2
M Kemsley 2 2
D R Pitcher – 2
J Bradbury – 2
D L Webster 3 –
Notes to the financial statements
Continued
82 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 30. Related party transactions (continued)
Group and company
Maximum loan Maximum loan
outstanding outstanding
during the during the
year to year to
31 March 31 March
2008 2007
Director £’000 £’000
A R Hemsley – 5
F R Ives – 5
M Kemsley 2 2
D R Pitcher 2 3
J Bradbury – 2
D L Webster 5 –
Company  
Sales of goods and services
2008 2007
£'000 £'000
Sales of services to related parties 
Fellow group undertakings 1,118 923
Purchases of services from related parties 
Fellow group undertakings 17 46
Sales and purchases to and from fellow group undertakings were carried out on commercial terms and at market prices.
Year end balances arising from sales and purchases of services are as follows: 
2008 2007
£'000 £'000
Receivable from related parties 
Fellow group undertakings 2,572 676
Payables to related parties 
Fellow group undertakings 651 68
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
83 31. Operating lease commitments – minimum lease payments
Future commitments under non-cancellable operating leases:
2008 2007
£’000 £’000
Land and buildings
Within one year 1,885 1,207
Within two to five years 3,195 3,257
After five years – 392
5,080 4,856
Plant and machinery
Within one year 576 335
Within two to five years 909 456
1,485 791
The group leases land and buildings, plant and machinery under non-cancellable operating lease arrangements, which have various
terms and renewal rights.
32. Capital and other financial commitments
At 31 March 2008 the Group had no significant capital expenditure commitments (2007: £nil).
33. Post balance sheet events
On 1 April 2008, the company reorganised its corporate structure, transferring its main UK trading activity to Cyril Sweett Limited and
transferring its non-UK subsidiaries to Cyril Sweett International (Holdings) Limited, both of which are wholly owned subsidiary
undertakings.
On 1 April 2008, Cyril Sweett Australia Pty Limited the company’s wholly owned subsidiary undertaking in Australia completed the
acquisition of the entire share capital of Burns Bridge Holdings Pty Limited and its subsidiary companies. Burns Bridge is an Australian
based project management business with operations in Australia, Singapore and Abu Dhabi. The initial consideration was satisfied by a
cash payment of AUD 2.25m and the balance by the transfer of 493,534 Ordinary shares of 10p each in Cyril Sweett Group plc. Deferred
consideration will be payable contingent upon the financial performance of Burns Bridge during the 12 months to 30 June 2008 and 
the 12 months to 30 June 2009 and in any event, will not exceed AUD 11.8m. The total consideration in any event, will not exceed 
AUD 15.0m.
On 3 April 2008, Cyril Sweett Limited the company’s wholly owned subsidiary completed the acquisition of the trade, certain assets 
and goodwill of Nisbet LLP together with the entire share capital of Nisbet Project Safety Limited, for a total consideration of £5.9m. 
The initial consideration payable on completion was £1.8m payable in cash and the allotment of 2,203,928 Cyril Sweett Group plc
Ordinary shares of 10p each. Deferred consideration of £648,000 is payable in cash during the six months following completion 
and £1.3m will be paid over the next two years.
On 4 April 2008, Cyril Sweett Limited the company’s wholly owned subsidiary completed the acquisition of the trade, certain assets and
goodwill of Roger Richards Partnership for a total consideration of £250,000.
The approval of the final recommended dividend of 1.6p per share will be proposed at the forthcoming Annual General Meeting.
Notes to the financial statements
Continued
84 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 34. Reconciliation of net assets and profit under UK GAAP to IFRS
Cyril Sweett Group plc reported under UK GAAP in its previously published financial statements. The analysis below shows a
reconciliation of net assets as reported under UK GAAP as at 31 March 2006 and 2007 and income statements for the years ended 
31 March 2006 and 2007 to the revised net assets and profits under IFRS as reported in these financial statements. There has been 
no material adjustment to the cash flows in previous years.
