annual report and accounts 2009 cyril sweett group plc global knowhow
cyril sweett group plc
annual report and accounts 2009
global knowhow delivering worldclass construction and property consultancy
wwwcyrilsweettcom
cyril sweett group plc
registered in the united kingdom
company registered number 03452251
vat number 927 1066 31
registered office
60 gray’s inn road
london wc1x 8aq business review
who we are 1
what we do 2
financial highlights 4
chairman’s statement 5
chief executive’s review 6
financial review 10
governance
board of directors 14
report of the directors 16
statement of directors’ 
responsibilities 20
corporate governance 21
directors’ remuneration report 24
independent auditors’ report 27
financial statements
consolidated income statement 28
statements of recognised income 
and expense 29
consolidated balance sheet 30
company balance sheet 31
cash ﬂow statements 32
notes to the ﬁnancial statements 33
company information
company information 76
cover photography left to right
1 dubai metro dubai
2 the london eye uk
3 kent bsf uk
4 yas island abu dhabi
more detailed information can be found 
online at wwwcyrilsweettcom
cyril sweett group plc 77
annual report and accounts 2009
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this report is available at httpwwwcyrilsweettcominvestorsreportshtm who we are
cyril sweett group plc 1
annual report and accounts 2009
business review
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 was founded in 1928 and is a top ten uk based
consultancy that currently employs approximately 750 people 
in 29 ofﬁces throughout the united kingdom australia france
india ireland singapore spain and the middle east
cyril sweett provides its clients with worldclass expertise 
and services that cover every stage of the lifecycle of a building 
our portfolio of services includes cost project programme
development and facilities management services as well as 
a range of complementary services such as sustainability and
legal advice building surveying and health  safety consultancy  
we deliver bespoke and personalised knowhow to our clients
creating value that enhances their projects and their businesses
our vision is ‘to be the natural choice for construction and property
consultancy services by being the best at everything we do’
who we are 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
2 cyril sweett group plc
annual report and accounts 2009
business review
what we do
some facts
750 people29 locations11 countries 
business activity
 benchmarking
 claims management
 cost planning and pre contract cost control
 feasibility and master planning
 insurance valuations
 post contract cost control
 procurement and contract advice
 risk advice
 services engineering advice
 tender documentation and evaluation
 value engineering
 whole life costing
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
 development management consultancy
 employer’s agent
 handover management
 planning and programming
 post projectprogramme evaluation
 project management 
 project monitoring 
 technical advisor 
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
standalone services direct to clients
or are integrated into core service
commissions 
 building surveying 
 business case development 
 capital allowancesproperty tax 
 dispute resolution and claims 
 due diligence 
 energy services 
 expert witness 
 facilitation services 
 facilities management consultancy 
 framework set up and management
 health and safety services
 ppppfi consultancy 
 ppppfi investment and management
 risk management 
 service and space planning 
 strategic procurement advice
 sustainability consultancy 
 training 
 value management 
 business improvement
 research 
 project appraisals 
 project audit and recovery
 property portfolio advice
the rest of the world
australia brisbane melbourne sydney 
asia hong kong india singapore 
europe madrid paris 
middle east abu dhabi dubai 
saudi arabia
global reach
cyril sweett offices
specialist services
management consultancy
uk  ireland
belfast bristol cambridge cardiff
coleraine dublin edinburgh exeter
glasgow leamington spa leeds
london manchester newcastle
norwich plymouth southampton truro what we do
cyril sweett group plc 3
annual report and accounts 2009
business review
1
1 offices 17
2 defence 1
3 education 12
4 energy waste and utilities 1
5 health 17
6 hotel and leisure 6
7 life sciences 2
8 governmentlocal authority 9
9 retail  mixed use 20
10 residential 5
11 transport  infrastructure 10
2
4
3
5
7
8
9
10
11
6
revenue by sector – year ended 310309
1
1 uk  ireland 78
2 europe 2
3 middle eastnorth africa 11
4 asia 3
5 australia 6
2
5
4
3
revenue by destination – year ended 310309
sector and regional revenue
wwwcyrilsweettcom
sectorsdefence
defence
wwwcyrilsweettcom
sectorshotelandleisure
hotel and leisure
wwwcyrilsweettcomsectors
governmentandlocalauthority
governmentlocal authority
wwwcyrilsweettcom
sectorseducation
education
wwwcyrilsweettcom
sectorsindustrial
industrial
wwwcyrilsweettcom
sectorsresidential
residential
wwwcyrilsweettcom
sectorsenergywasteutilities
energy waste utilities
wwwcyrilsweettcom
sectorslifesciences
life sciences
wwwcyrilsweettcom
sectorsretailandmixeduse
retail  mixed use
wwwcyrilsweettcom
sectorstransportandinfrastructure
transport  infrastructure
wwwcyrilsweettcom
sectorshealth
health
wwwcyrilsweettcom
sectorsoffices
offices
sectors 4 cyril sweett group plc
annual report and accounts 2009
business review
financial highlights
before exceptional administrative expenses of £376m
after exceptional administrative expenses of £376m
revenue £m
05 07 08 09
364
521
627
789
06
448
profit before tax £m
05 07 08 09
35
46
59
25
06
42
earnings per share
05 07 08 09
58p
74p
83p
29p
06
65p
operating profit £m
05 07 08 09
35
47
58
62
06
42
net assets £m
05 07 08 09
89
141
266
283
06
111
dividend per share
05 07 08 09
240p
312p
240p 240p
06
290p section heading
cyril sweett group plc 5
annual report and accounts 2009
business review
chairman’s statement
welcome
i have pleasure in presenting our annual report for the year ended
31 march 2009
cyril sweett had a strong year of growth and development
exceeding its past performance in revenue and profitability before
exceptional expenses thereby meeting market expectations on this
basis this robust performance reflects the swift and decisive
actions taken by management during the period to proactively
manage the downturn trading conditions in the construction and
property sector in particular have been tough and are likely to
remain uncertain for some time given these tough conditions 
i am pleased with the overall strong performance of the group
it has been a year of adjustment for the group at the beginning 
of the year acquisitions were completed to advance our strategy 
to grow the group globally further diversify the business and
secure a greater proportion of uk public sector workload all 
of the acquisitions have been successfully integrated into the group 
and we are delighted that having joined us the excellent senior
management have embraced their new roles in the enlarged
organisation 
by the mid point in the year our expectation of a toughening
economic climate had been realised and management took the
difficult but necessary action to right size the cost base of the
business to fit the market conditions this responsive action
combined with our strong balance sheet and net cash position 
has ensured a robust business that will be able to flex and adjust 
to future market conditions
each member of the management team has experience of
dealing with recessions in the past and the recent appointment 
of chris goscomb as chief financial officer has further
strengthened the executive all of cyril sweett’s management 
and staff upheld excellent standards throughout the year by
continuing to develop new business and deliver high quality advice
and services to our clients our people are central to our success
and without their diligence and spirit we would not have delivered
such a good performance on behalf of the group board i would
like to thank them sincerely for all their hard work
as reported at the half year i shall become nonexecutive
chairman following the september agm but i do so with full
confidence that the executive team is well placed to steer the
group through this difficult period and to continue to diversify the
business to meet opportunities as they arise 
outlook
we anticipate that the retail and commercial markets will remain
uncertain for some time and there is likely to be some slowdown
in uk public expenditure from early 2010 overseas markets will
also depend on the economic welfare of each individual country
or region and some will fare better than others whilst we will
therefore be responsive to the shortterm environment and focus
on our strong market positions we will also look to develop the
business in line with our 2012 strategic plan this will drive the
extension of our offering into new sectors in the uk the
development of our position as a leader in sustainable
development and the establishment of our services in a wider
range of territories overseas
with a clear focus on operational development cash
management and client delivery we are confident that the
business will emerge from the downturn stronger and leaner 
and will be well placed to benefit from the recovery 
francis ives – chairman
i am pleased with the 
overall strong performance 
of the group
‘‘
francis ives chairman 6 cyril sweett group plc
annual report and accounts 2009
business review
chief 
executive’s
review
10 introduction
cyril sweett is an international construction property consultancy
and investment group delivering expertise in quantity surveying
project and facilities management management consultancy 
and a comprehensive range of specialist services
the group floated on the aim market of the london stock
exchange over 18 months ago and there is no doubt that
conditions in the construction sector have deteriorated since
then particularly over the last 12 months
the group continues to expand its services across a wide range 
of sectors including commercial and retail health education
prisons social housing life sciences rail air waste energy and
infrastructure the group operates from 29 offices throughout the
uk europe middle east india and australasia from these bases
the group is providing services in 11 countries
the resilience of the group in dealing with the ongoing tough
conditions in the construction sector is centred on its diverse
sector and geographic penetration combined with the willingness
of our employees to be flexible mobile and adaptable across the
markets in which we now operate
the responsiveness of the group has been demonstrated by the
rapid and decisive action it took between november and february
to close two offices reduce the cost base and right size the
business to 750 people
the financial strength of the group is underpinned by a very
strong balance sheet a net cash position and longterm banking
facilities the order book stands at £74m and continues to be
supported by increasing levels of repeat appointments
framework based commissions and opportunities in 
emerging sectors 
additionally the expansion to our overseas workload is
underpinned by the high barriers to entry in ukstyle quantity
surveying and project management as global construction
markets become more focused on the capital cost life cycle 
and sustainability of the built environment 
going forward we are confident that the group is well positioned
to gain market share during the downturn and emerge stronger
when its markets improve
financial performance
revenue increased by 26 to £789m operating profit before
exceptional expenses increased by 6 to £62m but decreased 
by 59 on a postexceptional basis adversely affecting basic
earnings per share which are down to 29p at the same time
operating margins preexceptional expenses decreased from 9
to 8 our activities were cash generative at an operational level
and we ended the year with net cash whilst the business in the
uk had to be right sized to take the downturn into consideration 
both the international and investment businesses made excellent
progress the group’s order book currently stands at £74m 
the board has proposed a final dividend in respect of the year 
of 15p per share which together with the interim dividend totals
‘‘
dean webster chief executive officer
going forward we are confident
that the group is well positioned
to gain market share during the
downturn and emerge stronger
when its markets improve chief executive’s review
cyril sweett group plc 7
annual report and accounts 2009
business review
24p per share the final dividend will be paid on 18 september
2009 to shareholders on the register at 21 august 2009 
20 group strategy
the downturn in the construction and property sector is evident on
a global basis nevertheless the highly fragmented nature of our
traditional markets combined with the high demand for ukstyle
quantity surveying and project management expertise overseas
will create significant opportunities for the group 
in anticipation of a prolonged period of difficult conditions we have
recently refocused our business strategy to align with the
opportunities that do exist in the future our strategy to 2012 will
therefore focus on six core elements
 penetrate our existing sectors and concentrate on winning
further framework agreements
 develop our resources to diversify into sectors that present
growth opportunity including energy and utilities
 utilise our expertise in construction sustainability by developing
a much wider range of services in the cost and project
management arena
 in addition to our new offices in saudi arabia and hong kong 
we now plan to continue expanding in asia middle eastnorth
africa and australasia 
 continue to grow our ppp investment business across a wider
sector base and
 leverage our skill set up and down the value chain
initially we aim to deliver these objectives organically whilst at the
same time preserving our balance sheet strength and lack of debt
nevertheless we are in a position where we are able to acquire
either distressed businesses that fit our model or alternatively 
to pursue other acquisition opportunities in order to accelerate 
our advance in new markets or locations
30 future
the group’s diversity and flexibility when combined with its
financial strength will allow it to continue to be responsive to
market conditions i am confident that cyril sweett remains a
strong business with exciting growth prospects the foundations 
of which are being promoted in our 2012 strategic plan 
therefore despite the tough market conditions we look forward 
to the year ahead with confidence
40 review of operations
cyril sweett has continued to grow progressively since its buyout
in 1998 as a result of both continued organic growth and selective
acquisition throughout this period the expansion of the group
has been as a result of a focus on diversification across a range 
of sectors geographies and new routes to market
during 200809 we continued with developing our strategy by
 acquiring three businesses which together extended 
our public sector base in the uk supported our growth in 
the middle east and delivered new markets in singapore 
and australia
 consolidating our ppp investment business with two further
wins and providing support to clients on other successful bids
 opening an office in saudi arabia and winning our first 
major commission
 publishing industry leading sustainability research with
investment property forum wrap and communities
and local government clg
 increasing overseas exposure to further diversify our business
model with overseas now accounting for 30 of our forward
order book
 consolidating our longer term order book with 17 new
frameworks
 restructuring our management teams under one new
executive committee that will coordinate the activities 
of the whole business
 implementing a new intranet which encompass our global
experience and capabilities and
 ensuring active cash management in order to maximise our
liquid resources
nevertheless in the face of tough construction market conditions
particularly in the commercial and retail sectors the management
team took decisive action between november 2008 and february
2009 to right size the business
this required the business to be scaled down from 950 to 750
employees through a combination of natural wastage and
voluntary and compulsory redundancies this initiative applied to
personnel in the uk and ireland middle east india and australia
offices in addition having right sized our resources to match our
future workload expectations the management instigated further
economies by reducing salaries across all levels of personnel
the aim is to ensure the ongoing competitiveness of the group 
in the face of increasing pressure on margins and pricing 8 cyril sweett group plc
annual report and accounts 2009
business review
chief 
executive’s
review
continued
the cost of right sizing the business which has been treated as
exceptional for trading purposes amounted to £15m and this has
been reflected in the income statement further exceptional costs
of £18m and £05m were recognised for bad debt provisions and
onerous leases respectively in the case of the bad debt provisions
management decided that in view of the credit crunch affecting
clients’ ability to pay the establishment of these provisions was
necessary of this amount 76 represented uk clients and 24
overseas 
in the case of empty office space this is largely as a result of the
drury lane london accommodation that came with the acquisition
of nisbet llp  reoccupation of this space is no longer anticipated
before the expiration of the lease of our main london premises in
2011 between now and 2011 we will seek ways to alleviate our
premises costs
whilst managed under one main executive committee the group
activity is coordinated via three main operating units uk 
ireland international and pfippp investments 
the operational review of each unit is as follows
41 uk  ireland operations
cyril sweett continues to gain market share in its uk and irish
markets with revenue by destination up 9 to £618m accounting
for 78 of group revenues the uk  ireland business is
structured via five main regional hubs coordinating 18 regional
offices
in terms of service quality we are committed to offering our clients
the highest standards of service and expertise our quality
management systems are managed centrally across our network
of offices enabling us to ensure that local delivery is maintained at
a constant standard across every project our service won project
management firm of the year by building magazine in 2008 which
acknowledged our excellence innovation and professionalism
in the year we have integrated the acquisitions of nisbet llp and
roger richards partnership and have been able to promote a wider
range of services via our new offices in cardiff leamington spa
plymouth and truro we have also been able to achieve operational
efficiencies by the consolidation of our offices in bristol exeter
leeds and london
the uk  ireland operations comprise 600 people having adjusted
the overall size of the operation to meet the expected workload for
the 200910 financial year  the business operates across a range of
sectors which we continue to diversify progressively our progress
during the reporting year includes
public
the public sector represents 60 of uk  ireland revenue 
2008 58
within the public sector cyril sweett has strengthened its
capabilities with the acquisition of nisbet particularly the
‘purchaser side’ of our public sector client base which
complements our existing depth of ‘provider side’ clients 
we continue to regard education and health as key growth areas
for the group and we have continued to be extremely active in
providing a broad range of services the buoyant pipeline of
contracts in these areas has enabled us to redeploy staff from 
the uk private commercial sector where many projects have 
been delayed or put on hold
our work continues throughout the different stages of the
education life cycle we have been particularly successful in
securing work through the partnerships for schools framework
on the building schools for the future programme contracts
over the last year have been secured across the uk in barnsley
coventry doncaster greenwich hertfordshire hull kent
lewisham luton newcastle lambeth tower hamlets waltham
forest and westminster  further and higher education contracts
have been a growing area for the business over the last year 
due partly to our appointment on the university partnerships
programme framework we are currently advising anglia ruskin
university cambridge university king’s college napier
university robert gordon university and university of warwick
with their redevelopment programmes
in the health sector cyril sweett continues to be the market
leader in providing a broad range of services to trusts spvs
contractors and banks we have been particularly successful 
in securing p21 contracts because of our strong contractor
relationships and we are actively working on projects in north
tees and hartlepool brighton sherwood forest bradgate 
belvoir  a major win for our scottish business was our
appointment to the construction integrated supply chain 
nhs scotland for the common service agency framework
our uk transport division has performed well and has secured
additional contracts as part of our ongoing framework at
heathrow airport in rail our role has been extended by network
rail on the king’s cross redevelopment project and capacity
enhancement plans at waterloo station our work on thameslink
continues at london bridge blackfriars and farringdon stations
where we are additionally involved in incorporating enabling
works for crossrail in scotland as programme managers with
transport scotland we continue to work on the portfolio of rail
and tram schemes underway
prisons and custodial continues to be a strong sector for us as
part of our ongoing strategic alliance with the ministry of justice
moj new contracts have been secured at belmarsh coltishall
maidstone and brixton as well as other commissions throughout
the moj estate new commissions are also being secured as the
ukba united kingdom borders agency increase their custodial
portfolio including a major new facility at bullingdon chief executive’s review
cyril sweett group plc 9
annual report and accounts 2009
business review
we continue to advise clients across other public sectors including
defence and social housing in addition as part of our strategy to
diversify into emerging sectors we have secured a number of
commissions in the waste management sector and are currently
active on four uk waste schemes at the planning and procurement
stage
private
the private sector represents 40 of uk and ireland 2008 42
which is a reflection of the spend pattern in the current recession
due to the softening of activity in uk property development we have
redeployed some of our staff to work on public sector contracts as
the balance of workload has altered and have also reduced
headcount where it became necessary despite the downturn 
there has nevertheless been ongoing activity in the private sector
particularly with our corporate client base we have been able to
build on our strong profile and we successfully secured contracts
with prudential assurance company ing real estate and 
jp morgan chase 
going forward we are actively developing areas which are still
experiencing recurring workload such as the budget hotel market
and developments for the food retailing market over the last year
we have secured further contracts with premier inn tesco and
selfridge  co and we are actively researching other opportunities
in this arena it is our intention to increase our penetration in a
number of markets where we can add value to our clients’
activities at the same time further diversifying our service offering
and spreading our operational risk
42 overseas operations 
cyril sweett continues to gain increasing international exposure
with revenue by destination of £171m up from £62m and now
accounting for 22 of group revenues since the group’s flotation
the international business has made significant progress both
organically and through acquisitions we have grown our headcount
by 194 and established a healthy order book which currently
stands at over £21m 
the integration of burnsbridge into the group has been very
successful and the management teams in australia singapore and