Reconciliation of equity at 31 March 2006
Elimination of
Employee negative Restated in
Reformatted benefits goodwill Other accordance
UK GAAP IAS 19 IFRS 3 reclassifications with IFRS
Group £’000 £’000 £’000 £’000 £’000
Non-current assets
Intangible assets 2,965 – 30 358 3,353
Plant, equipment, fixtures and fittings 1,692 – – (358) 1,334
Financial assets available for sale – – – 236 236
Investments accounted for 
using equity method 148 – – 108 256
Deferred taxation asset 178 633 – – 811
Trade and other receivables 236 – – (236) –
Total non-current assets 5,219 633 30 108 5,990
Current assets
Trade and other receivables 18,254––– 18,254
Cash and cash equivalents 1,069––– 1,069
Total current assets 19,323––– 19,323
Current liabilities
Financial liabilities (2,042) – – – (2,042)
Trade and other payables (8,048) (373) – – (8,421)
Current income tax liabilities (848) – – – (848)
Total current liabilities (10,938) (373) – – (11,311)
Net current assets 8,385 (373) – – 8,012
Total assets less current liabilities 13,604 260 30 108 14,002
Non-current liabilities 
Financial liabilities (1,193) – – – (1,193)
Retirement benefit obligations (1,217) (521) – – (1,738)
Total non-current liabilities (2,410) (521) – – (2,931)
Net assets 11,194 (261) 30 108 11,071
Capital and reserves
Share capital 4,283––– 4,283
Share premium 1,613––– 1,613
Treasury shares (603) – – 108 (495)
Share option reserve 145––– 145
Pension reserve (1,217) 1,217–––
Retained earnings 6,973 (1,478) 30 – 5,525
Total equity shareholders’ funds 11,194 (261) 30 108 11,071
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
85 34. Reconciliation of net assets and profit under UK GAAP to IFRS (continued)
Reconciliation of equity at 31 March 2006
Elimination of
Employee negative Restated in
Reformatted benefits goodwill Other accordance
UK GAAP IAS 19 IFRS 3 reclassifications with IFRS
Company £’000 £’000 £’000 £’000 £’000
Non-current assets 
Intangible assets 2,673 – 30 358 3,061
Plant, equipment, fixtures and fittings 1,629 – – (358) 1,271
Financial assets available for sale 1,079––– 1,079
Investments accounted for 
using equity method 122 – – 108 230
Deferred taxation asset 178 633 – – 811
Total non-current assets 5,681 633 30 108 6,452
Current assets
Trade and other receivables 17,366––– 17,366
Cash and cash equivalents 111––– 111
Total current assets 17,477––– 17,477
Current liabilities
Financial liabilities (2,031) – – – (2,031)
Trade and other payables (7,033) (373) – – (7,406)
Current income tax liabilities (792) – – – (792)
Total current liabilities (9,856) (373) – – (10,229)
Net current assets 7,621 (373) – – 7,248
Total assets less current liabilities 13,302 260 30 108 13,700
Non-current liabilities
Financial liabilities (1,189) – – – (1,189)
Retirement benefit obligations (1,217) (521) – – (1,738)
Total non-current liabilities (2,406) (521) – – (2,927)
Net assets 10,896 (261) 30 108 10,773
Capital and reserves
Share capital 4,283––– 4,283
Share premium 1,613––– 1,613
Treasury shares (603) – – 108 (495)
Share option reserve 145––– 145
Pension reserve (1,217) 1,217–––
Retained earnings 6,675 (1,478) 30 – 5,227
Total equity shareholders’ funds 10,896 (261) 30 108 10,773 
Notes to the financial statements
Continued
86 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 34. Reconciliation of net assets and profit under UK GAAP to IFRS (continued)
Reconciliation of equity at 31 March 2007
Fair value Elimination of
Employee investment negative Restated in
Reformatted benefits adjustment goodwill Other accordance