abu dhabi now help lead our activities in these regions these
offices are driving expansion into wider territories in south east
asia and china in the period we opened an office in hong kong
and registered a business in bangkok
strong demand for our services continues in the middle east 
as a result we have widened our client base and expanded our
geographic capabilities we have opened an office in riyadh saudi
arabia where we secured a contract to provide both project and
cost management on the tallest building in the kingdom we plan
to open further offices throughout the middle east where major
project opportunities are opening up to the group as a result of our
investment over the last nine months 
in continental europe our offices in paris and madrid remain
strong despite challenging local market conditions the spanish
office has been retained for further commissions for primark in
both spain and portugal and has expanded its operation into
gibraltar  in france we have entered the energy market by
supporting a client on two power stations
43 investment activities
the group’s investment business was established in 2007 to work
with strategic partners offering a unique consultancy led
approach to bid manage direct and invest in special purpose
vehicles spvs in pfi and ppp projects the business specialises
in a number of key uk sectors including community health
education emergency services social housing student
accommodation and waste markets the investment team has
continued to build a highly successful reputation in the ppp
marketplace for having the capabilities to manage direct and
invest in projects that have been specifically identified as
opportunities where we can add best value 
the investment business continues to gain increasing exposure
with revenues for consultancy activities up 24 to £116m
accounting for 15 of group revenues
1
 there is an encouraging
pipeline of potential future projects currently at various short
listing stages
during the period our first schools investment south ayrshire
schools was successfully completed and became operational 
in terms of expanding our pipeline of opportunities we achieved
financial close on the £80m inverclyde schools project supported
mandates to financial close on salford and wigan bsf and
enniskillen hospital in march 2009 our consortium was
appointed to the lift partners for the express lift local
improvement finance trust framework providing us with access
to a range of future lift programmes as both an equity investor
and service provider  
the investment team works in close collaboration with other
parts of the group to ensure effective project delivery by
undertaking the delivery within the group we can ensure that the
best service is delivered to our clients partners and ultimately the
public sector 
dean webster – chief executive officer
1 included in revenue under uk and ireland operations 10 cyril sweett group plc
annual report and accounts 2009
business review
financial review
chris goscomb chief financial officer
profit before tax £m
05 07 08 09
350
460
590
600
06
420
group revenue £m
05 07 08 09
364
521
627
789
06
448
before exceptional administrative expenses of £376m financial review
cyril sweett group plc 11
annual report and accounts 2009
business review
the group’s cash generation 
reflects a continued improvement 
in the management of working 
capital during the year  
record year
the year to 31 march 2009 was another successful year for 
cyril sweett
group revenue increased by 26 to £789m with growth in uk 
and ireland project revenues by destination of 9 and growth 
in overseas project revenues of 176 profit before tax before
exceptional expenses increased by 2 to £596m and net assets
increased by 7 to £283m
the preexceptional profit performance was reduced by exceptional
expenses amounting to £38m which are described in note 5 to the
financial statements yet the group was still able to deliver a net
profit after taxation of 3 compared with 6 in the previous year 
cash generated from operations was £39m £44m when adjusted
for contributions to fund the pension scheme deficit the group’s
cash generation reflects a continued improvement in the
management of working capital during the year  
at the time of writing the group order book stood at approximately
£74m compared with £86m at the same time in 2008 approximately
30 of this order book is represented by overseas projects
key events
the key external events were the three acquisitions which occurred
in april 2008 and their subsequent integration with the group’s
business an analysis of the consideration for these appears in 
note 26 to the financial statements
prior to the flotation in october 2007 and until 31 march 2008 
the group’s uk business was conducted predominantly directly
through cyril sweett group plc with effect from 1 april 2008 the
three separate trades involved were transferred to new wholly
owned subsidiary companies formed for the purpose being cyril
sweett limited cyril sweett international holdings limited and
cyril sweett investment management limited enabling cyril
sweett group plc to operate as a more traditional holding company 
underlying profit margins
the gross profit margin decreased to 32 from 36 the operating
profit margin before exceptional costs decreased to 8 from 9
and the profit before tax margin decreased to 3 from 9
tax
the effective tax rate was 258 this is partly due to the impact of
overseas results which are taxed at different tax rates from the uk
earnings per share
basic earnings per share decreased due to the exceptional
expenses incurred to 29p 2008 83p and fully diluted earnings
per share decreased to 28p 2008 78p 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 of £01m
which compared with £58m as at 31 march 2008
 net assets of £283m which compared with net assets 
of £266m as at 31 march 2008
 net work in progress of £51m compared with £42m 
at 31 march 2008 and
 trade receivables of £177m compared with £165m 
at 31 march 2008
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 upto
date and properly serve the business
banking facilities
the group funds its activities through cash generated from
operations and supplemented where necessary and appropriate
with bank borrowings and finance leases
the group’s principal banker is bank of scotland plc which
provides cyril sweett with overdraft revolving credit loan and
asset finance facilities as well as a letter of credit facility in
relation to the ongoing equity and debt obligations of the group’s
ppp investment projects
at 31 march 2009 the amount undrawn under the group’s credit
lines was £110m 2008 £138m
dividends
an interim dividend for the year to 31 march 2009 of 09p per
share was paid on 16 january 2009 to all shareholders on the
register on 19 december 2008 the directors are recommending 
a final dividend of 15p per share which if approved by the
shareholders at the agm will be paid on 18 september 2009 to all
shareholders on the register on 21 august 2009 
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 on the
exercise of options
‘‘ 12 cyril sweett group plc
annual report and accounts 2009
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 taxefficient 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 its 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
 the current state of the property and construction market
the group is also at risk from reduced spend in the private sector 
this risk has been mitigated by reductions in its staff numbers 
and salary levels and further action will be taken if this proves
necessary
 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 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 developed a competency framework that defines
our unique peopleorientated performance culture against which
we can recruit develop appraise and promote our best people 
it has established a companywide graduate recruitment 
and development scheme to ensure internal succession and
meet growth targets it has also established a masterclass
development programme for board directors and an accredited
management skills training programme for middle management
and 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
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 fulltime health and safety
consultants with experience of working across various business
sectors whose role it is to act as cdm coordinators 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 currencydenominated assets
to mitigate the effect of currency exposure arising from net
investments overseas it is the group’s policy to hedge those
exposures where material using borrowings denominated in
foreign currency loans denominated in foreign currency
amounted to £19m at 31 march 2009 2008 £nil  financial review
cyril sweett group plc 13
annual report and accounts 2009
business review
the group also has transactional currency exposures these
exposures arise from revenues or costs deriving in currencies
other than its branch or subsidiaries’ functional currencies and
also on intragroup fundingtrading balances it is the group’s
policy to hedge such risk where material using forward currency
contracts at 31 march 2009 and 2008 the group had no
outstanding forward foreign exchange contracts
the bulk of the intragroup exposure has been hedged to 31 march
2010 subsequent to the yearend
 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 subconsultant 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 could cause
operational disruption and 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 £06m 2008 £07m including life
assurance premiums after charging £01m to the current year
income statement and charging £12m to reserves in respect of
actuarial losses the balance sheet records a net pension liability of
£13m in respect of the scheme at the year end 2008 £nil
the directors recognise that the underlying longevity and
investment risks remain a potential risk to the financial
performance of the group
 price risk
the group faces two distinct pricing risks the first of these
relates to possible mispricing of its contract selling prices andor
the costs to execute a project in accordance with contracted
scope the second relates to the current state of certain of the
groups markets where some customers are exerting downward
pressure on tender prices leading to a highlycompetitive
environment
these issues are both mitigated in the first instance this is
through thorough review of prices and costs before proposals are
submitted in the second by maintaining an ongoing relationship
and dialogue with our principal clients and by ensuring that the
cost of our resource base both internal and external is
commensurate with our contracted order book values
summary
cyril sweett has continued its successful financial progress
during the year to 31 march 2009 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 an international service provider of the 
highest quality
chris goscomb – chief financial officer
30 july 2009 14 cyril sweett group plc
annual report and accounts 2009
business review
board of directors
01 francis ives frics dipprojman
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 sat on the rics contracts panel and represents the
rics on the jct he has chaired the group for the past 18 years
aged 61
02 dean webster mba bsc mrics mapm
chief executive officer
dean joined the company in 1980 qualified as a member of the
rics in 1986 is a member of the association of project managers
and has completed a henley mba 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 groups overall strategy and is responsible for the delivery 
of mergers and acquisitions and performance of business
operations aged 49
03 chris goscomb fca
chief financial officer
prior to joining the board chris had worked as the group
treasurer for nearly two years before he joined cyril sweett
chris was finance director of emcor uk limited and previously
group finance director of biwater plc his construction industry
background brings valuable experience to cyril sweett in both its
uk and international business chris has full responsibility for the
group finance function and it aged 57
04 derek pitcher bsc frics dipprojman
executive director operations
derek joined cyril sweett in 1978 became a partner at the age 
of 30 and managing director of the quantity surveying business 
in 1996
derek’s main area of responsibility is as uk managing director
and he is the honorary treasurer of the british council of
shopping centres and an active member of bco design and
build foundation and also the rics procurement panel aged 50
01
02
03
04 governance
cyril sweett group plc 15
annual report and accounts 2009
business review
05 michael henderson fca frsa khs
nonexecutive 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 quexco inc the largest lead producer in
the world michael was appointed nonexecutive director in 1998
aged 70
06 roger mabey cmg fciob frsa
nonexecutive 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 he was appointed non
executive director in 2003 aged 64 
07 paul nicholas woollacott bsc cigem
nonexecutive 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 he was appointed non
executive director in 2007 aged 61
05
06
07 the directors have pleasure in presenting their report and the audited annual financial statements for the year ended 31 march 2009
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 whollyowned companies and offices in australia france india
ireland spain the uae and the uk
business review
details of the group’s performance and activities during the year are contained in the chairman’s statement and the chief executive’s
review on pages 5 to 9
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 group’s overseas branches in the uae and france are included in these financial statements
future developments
an indication of future developments is contained in the chairman’s statement and the chief executive’s review on pages 5 to 9
dividends
the directors recommend the payment of a final dividend of 15p per share making with the interim dividend of 09p per share a total
dividend of 24p per share
post balance sheet events
there have been no significant post balance sheet events
directors and their interests in the shares of the company
the directors who held office during the year were as follows
francis ives michael henderson nonexecutive
dean webster roger mabey nonexecutive
derek pitcher nicholas woollacott nonexecutive
christopher goscomb
michael kemsley
michael kemsley resigned on 19 january 2009 and christopher goscomb was appointed on 19 january 2009
details of the directors’ interests in shares in the company appear in the directors’ remuneration report on pages 24 to 26
16 cyril sweett group plc
annual report and accounts 2009
governance
report of the directors governance
cyril sweett group plc 17
annual report and accounts 2009
governance
substantial interests in shares
as at 1 july 2009 the following interests in 3 or more of the company’s ordinary share capital had been notified to the company
number percentage 
of shares held
cyril sweett trustee company limited 9509105 1651
octopus investments nominees limited 5209065 921
close asset management limited 4031111 700
francis robert ives 2801291 486
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
employment policy
the group is an equal opportunity employer and its policy is to ensure that all employees and job applicants are given equal opportunity
irrespective of their sex race ethnic origin disability 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
the group seeks to ensure that all its businesses operate sound and progressive employment policies to the mutual benefit of employees
and the company
consultation with employees has continued at all levels with the aim of ensuring that their views are taken into account when decisions
are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of their
businesses units and of the group as a whole
the group encourages employees’ interest in the financial performance of the group through various share schemes details of which
are included at notes 23 and 24 to the financial statements
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 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 longterm 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 companywide 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 fundsawareness 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 cooperate with the group to enable 
it 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 2009
the group had 23 2008 16 days of purchases in trade payables and the company following its corporate restructuring had no trade
payables 2008 18 days
risks and uncertainties
details of the risks and uncertainties faced by the group can be found in the financial review
18 cyril sweett group plc
annual report and accounts 2009
governance
report of the directors
continued governance
cyril sweett group plc 19
annual report and accounts 2009
governance
financial instruments
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 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 at note 28 to the financial statements
corporate governance
a report on the group’s corporate governance compliance is set out in the corporate governance section of this annual report
donations
during the year the group made no political contributions 2008 £nil but made various charitable contributions totalling £12952 2008
£11402 details of which are as follows
2009 2008
££
children’s charities 3215 1000
charities aid foundation and other registered charities 7695 7000
other nonregistered charities 797 2555
donations of £100 or less 19 2008 19 1245 847
12952 11402
disclosure of information to auditors
in the case of each of the directors at the time of approval of this report each director confirms that
• so far as the director is aware there is no relevant audit information of which the company’s auditors are unaware and
• he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information
and to establish that the company’s auditors are aware of that information
auditors
pricewaterhousecoopers llp have indicated their willingness to continue in office and a resolution that they be reappointed will be
proposed at the annual general meeting
by order of the board
francesca wilson
company secretary
30 july 2009 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 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 and
• 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
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
francesca wilson
company secretary
30 july 2009
20 cyril sweett group plc
annual report and accounts 2009
governance
statement of directors’ responsibilities in respect of the
annual report and the financial statements governance
cyril sweett group plc 21
annual report and accounts 2009
governance
whilst the group is not required to comply with the 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 nonexecutive 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 nonexecutive 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 decisionmaking process
the roles of the chairman and chief executive are separate and clearly defined
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 organisational 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 nonexecutive 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
the audit committee is chaired by michael henderson
remuneration committee
the company has established a remuneration committee currently comprised of the nonexecutive 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 hisher own
remuneration
the group has adopted the model code for directors’ dealing 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 the remuneration
committee is chaired by michael henderson
corporate governance nominations committee
the company has established a nominations committee comprising one executive director the nonexecutive directors and the
chairman of the company the nominations committee meets 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 the nominations committee is chaired by nicholas
woollacott
board processes
the company secretary supports the chairman in ensuring that directors receive appropriate training between january 2007 and july
2008 executive directors of the plc board and two subsidiary boards attended a number of training sessions as part of the masterclass
development programme provided by harper craven this programme covered a wide range of strategic managerial and governance
issues and included a 360º assessment and individual coaching where required further training is provided as and when necessary and
may be identified as part of the annual evaluation process an induction pack detailing board procedures directors’ responsibilities and
various governancerelated issues is produced for all new directors
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 ten full board meetings during the financial year and the table below details the attendance by directors at these meetings
maximum 
number
of meetings 
that could 
have been
attendance attended
executive
francis ives 10 10
dean webster 10 10
derek pitcher 10 10
michael kemsley resigned on 19 january 2009 6 7
chris goscomb appointed on 19 january 2009 3 3
nonexecutive
michael henderson 10 10
roger mabey 910
nicholas woollacott 10 10
following the admission to aim all directors are submitted for reelection at regular intervals of not more than three years at the annual
general meeting subject to continued satisfactory performance
22 cyril sweett group plc
annual report and accounts 2009
governance
corporate governance
continued governance
cyril sweett group plc 23
annual report and accounts 2009
governance
board performance and evaluation
the board is committed to evaluating its own performance during the year the board undertook an initial evaluation of its performance
and of individual directors the findings of which are being implemented this was done in parallel with the development of a group 
risk register which is being used to further the development of an internal audit function the board will continue to develop its 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
during the year the audit committee employed an external internal audit consultant to assist with the development of a group risk
register and an internal audit implementation plan in july 2009 an internal audit manager has been recruited to progress the
implementation of this function
nonexecutive directors
the nonexecutive directors are appointed by the board on the recommendation of the nominations committee for specified terms 
they are subject to periodic reappointment by shareholders and statutory provisions regarding removal
all three nonexecutive directors have significant external commercial experience and bring expert advice and strong judgement to the
board the board believes that the nonexecutive 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 nonexecutive directors does not impair their independence
the remuneration of the nonexecutive 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 the 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 reviews the effectiveness of the risk management system and its internal controls annually
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
the board will be available at the meeting to answer questions full interim and annual reports are made available to all shareholders the group is not required to prepare a full remuneration report
remuneration committee
the remuneration committee comprises the nonexecutive 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
in view of changing market conditions the discretionary executive bonus scheme was suspended in the year to 31 march 2009 along 
with the staff bonus scheme a more formal bonus scheme is being developed under which bonuses earned will be linked to agreed 
key performance indicators and will operate in respect of the year to 31 march 2010
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 andor their spouse andor children other benefits
provided include the payment of professional subscriptions and access to the group’s gym membership scheme
nonexecutive directors’ remuneration policy
the remuneration of the nonexecutive directors is determined by the board and the level of remuneration reflects the time commitment
and responsibilities of their roles
24 cyril sweett group plc
annual report and accounts 2009
governance
directors’ remuneration report