UK GAAP IAS 19 IAS 39 IFRS 3 reclassifications with IFRS
Group £’000 £’000 £’000 £’000 £’000 £’000
Non-current assets
Intangible assets 2,966 – – 30 262 3,258
Plant, equipment, 
fixtures and fittings 1,503––– (262) 1,241
Financial assets 
available for sale 4 – 600 – 300 904
Investments accounted for 
using equity method 28––– 192 220
Deferred taxation 133 482 (180) – – 435
Trade and other receivables 300––– (300) –
Total non-current assets 4,934 482 420 30 192 6,058
Current assets –
Trade and other receivables 21,731 – – – 21,731
Cash and cash equivalents 1,221–––– 1,221
Total current assets 22,952–––– 22,952 
Current liabilities
Financial liabilities (3,960) – – – (3,960)
Trade and other payables (8,423) (396) – – – (8,819)
Current income tax liabilities (460) –––– (460)
Total current liabilities (12,843) (396) – – – (13,239)
Net current assets 10,109 (396) – – – 9,713
Total assets less 
current liabilities 15,043 86 420 30 192 15,771
Non-current liabilities 
Financial liabilities (481) –––– (481)
Retirement benefit obligations (848) (363) – – – (1,211)
Total non-current liabilities (1,329) (363) – – – (1,692)
Net assets 13,714 (277) 420 30 192 14,079
Capital and reserves
Share capital 4,451–––– 4,451
Share premium 1,923–––– 1,923
Treasury shares (462) – – – 108 (354)
Share option reserve 154–––– 154
Pension reserve (848) 848––––
Retained earnings 8,496 (1,125) 420 30 84 7,905
Total equity shareholders’ funds 13,714 (277) 420 30 192 14,079 
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
87 34. Reconciliation of net assets and profit under UK GAAP to IFRS (continued)
Reconciliation of equity at 31 March 2007
Elimination of
Employee negative Restated in
Reformatted benefits goodwill Other accordance
UK GAAP IAS 19 IFRS 3 reclassifications with IFRS
Company £’000 £’000 £’000 £’000 £’000
Non-current assets
Intangible assets 2,673 – 30 262 2,965
Plant, equipment, fixtures and fittings 1,437 – – (262) 1,175
Financial assets available for sale 1,082 – – 216 1,298
Investments accounted for 
using equity method 108 – – (108) –
Deferred taxation 133 482 – – 615
Total non-current assets 5,433 482 30 108 6,053
Current assets
Trade and other receivables 19,774––– 19,774
Cash and cash equivalents 256––– 256
Total current assets 20,030––– 20,030 
Current liabilities
Financial liabilities (3,907) – – – (3,907)
Trade and other payables (7,265) (396) – – (7,661)
Current income tax liabilities (263) – – – (263)
Total current liabilities (11,435) (396) – – (11,831)
Net current assets 8,595 (396) – – 8,199
Total assets less current liabilities 14,028 86 30 108 14,252
Non-current liabilities 
Financial liabilities (481) – – – (481)
Retirement benefit obligations (848) (363) – – (1,211)
Total non-current liabilities (1,329) (363) – – (1,692)
Net assets 12,699 (277) 30 108 12,560
Capital and reserves
Share capital 4,451––– 4,451
Share premium 1,923––– 1,923
Treasury shares (462) – – 108 (354)
Share option reserve 154––– 154
Pension reserve (848) 848–––
Retained earnings 7,481 (1,125) 30 – 6,386
Total equity shareholders’ funds 12,699 (277) 30 108 12,560 
Notes to the financial statements
Continued
88 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 34. Reconciliation of net assets and profit under UK GAAP to IFRS (continued)
Reconciliation of net income for the year ended 31 March 2006
Restated in
Reformatted Holiday pay Other accordance
UK GAAP IAS 19 reclassifications with IFRS
Group £’000 £’000 £’000 £’000
Turnover 44,803 – – 44,803