unaudited information governance
cyril sweett group plc 25
annual report and accounts 2009
governance
service contracts
details of the directors’ service agreements 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
derek pitcher 31 october 2007 12 months 12 months
christopher goscomb 19 january 2009 6 months 6 months
nonexecutives
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
directors’ emoluments
compensation 
bonus pension other for loss total total 
salaryfees scheme contributions benefits of office 2009 2008
directors £’000 £’000 £’000 £’000 £’000 £’000 £’000
executives
francis ives 125 37 4 28 – 194 274
dean webster 157 37 13 8 – 215 190
michael kemsley 88 25 9 9 119 250 140
resigned on 19 january 2009
derek pitcher 140 22 10 16 – 188 187
christopher goscomb 20–1–– 21 –
appointed on 19 january 2009
jimmi bradbury – 47
andrew hemsley – 131
nonexecutives
michael henderson 35–––– 35 29
roger mabey 35–––– 35 33
nicholas woollacott 35–––– 35 13
emoluments in respect of the period during which they served as directors
the directors are not accruing benefits under money purchase pension schemes 2008 £nil
included in the 2009 cash bonus figure for mr m kemsley is an amount of £16670 that was waived 2008 £nil
no other director waived emoluments in respect of years ended 31 march 2009 or 31 march 2008
the compensation for loss of office payment to mr m kemsley who resigned on 19 january 2009 comprised payment in lieu of notice 
of £98310 payment in lieu of benefits of £9840 and payment to mr kemsley’s personal pension scheme of £10700 the company also
contributed £8000 towards mr kemsley’s legal costs the discretionary elements of this compensation were approved by the
remuneration committee and were paid in respect of past services to the company directors’ share options
at the end of the year the following directors had unexercised options to purchase ordinary shares
exercise 
earliest  price number at number at 
exercise pence 31 march granted exercised lapsed 31 march 
director date of grant date expiry date per share 2008 in the year in the year in the year 2009
f ives 20112000 20112003 20112010 136 100000––– 100000
28112005 28112008 28112015 335 59701––– 59701
d webster 28112005 28112008 28112015 335 59701––– 59701
31102007 31102010 31102017 1100 100000––– 100000
d pitcher 20112000 20112003 20112010 136 75000––– 75000
06102003 06102006 06102013 208 216346––– 216346
28112005 28112008 28112015 335 59701––– 59701
31102007 31102010 31102017 1100 75000––– 75000
c goscomb 31032008 31032011 31032018 945 30000––– 30000
m kemsley 28112005 28112008 28112015 335 59701 – – 59701 –
31102007 31102010 31102017 1100 75000 – – 75000 –
none of the terms and conditions of the share options was 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 250p and the range of market prices during the year was
between 195p and 1045p
directors’ interests in shares
the interests of the directors including their spouses’ interests in the shares of the company at 31 march 2009 were as follows
at 31 march at 31 march 
2009 2008
ordinary ordinary 
directors shares shares
francis ives 2799191 2659534
dean webster 909006 851858
derek pitcher 1487093 1435030
christopher goscomb appointed on 19 january 2009 46042 –
michael henderson 255227 210350
roger mabey 255052 209872
nicholas woollacott 40000 –
michael kemsley resigned on 19 january 2009 – 1012218
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 is a member 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
30 july 2009
26 cyril sweett group plc
annual report and accounts 2009
governance
directors’ remuneration report
unaudited information continued governance
cyril sweett group plc 27
annual report and accounts 2009
governance
we have audited the group and parent company financial statements the ‘financial statements’ of cyril sweett group plc for the year
ended 31 march 2009 which comprise the consolidated income statement the consolidated and company balance sheets the
consolidated and company cash flow statements the consolidated and company statements 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 section including financial highlights business
highlights chairman’s statement chief executive’s review and financial review the board of directors statement of directors’
responsibilities directors’ remuneration report company information 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
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 2009 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 2009
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
30 july 2009 
independent auditors’ report to the members 
of cyril sweett group plc 2009 2008
notes £’000 £’000
revenue 3 78912 62705
cost of sales 54043 40394
gross profit 24869 22311
administrative expenses before exceptional expenses 18703 16501
exceptional administrative expenses 5 3761 –
total administrative expenses 22464 16501
operating profit before exceptional administrative expenses 6166 5810
exceptional administrative expenses 5 3761 –
operating profit 2405 5810
finance income 4 249 222
finance expense 4 452 173
net finance expenseincome 203 49
profit before taxation 2202 5859
taxation 7 568 1809
profit for the year 1634 4050
profit attributable to
equity shareholders of the parent 1634 4050
basic earnings per share pence 9 29 83
diluted earnings per share pence 9 28 78
the notes on pages 33 to 75 are an integral part of these financial statements
the parent 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 for the company for the year was £7752000 2008 £3664000
28 cyril sweett group plc
annual report and accounts 2009
financial statements
consolidated income statement 
for the year ended 31 march financial statements
cyril sweett group plc 29
annual report and accounts 2009
financial statements
2009 2008
group company group company
£’000 £’000 £’000 £’000
foreign exchange translation difference 690 – 280 2
availableforsale investments
valuation loss taken to equity 325 – ––
deferred tax on valuation loss 91 – ––
adjustment to change in tax rates –– 12 –
actuarial lossgain on pension scheme 1727 1727 651 651
deferred tax on actuarial lossgain 484 484 182 182
net expenseincome recognised directly in equity 787 1243 761 467
profit for the year 1634 7752 4050 3664
total recognised income for the year 847 6509 4811 4131
attributable to
equity shareholders 847 6509 4811 4131
cumulative actuarial gainloss recognised through the statement of recognised income and expense is £1145000 loss 
2008 £582000 gain
statements of recognised income and expense
for the year ended 31 march  2009 2008
notes £’000 £’000
noncurrent assets
goodwill 10 10572 3320
other intangible assets 11 1920 354
property plant and equipment 12 1862 1279
financial assets 13 627 941
deferred income tax asset 15 817 769
total noncurrent assets 15798 6663
current assets
trade and other receivables 16 27744 24438
cash and cash equivalents 17 3818 6730
31562 31168
current liabilities 
financial liabilities 18 277 793
trade and other payables 19 13300 9368
current income tax liabilities – 805
total current liabilities 13577 10966
net current assets 17985 20202
total assets less current liabilities 33783 26865
noncurrent liabilities
financial liabilities 18 3431 96
trade and other payables 19 643 –
deferred income tax liability 15 77 168
retirement benefit obligations 20 1290 –
total noncurrent liabilities 5441 264
net assets 28342 26601
equity
share capital 21 5759 5534
share premium 22 11955 9987
treasury shares 23 118 341
share option reserve 24 249 615
retained earnings 25 10497 10806
total equity shareholders’ funds 25 28342 26601
the notes on pages 33 to 75 are an integral part of these financial statements
the financial statements were authorised for issue by the board of directors on 30 july 2009 and were signed on its behalf 
dean webster christopher goscomb 
30 july 2009
30 cyril sweett group plc
annual report and accounts 2009
financial statements
consolidated balance sheet
as at 31 march financial statements
cyril sweett group plc 31
annual report and accounts 2009
financial statements
2009 2008
notes £’000 £’000
noncurrent assets
goodwill 10 2703 2703
other intangible assets 11 – 352
property plant and equipment 12 – 1145
investments 13a 27859 1402
deferred income tax asset 15 483 769
total noncurrent assets 31045 6371
current assets
trade and other receivables 16 3981 23131
cash and cash equivalents 17 153 5101
4134 28232
current liabilities 
financial liabilities 18 182 788
trade and other payables 19 1069 8818
current income tax liabilities – 509
total current liabilities 1251 10115
net current assets 2883 18117
total assets less current liabilities 33928 24488
noncurrent liabilities
financial liabilities 18 1568 86
retirement benefit obligations 20 1290 –
total noncurrent liabilities 2858 86
net assets 31070 24402
equity
share capital 21 5759 5534
share premium 22 11955 9987
treasury shares 23 118 341
share option reserve 24 249 615
retained earnings 25 13225 8607
total equity shareholders’ funds 25 31070 24402
the notes on pages 33 to 75 are an integral part of these financial statements
the financial statements were authorised for issue by the board of directors on 30 july 2009 and were signed on its behalf 
dean webster christopher goscomb 
30 july 2009
company balance sheet
as at 31 march 2009 2008
group company group company
notes £’000 £’000 £’000 £’000
cash flows from operating activities
cash flows from operations 27 3912 3610 3939 3409
interest received 210 142 210 144
interest paid 240 27 178 177
income taxes paid 1767 836 1341 1345
net cash generated fromused in operating activities 2115 4331 2630 2031
cash flows from investing activities
proceeds on disposal of property plant and equipment 4 – 3 3
purchase of property plant and equipment 1229 – 628 550
purchase of computer software 347 – 203 203
decreaseincrease in financial assets 13 38 – 37 –
decrease in treasury shares 223 223 13 13
acquisitions net of cash acquired 26 4228 15 68 104
net cash used in investing activities 5539 208 784 841
cash flows from financing activities
dividends paid 8 1430 1439 1390 1390
repayments of borrowings 672 672 1772 1772
repayments of obligations under finance leases 115 – 262 262
proceeds on issue of ordinary shares 25 – – 10715 10715
issue costs – – 1568 1568
purchase of own shares in satisfaction of acquisition consideration 881 202 – –
purchase of own shares in satisfaction of share options 25 262 262 595 595
new bank loans raised 3606 1750 786 786
net cash generated fromused in financing activities 246 825 5914 5914
net decreaseincrease in cash and cash equivalents 3178 4948 7760 7104
cash cash equivalents and bank overdrafts at beginning of year 6730 5101 1084 2006
exchange gains on cash cash equivalents and bank overdrafts 266 – 54 3
cash and cash equivalents at end of year 17 3818 153 6730 5101
32 cyril sweett group plc
annual report and accounts 2009
financial statements
cash flow statements
for the year ended 31 march financial statements
cyril sweett group plc 33
annual report and accounts 2009
financial statements
1 general information
cyril sweett group plc is an unlisted company quoted on the alternative investment market and is incorporated and domiciled in 
the united kingdom under the companies act 1985 the address of the registered office is 60 gray’s inn road london wc1x 8aq 
the principal activities of the group 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
the consolidated financial statements of cyril sweett group plc have been prepared in accordance with international financial reporting
standards as adopted by the european union ifrss as adopted by the eu ifric interpretations and the companies act 1985 applicable
to companies reporting under ifrs the consolidated financial statements have been prepared under the historical cost convention 
as modified to include the revaluation of availableforsale assets to equity and financial assets and financial liabilities at fair value
through the income statement
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 certain intangible assets taxation costs to complete on fixed price contracts and in assessing 
the defined benefit pension scheme liabilities see notes 10 11 15 16 and 20 respectively
a standards early adopted by the group
ifric 14 ‘ias 19 – the limit on a defined benefit asset minimum funding requirements and their interaction’ provides guidance on
assessing the limit in ias 19 on the amount of the surplus that can be recognised as an asset it also explains how the pension asset or
liability may be affected by a statutory or contractual minimum funding requirement this interpretation does not have any impact on the
group’s and company’s financial statements as the group and the company have a pension deficit and are not subject to any minimum
funding requirements
ifric 11 ‘ifrs 2 – group and treasury share transactions’ provides guidance on whether sharebased transactions involving treasury
shares or involving group entities should be accounted for as equitysettled or cashsettled sharebased payment transactions in the
standalone accounts of the parent and group companies this interpretation does not have an impact on the group’s financial
statements the company’s accounting policy for sharebased compensation arrangements is already in compliance with the
interpretation
b interpretations effective in 2008 but not relevant
the following interpretation to published standards is mandatory for accounting periods beginning on or after 1 january 2008 but is 
not relevant to the group’s operations
• ifric 12 ‘service concession arrangements’ and
• ifric 13 ‘customer loyalty programmes’
notes to the financial statements 2 significant accounting policies continued
c standards amendments and interpretations to existing standards that are not yet effective and have not been early adopted by 
the group
the following standards and amendments to existing standards have been published and are mandatory for the group’s accounting
periods beginning on or after 1 january 2009 or later periods but the group has not early adopted them
ias 23 amendment ‘borrowing costs’ effective from 1 january 2009 the amendment to the standard is still subject to endorsement
by the eu this standard is not expected to have a material impact on the group’s consolidated financial information
ias 1 revised ‘presentation of financial statements’ effective from 1 january 2009 the standard is still subject to endorsement by the
eu this standard is not expected to have a material impact on the group’s consolidated financial information
ifrs 1 amendment ‘first time adoption of ifrs’ and ias 27 ‘consolidated and separate financial statements’ effective from 
1 january 2009 the revised standard is still subject to endorsement by the eu the amendment will not have any impact on the 
group or company’s financial statements which are already prepared under ifrs
ias 27 revised ‘consolidated and separate financial statements’ effective from 1 july 2009 the amendment to the standard is still
subject to endorsement by the eu the group will apply ias 27 revised prospectively to transactions with noncontrolling interests from
1 january 2010 subject to endorsement by the eu
ifrs 3 revised ‘business combinations’ effective from 1 july 2009 the revised standard is still subject to endorsement by the eu 
the group will also apply ifrs 3 revised prospectively to all business combinations from january 2010 subject to endorsement by eu
ifrs 5 amendment ‘noncurrent assets heldforsale and discontinued operations’ and consequential amendment to ifrs 1 
‘firsttime adoption’ effective from 1 july 2009 the revised standard is still subject to endorsement by the eu the group will apply 
the ifrs 5 amendment prospectively to all partial disposals of subsidiaries from 1 january 2010 subject to endorsement by the eu
ifrs 8 ‘operating segments’ effective from 1 january 2009 ifrs 8 replaces ias 14 ‘segment reporting’ and aligns segment reporting
with the requirements of the us standard sfas 131 ‘disclosures about segments of an enterprise and related information’ the new
standard requires a ‘management approach’ under which segment information is presented on the same basis as that used for internal
reporting purposes this standard is expected to have a material impact on the segmental disclosures of the group’s consolidated
financial information
ias 20 amendment ‘accounting for government grants and disclosure of government assistance’ effective from 1 january 2009 
the amendment will not have an impact on the group or company’s operations as described above
ias 28 amendment ‘investments in associates’ and consequential amendments to ias 32 ‘financial instruments presentation’ and
ifrs 7 ‘financial instruments disclosures’ effective from 1 january 2009 the revised standard is still subject to endorsement by the
eu the group will apply the ias 28 amendment to impairment tests related to investments in associates and any related impairment
losses from 1 january 2009 subject to endorsement by the eu
ias 36 amendment ‘impairment of assets’ effective from 1 january 2009 the revised standard is still subject to endorsement by the
eu the group and company will apply the ias 36 amendment and provide the required disclosure where applicable for impairment
tests from 1 april 2009 subject to endorsement by the eu
ias 38 amendment ‘intangible assets’ effective from 1 january 2009 the revised standard is still subject to endorsement by the eu
the group will apply the ias 38 amendment from 1 april 2009 subject to endorsement by the eu
34 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 35
annual report and accounts 2009
financial statements
2 significant accounting policies continued
ias 39 amendment ‘financial instruments recognition and measurement’ effective from 1 january 2009 the revised standard is
still subject to endorsement by the eu the group will apply the ias 19 amendment from 1 april 2009 subject to endorsement by the
eu this standard is not expected to have a material impact on the group’s consolidated financial information
there are a number of minor amendments to ifrs 7 ‘financial instruments disclosures’ ias 8 ‘accounting policies changes in
accounting estimates and errors’ ias 10 ‘events after the reporting period’ ias 18 ‘revenue’ and ias 34 ‘interim financial reporting’
the revised standards are still subject to endorsement by the eu these standards subject to endorsement by the eu are not expected
to have a material impact on the group’s consolidated financial information
ifric 15 ‘agreements for construction of real estates’ effective from 1 january 2009 it is not expected to have a material impact on the
group or company’s financial statements
ifric 16 ‘hedges of a net investment in foreign operation’ effective from 1 october 2008 the amendment to the interpretation is still
subject to endorsement by the eu the group will apply ifric 16 from 1 april 2009 it is not expected to have a material impact on the
group or company’s financial statements
d interpretations and amendments to existing standards that are not yet effective and not relevant for the group’s operations
ias 16 amendment ‘property plant and equipment’ and consequential amendment to ias 7 ‘statement of cash flows’ effective from
1 january 2009 the amendment will not have an impact on the group or company’s operations because none of the group’s companies
ordinary activities comprise renting and subsequently selling assets
ias 29 amendment ‘financial reporting in hyperinflationary economies’ effective from 1 january 2009 the amendment will not 
have an impact on the group or company’s operations as none of the group’s subsidiaries or associates or company operate in
hyperinflationary economies
ias 31 amendment ‘interests in joint ventures’ and consequential amendments to ias 32 and ifrs 7 effective from 1 january 2009
the amendment will not have an impact on the group’s operations as there are no interests held in joint ventures
ias 40 amendment ‘investment property’ and consequential amendments to ias 16 effective from 1 january 2009 the amendment
will not have an impact on the group or company’s operations as there are no investment properties are held by the group or company
ias 41 amendment ‘agriculture’ effective from 1 january 2009 the amendment will not have an impact on the group or company’s
operations as no agricultural activities are undertaken
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 2009 adjusted to eliminate intragroup 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 2 significant accounting policies continued
basis of consolidation
subsidiaries
the consolidated financial information incorporates the financial information of the company and entities controlled by the company its
subsidiaries made up to 31 march each year 
acquisitions of subsidiaries and businesses are accounted for under the purchase method on acquisition the identifiable assets
liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition any excess of the cost of
acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill any deficiency of the cost of acquisition
below the fair values of the identifiable net assets acquired ie 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
the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal as appropriate being the date at which control passes
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 by 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 group’s share of the postacquisition profits 
or losses of associates is recognised in the income statement and its share of postacquisition movements in reserves is recognised in
reserves the cumulative postacquisition movements are adjusted against the cost of the investment
joint ventures
a joint venture is an entity in which the group holds a longterm investment which is jointly controlled by the group and one or more 
other ventures under a contractual arrangement the results of the joint ventures are consolidated using the equity accounting method
as described above
segmental reporting
a segment is a distinguishable component of the group that is engaged in providing services 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 nonmonetary 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 gains or losses on the translation of
opening and closing net assets are recognised in the consolidated statement of changes in shareholders’ equity
the consolidated financial information is presented in pounds sterling which is the company’s functional and presentational 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
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 under previous uk gaap accounting policies the group has
treated goodwill and fair value adjustments arising on acquisitions prior to 1 april 2004 as sterling denominated assets and liabilities
36 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 37
annual report and accounts 2009
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
intragroup 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 longterm 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 feebased business but with due regard to market conditions 
and outturns on recentlycompleted contracts all substantially incomplete contracts at each valuation date showing thin margins on
projected outturns are 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
precontract costs
precontract 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 
timebased contracts
revenue on timebased products is recognised in line with labour hours delivered
interest
interest income is recognised on a timeproportion 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 
cashgenerating unit
for subsidiaries goodwill is recognised as an intangible asset and for associates it is included within the investment in associates 
both are reviewed for impairment at least annually 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 straightline basis over three years
costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred 
costs directly associated with identifiable and unique software products controlled by the group and which are expected to generate
economic benefits beyond one year are recognised as intangible assets and amortised over their estimated useful economic lives 2 significant accounting policies continued
iii other intangible assets
other intangible assets identified in a business combination are capitalised at fair value as at the date of acquisition following initial