Cost of sales (28,998) – – (28,998)
Gross profit 15,805 – – 15,805
Indirect costs/administrative expenses (11,523) (35) – (11,558)
Operating profit 4,282 (35) – 4,247
Finance income 54 – – 54
Finance costs (171) – – (171)
Share of profits of associates 51 – (3) 48
Profit on sale of investment in associate ––––
Profit before taxation 4,216 (35) (3) 4,178
Taxation (1,498) 11 3 (1,484)
Profit for the year 2,718 (24) – 2,694 
Restated in
Reformatted Holiday pay accordance
UK GAAP IAS 19 with IFRS
Company £’000 £’000 £’000
Turnover 43,770 – 43,770
Cost of sales (28,998) – (28,998)
Gross profit 14,772 – 14,772
Indirect costs/administrative expenses (10,777) (35) (10,812)
Operating profit 3,995 (35) 3,960
Finance income 78 78
Finance costs (171) – (171)
Profit before taxation 3,902 (35) 3,867
Taxation (1,457) 11 (1,446)
Profit for the year 2,445 (24) 2,421 
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
89 34. Reconciliation of net assets and profit under UK GAAP to IFRS (continued)
Reconciliation of net income for the year ended 31 March 2007
Pensions
and post
retirement Restated in
Reformatted Holiday pay benefits Other accordance
UK GAAP IAS 19 IAS 19 reclassifications with IFRS
Group £’000 £’000 £’000 £’000 £’000
Turnover 52,061––– 52,061
Cost of sales (33,287) – – – (33,287)
Gross profit 18,774––– 18,774
Indirect costs/administrative expenses (14,092) (23) 77 – (14,038)
Operating profit 4,682 (23) 77 – 4,736
Finance income 135 (77) – 58
Finance costs (322) – – – (322)
Share of profit/(loss) of joint venture (80) – – 84 4
Profit on sale of investment in associate 85––– 85
Profit before taxation 4,500 (23) – 84 4,561
Taxation (1,377) 7 – – (1,370)
Profit for the year 3,123 (16) – 84 3,191 
Pensions
and post
retirement Restated in
Reformatted Holiday pay benefits accordance
UK GAAP IAS 19 IAS 19 with IFRS
Company £’000 £’000 £’000 £’000
Turnover 49,256 – – 49,256
Cost of sales (32,116) – – (32,116)
Gross profit 17,140 – – 17,140
Indirect costs/administrative expenses (13,384) (23) 77 (13,330)
Operating profit 3,756 (23) 77 3,810
Finance income 86 (77) 9
Finance costs (321) – – (321)
Profit on sale of investment in associate 110 – – 110
Profit before taxation 3,631 (23) – 3,608
Taxation (1,220) 7 – (1,213)
Profit for the year 2,411 (16) – 2,395
Notes to the financial statements
Continued
90 Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements 34. Reconciliation of net assets and profit under UK GAAP to IFRS (continued)
Explanation of reconciling items between UK GAAP and IFRS
IAS 19 (revised) – Employee benefits
Retirement benefit obligations: Deferred tax, previously netted off the Group’s pension scheme liability arising on the difference between
the fair value of the Group's pension scheme assets and liabilities in the balance sheet, has been recognised separately as an asset. 
At 1 April 2004 the pension scheme deficit amounted to £2,208,000 and the related deferred tax asset was £662,000. This adjustment 
had already been recognised under UK GAAP in years subsequent to 2004 following the adoption of FRS 17.
Holiday pay: An accrual as at 31 March 2004 of £284,000 and the related deferred tax asset of £85,000 has been recorded to recognise
annual leave entitlement. Movements representing the increase in annual leave entitlement in subsequent periods have been recorded
in income statements and balance sheets. 
IFRS 3 – Business combinations
Previously recognised negative goodwill of £30,000, as at 1 April 2004, has been credited to retained earnings.
IAS 10 – Events after the balance sheet date
Dividends that are declared after the balance sheet date are not recognised as a liability at the balance sheet date. As at 1 April 2004 
an adjustment of £420,000 was made to remove the proposed dividend from current liabilities with a corresponding increase in retained
reserves. This adjustment had already been recognised under UK GAAP in years subsequent to 2004 following the adoption of FRS 20.
IAS 39 – Financial instruments: Recognition and measurement
Investments held at cost under UK GAAP have been recorded at fair value.
Loans and receivable recorded as debtors; amounts due after more than one year, under UK GAAP have been recorded as 
financial assets.
IAS 38 – Intangible assets
Computer software classified as tangible fixed assets under UK GAAP are deemed to be intangible assets under IFRS.
IFRS 2 – Share-based payments
FRS 20 – Share-based payments was adopted under UK GAAP for the year ended 31 March 2007. Adjustments have been recorded 
to recognise the share option reserve as at 31 March 2004 of £27,000 and a charge for share–based payments of £55,000 in the year 
to 31 March 2005.
IAS 32 – Financial instruments: Disclosure and presentation
The joint venture, Jones Sweett International Limited, holds shares in Cyril Sweett Group plc. On adoption of International Accounting
Standards this investment, previously deemed to represent treasury stock and a reduction from equity shareholders’ funds, has been
reclassified as part of ‘Investments accounted for using the equity method’. Dividends received by the joint venture from Cyril Sweett
Group plc, previously deemed to be cancelled, have been recognised as income of the joint venture.
Financial statements
Cyril Sweett Group plc
Annual report and accounts 2008
Financial statements
91 Company registration number 03452251
Directors F R Ives FRICS Dip.Proj.Man (Chairman)
D L Webster MBA, BSc, MRICS, MAPM (Chief Executive Officer)
M Kemsley FCA, MCMI, MBIFM, FRSA (Chief Financial Officer)
D R Pitcher BSc, FRICS Dip.Proj.Man (Chief Operating Officer)
M J G Henderson FCA, FRSA, KHS (Non-executive)
R S Mabey CMG, FCIOB, FRSA (Non-executive)
P N Woollacott BSc (Hons) Physics (Non-executive)
Secretary J P Murray FCCA
Registered office 60 Gray’s Inn Road
London
WC1X 8AQ
Nominated advisor and broker Brewin Dolphin Securities Limited
12 Smithfield Street
London
E1A 9BD
Auditors PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
Bankers Bank of Scotland plc
The Mound
Edinburgh
EH1 1YZ
Registrars Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA
Head office 60 Gray’s Inn Road
London
WC1X 8AQ
Telephone number (0)20 7061 9000
Fax number (0)20 7430 0603
www.cyrilsweett.com 
Investor information
92 Cyril Sweett Group plc
Annual report and accounts 2008
Investor information Contents
Business review
Who we are 01
What we do 02
Financial highlights 04
Business highlights 04
Chairman’s statement 05
Chief Executive’s review 06
People and quality service 12
Market outlook 16
Project management 20
Quantity surveying 22
Specialist services and 
Management consultancy 24
Financial review 26
Governance
Board of directors 30
Report of the directors 32
Statement of directors’ responsibilities 35
Corporate Governance 36
Directors’ remuneration report 39
Independent auditors’ report 42
Financial statements
Consolidated income statement 44
Statement of recognised income 
and expense 45
Consolidated balance sheet 46
Company balance sheet 47
Cash flow statement 48
Notes to the financial statements 49
Investor information
Investor information 92
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Cyril Sweett Group plc
Annual report and accounts 2008
Cyril Sweett Group plc
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Cyril Sweett Group plc
Registered in the United Kingdom
Company Registered Number: 03452251
VAT number: 707 3179 38
Registered office:
60 Gray’s Inn Road
London WC1X 8AQ
www.cyrilsweett.com
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Annual report and accounts 2008