recognition the carrying amount of such an intangible asset is its cost less any accumulated amortisation and any accumulated
impairment loss useful economic lives of intangible assets are assessed on acquisition to be either indefinite or finite amortisation is
charged as appropriate on those intangibles with finite lives while those with indefinite lives are tested for impairment
the identified fair value of customer relationships and order books acquired on business combinations is being amortised over a period
of between 7 and 10 years
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 their cost less residual value on a straightline 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 333 – 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 nonfinancial 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 cashgenerating 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 equity available for sale financial assets are not reversed loans
and receivables are classified as financial assets when they are nonderivative 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
38 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 39
annual report and accounts 2009
financial statements
2 significant accounting policies continued
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 administrative expenses
cash and cash equivalents
cash and cash equivalents include cash in hand deposits held with banks and other shortterm highly liquid investments with original
maturities of three months or less bank overdrafts are shown within current financial liabilities on the balance sheet
for the purposes of the cash flow statement cash and cash equivalents are net of bank overdrafts
share capital
ordinary shares are classified as equity
incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction net of tax from 
the proceeds
where any group company purchases the company’s equity share capital treasury shares the consideration paid including any directly
attributable incremental costs net of income taxes is deducted from equity attributable to the company’s equity holders until the shares
are cancelled or reissued  where such shares are subsequently reissued any consideration received net of any directly attributable
incremental transaction costs and the related income tax effects and is included in equity attributable to the company’s equity holders
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 consolidated 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
designated as ’at fair value through profit or loss’
other financial liabilities including borrowings are initially measured at fair value net of transaction costs and subsequently at
amortised cost
borrowings
interestbearing 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
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 with a corresponding liability established 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 straightline basis over the period 
of the lease 2 significant accounting policies continued
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 deferred tax relating to items recognised directly in equity is recognised in equity and not in the consolidated
income statement
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  they are not recognised in the income statement 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
pastservice 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 pastservice costs are amortised on a straightline 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 are due
40 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 41
annual report and accounts 2009
financial statements
2 significant accounting policies continued
sharebased payments
the company 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 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
critical accounting estimates
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
the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities are addressed below
a estimated impairment of goodwill
the group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy the group carries 
out a sensitivity analysis in circumstances where carrying value is close to value in use calculations the goodwill has a carrying value 
of £106m at the year end 
b revenue recognition
the group uses the percentage of completion method in accounting for its fixed price contracts to deliver services use of the
percentage of completion method requires the group to estimate the work performed to date as a proportion of the expected work for
the whole contract
c pension benefits
the present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number
of assumptions the assumptions used in determining the net cost for pensions include the discount rate any changes in these
assumptions will impact the carrying amount of pension obligations
other key assumptions for pension obligations are based in part on current market conditions additional information is disclosed 
in note 20
significant judgements
the group believes that the most significant critical judgement areas in the application of its accounting policies are revenue recognition
and the assessment of the value of workinprogress the other principal areas where judgements have been made are defined benefit
pension assumptions and impairment of goodwill 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
uk and  other 2009 uk and other 2008
ireland overseas total ireland overseas total
£’000s £’000s £’000s £’000s £’000s £’000s
revenue by geographical regions
external sales 66635 12277 78912 59809 2896 62705
gross profit 20598 4271 24869 21505 806 22311
administrative expenses before 
exceptional expenses 14325 3798 18123 14572 912 15484
exceptional administrative expenses 3553 208 3761 –––
total administrative expenses 17878 4006 21884 14572 912 15484
segment results 2720 265 2985 6933 106 6827
unallocated corporate costs 580 1017
finance income 249 222
finance expense 452 173
profit before tax 2202 5859
taxation 568 1809
profit for the year 1634 4050
unallocated corporate costs comprise directors’ remuneration advertising public relations corporate financing costs and legal 
and professional fees
uk and other 2009 uk and other 2008
ireland overseas total ireland overseas total
£’000s £’000s £’000s £’000s £’000s £’000s
other information
capital additions 2145 1377 3522 925 74 999
depreciation and amortisation 1111 243 1354 835 13 848
capital additions comprise the acquisition of property plant and equipment and other intangible assets
42 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 43
annual report and accounts 2009
financial statements
3 segmental analysis continued
uk and other 2009 uk and other 2008
ireland overseas total ireland overseas total
£’000s £’000s £’000s £’000s £’000s £’000s
balance sheet
assets
segmental assets 32222 14321 46543 34758 2304 37062
unallocated corporate assets 817 769
consolidated total assets 47360 37831
liabilities
segmental liabilities 11511 3799 15310 9250 286 9536
unallocated corporate liabilities 3708 1694
consolidated total liabilities 19018 11230
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 receivables 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
2009 2008
assets liabilities assets liabilities
£’000 £’000 £’000 £’000 
segment assetsliabilities 46543 15310 37062 9536
unallocated
deferred tax asset 817 – 769 –
current tax –– – 805
current borrowings – 270 – 674
noncurrent borrowings – 3424 –86
current obligations under finance leases –7 – 119
noncurrent obligations under finance leases –7 –10
total 47360 19018 37831 11230 3 segmental analysis continued
secondary formats
2009 2008
£’000 £’000
revenue by business activity
quantity surveying 39172 32986 
project management 31118 20576 
specialist servicesmanagement consultancy 8622 9143 
78912 62705 
the group’s two business segments operate in two main geographical regions even though they are managed on a worldwide basis
additional information
2009 2008
£’000 £’000
revenue by geographical destination
united kingdom 58977 53265
republic of ireland 2853 3243
other overseas 17082 6197
78912 62705 
the group manages its business through segments based on geographical regions 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 expenseincome
2009 2008
£’000 £’000
finance income
interest receivable on bank deposits 200 180
interest receivable on subordinated debt 49 42
249 222
finance expense
interest payable on bank and other borrowings 239 147
interest expense on unwinding of discount 208 –
finance leases 5 26
452 173
net finance expenseincome 203 49
44 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 45
annual report and accounts 2009
financial statements
5 profit before taxation is stated after charging crediting
2009 2008
£’000 £’000
employee benefit expense note 6 47654 39132
depreciation of property plant and equipment
owned assets 870 515
under finance leases 4 110
amortisation of intangible assets included in administrative expenses
owned assets 480 171
under finance leases – 52
impairment loss recognised on trade receivables 1264 307 
loss on sale of property plant and equipment 21 28
operating lease rentals
plant and equipment 726 593
property 2304 1523
auditors’ remuneration see below 163 664
exchange gain 468 28
exceptional costs
restructuring costs 1459 –
bad and doubtful debts 1788 –
vacant property costs 514 –
3761 –
restructuring costs included redundancy costs of £123m and other restructuring costs of £023m further details of the above
exceptional costs are provided in the chief executive’s review
services provided by the company’s auditors and its associates
2009 2008
£’000 £’000
fees payable to company’s auditor for the audit of the parent company and consolidated financial statements 15 85
fees payable to company’s auditor for other services
– the audit of company’s subsidiaries pursuant to legislation 100 6
– tax advisory and compliance services 51 36
– pension advisory 10 –
– general consultancy 7 537
183 664
included in the general consultancy are fees amounting to £nil 2008 £332000 in respect of due diligence reviews which have 
been capitalised 6 directors and employees
2009 2008
group company group company
£’000 £’000 £’000 £’000
staff costs including directors were as follows
wages and salaries 40934 824 34345 32042
social security costs 4091 115 3589 3462
sharebased payments 105 20 77 77
redundancy costs 1225 – ––
compensation for loss of office director 119 119 ––
postemployment benefit
defined contribution plan 1070 52 910 826
defined benefit plan 110 – 211 211
total employee benefit expense 47654 1130 39132 36618
the average number of employees during the year
fee earners 743 – 580 542
administration 219 11 129 120
total staff 962 11 709 662
2009 2008
group and company £’000 £’000
directors’ emoluments
aggregate emoluments 817 874
aggregate gains made on exercise of share options – 128
company contributions to money purchase scheme 37 42
compensation for loss of office 119 –
973 1044
2009 2008
£’000 £’000
highest paid director
aggregate emoluments 202 210
aggregate gains made on exercise of share options – 52
company contributions to money purchase scheme 13 12
215 274
the highest paid director did not exercise options during the year 2008 216346
2009 2008
number number
number of directors earning pension entitlement through company pension contributions 5 6
directors exercising share options
number of directors exercising share options – 2
46 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 47
annual report and accounts 2009
financial statements
6 directors and employees continued
key management compensation
key management of the company are considered to be the directors
2009 2008
group and company £’000 £’000
aggregate emoluments 817 874
sharebased payments 15 11
company contributions to money purchase scheme 37 42
compensation for loss of office 119 –
988 927
7 taxation
a analysis of charge in the year
2009 2008
£’000 £’000
current tax
uk corporation tax 421 1577 
overseas tax 68 106 
double tax relief – 41
adjustments in respect of previous years 14 44 
503 1686 
deferred taxation
origination and reversal of timing differences – note 15 65 123 
income tax expense – note 7b 568 1809 
b factors affecting the tax charge for the year
the tax on the group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate
applicable to the profits of the consolidated entities as follows 
2009 2008
£’000 £’000
profit before tax 2202 5859
tax calculated at domestic tax rates applicable to profits in the respective entities 617 1758
tax effect of
expenses not deductible for tax purposes 293 430
deferred tax chargerelief in respect of share options – 384
different tax rates on overseas earnings 378 133
prior year adjustments other than changes in provisions 36 45
impact of deferred tax on changes in tax rates – 10
other timing differences – 83
total taxation 568 1809 
the weighted average applicable tax rate was 258 2008 309 the decrease is caused by a change in the profitability of the group’s
subsidiaries in the respective countries net against the impact of expenses not deductible for tax purposes 7 taxation continued
the income tax chargedcredited to equity during the year was as follows
2009 2008
£’000 £’000
deferred taxation
fair value reserves in shareholders’ equity
– availableforsale financial assets note 13 91 –
tax on actuarial lossgain on retirement benefit scheme 484 182
impact of change in the uk tax rate on deferred tax – 12
share option scheme 459 459
116 289
8 dividends
2009 2008
£’000 £’000
interim dividend paid of 090p per share in respect of the year ended 31 march 2009 510 443 
final dividend paid of 160p per share in respect of the year ended 31 march 2008 920 947 
1430 1390 
dividend per share in respect of the financial year
interim dividend per share paid during the year 090p 080p
final dividend per share declared for the year 150p 160p
the board has declared a final dividend in respect of the year ended 31 march 2009 of 150p per share amounting to £863735 
2008 160p per share amounting to £920637 these financial statements do not reflect the final dividend for 2009
9 earnings per share
2009 2008
£’000 £’000
profit for the financial year attributable to equity shareholders 1634 4050
number number
weighted average number of shares in issue 57184008 49098651
basic earnings per share pence 29 83
weighted average number of shares in issue 57184008 49098651
adjustment for 
diluted effect of share options 1345095 2877532
weighted average number of ordinary shares for diluted earnings per share 58529103 51976183
diluted earnings per share pence 28 78
48 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 49
annual report and accounts 2009
financial statements
9 earnings per share continued
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 goodwill
goodwill
group £’000
cost
at 1 april 2008 3615 
additions 7252 
at 31 march 2009 10867 
impairment
at 1 april 2008 and at 31 march 2009 295
net book amount
at 31 march 2009 10572
at 31 march 2008 3320
goodwill
company £’000
cost
at 1 april 2008 and at 31 march 2009 2940
impairment
at 1 april 2008 and at 31 march 2009 237
net book amount
at 31 march 2009 2703
at 31 march 2008 2703  10 goodwill continued
on 1 april 2008 cyril sweett australia pty limited the company’s whollyowned subsidiary undertaking in australia completed the
acquisition of the entire share capital of burns bridge holdings pty limited and its subsidiary companies goodwill arising on this
acquisition amounted to £30m
on 3 april 2008 cyril sweett limited the company’s whollyowned subsidiary completed the acquisition of the trade certain assets and
goodwill of nisbet llp together with 100 of the share capital of nisbet project safety limited goodwill arising on these acquisitions
amounted to £38m and £02m respectively
on 4 april 2008 cyril sweett limited the company’s whollyowned subsidiary completed the acquisition of the trade certain assets and
goodwill of roger richards partnership goodwill arising on this acquisition amounted to £02m
further details of the above acquisitions are included at note 26
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 boydcreedsweett limited nisbet llp nisbet project safety limited roger richards partnership and cyril
sweett australia pty limited were
• revenue and profit before tax to grow in line with the rate of inflation estimated at 3
• a pretax discount rate of 10
the directors consider the assumption used to be prudent in light of the historical performance of each cashgenerating unit and
economic and industry measures and forecasts
11 other intangible assets
order book  
and customer computer 
relationships software total
group £’000 £’000 £’000
cost
at 1 april 2008 – 922 922 
exchange differences – 1 1 
additions – 347 347 
acquired on business combinations note 26 1692 7 1699
disposals – 120 120
at 31 march 2009 1692 1157 2849 
accumulated amortisation and impairment
at 1 april 2008 – 568 568 
exchange differences – 1 1 
charge for the year 201 279 480 
disposals – 120 120
at 31 march 2009 201 728 929 
net book amount
at 31 march 2009 1491 429 1920
at 31 march 2008 – 354 354 
50 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 51
annual report and accounts 2009
financial statements
11 other intangible assets continued
on 1 april 2008 cyril sweett australia pty limited the company’s whollyowned subsidiary undertaking in australia completed the
acquisition of the entire share capital of burns bridge holdings pty limited and its subsidiary companies the fair value of the “order
book and customer relationships” included in the purchase consideration amounted to £07m
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  the fair value of the ‘order book and customer relationships’ included in the purchase consideration amounted to
£10m
the net book amount of computer software opposite includes assets held on finance lease with a net book amount of £nil 2008 £48000
amortisation of £480000 2008 £223000 is included in ‘administrative expenses’
computer 
software
company £’000
cost
at 1 april 2008 920 
transfer to subsidiary undertaking 920
at 31 march 2009 –
accumulated amortisation and impairment
at 1 april 2008 568 
transfer to subsidiary undertaking 568 
at 31 march 2009 – 
net book amount
at 31 march 2009 –
at 31 march 2008 352 
the net book amount of computer software above includes assets held on finance lease with a net book value of £nil 2008 £48000
amortisation of £nil 2008 £223000 is included in ’administrative expenses’ 12 property plant and equipment
fixtures computer 
and fittings hardware total
group £’000 £’000 £’000
cost
at 1 april 2008 1785 1027 2812 
exchange differences 44 15 59
additions 681 402 1083
acquired on business combinations note 26 241 152 393
disposals 59 75 134
at 31 march 2009 2692 1521 4213
accumulated depreciation
at 1 april 2008 831 702 1533
exchange differences 27 26 53
charge for the year 471 403 874
disposals 34 75 109
at 31 march 2009 1295 1056 2351
net book amount
at 31 march 2009 1397 465 1862
at 31 march 2008 954 325 1279 
the net book amount of property plant and equipment above includes computer hardware held on finance lease with a net book amount
of £7000 2008 £145000
depreciation expense of £874000 2008 £625000 is included in ’administrative expenses’ 
the group leases various items of computer hardware under noncancellable finance lease agreements the lease terms are between
one and five years and ownership of the assets lies with the group 
52 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 53
annual report and accounts 2009
financial statements
12 property plant and equipment continued
fixtures computer 
and fittings hardware total
company £’000 £’000 £’000
cost
at 1 april 2008 1659 905 2564 
transfer to subsidiary undertaking 1659 905 2564
at 31 march 2009 –––
accumulated depreciation
at 1 april 2008 774 645 1419
transfer to subsidiary undertaking 774 645 1419
at 31 march 2009 – – –
net book amount
at 31 march 2009 –––
at 31 march 2008 885 260 1145 
the net book amount of property plant and equipment above includes computer hardware held on finance lease with a net book amount
of £nil 2008 £135000
depreciation expense of £nil 2008 £588000 is included in ’administrative expenses’ 
13 financial assets
availablefor loans and 
sale assets receivables total
group £’000 £’000 £’000
cost or fair value
at 1 april 2008 612 329 941 
additions –1111
fair value adjustment 325 – 325
at 31 march 2009 287 340 627  13 financial assets continued
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 
loans and receivables are subordinated loans to lift investments limited together with accrued interest note 29
13a investments
shares in 
subsidiary 
undertakings
company £’000
cost or fair value
at 1 april 2008 1767
additions 27445
capital contribution relating to sharebased payments 85
revaluation of shares in subsidiary undertakings to fair value 2357
sale of investments to subsidiary undertakings 3430
at 31 march 2009 28224
provisions for impairment
at 1 april 2008 and at 31 march 2009 365
net book amount
at 31 march 2009 27859
at 31 march 2008 1402 
prior to the flotation of the company on aim in october 2007 and until 31 march 2008 the group’s uk business was conducted
predominantly directly through cyril sweett group plc with effect from 1 april 2008 the three separate trades involved were transferred
to new whollyowned subsidiary companies formed for the purpose being cyril sweett limited cyril sweett international holdings
limited and cyril sweett investment management limited enabling cyril sweett group plc to operate as a more traditional holding
company the assets involved were transferred at valuation the consideration being satisfied by the issue of shares to cyril sweett 
group plc by the subsidiary companies
the capital contribution relating to share based payments relates to 37 million share options granted by the company to employees 
of subsidiary undertakings in the group refer to note 24 for further details of the group’s share option schemes
54 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 55
annual report and accounts 2009
financial statements
14 subsidiary undertakings
group’s class of country of
interest shares held registration principal activities
cyril sweett investments limited 100 ordinary england intermediate holding company
cyril sweett international holdings limited 100 ordinary england intermediate holding company
cyril sweett limited 100 ordinary england construction consultancy
cyril sweett  partners limited  100 ordinary england dormant
ce 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
nisbet project safety limited  100 ordinary england construction consultancy
csbc healthcare limited  100 ordinary ireland construction consultancy
cyril sweett limited formerly 100 ordinary ireland construction consultancy
boydcreedsweett limited 
cyril sweett espana sl  100 ordinary spain construction consultancy
cyril sweett international limited  100 ordinary cyprus intermediate holding company
cyril sweett cyprus limited  100 ordinary cyprus intermediate holding company
cyril sweett india private limited  100 ordinary india construction consultancy
cyril sweett australia pty limited  100 ordinary australia intermediate holding company
cyril sweett france sas 100 ordinary france nontrading
cyril sweett hk limited  100 ordinary hon kong nontrading
burnsbridge sweett holdings pty limited  100 ordinary australia intermediate holding company
burnsbridge sweett pty limited  100 ordinary australia construction consultancy
burns bridge uae pty limited  100 ordinary australia construction consultancy
burnsbridge sweett pte limited  100 ordinary singapore construction consultancy
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
the movement in deferred income tax assets and liabilities during the year without taking into account the offsetting of balances with
the same tax jurisdiction is as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
deferred tax
at 1 april 601 769 435 615
transfer to subsidiary undertaking – 133 ––
charged to the income statement 65 178 123 123
acquired on business combinations note 26 88 – ––
credited directly to reserves 116 25 289 277
at 31 march 740 483 601 769
disclosed as
deferred tax asset 817 483 769 769
deferred tax liability 77 – 168 –
deferred taxation provided in the accounts is as follows
capital allowances in advance of depreciation 334 – 101 101
outstanding share options –– 615 615
other timing differences 78 1 115 53
retirement benefit obligations note 20 484 484 ––
at 31 march 740 483 601 769
deferred tax estimated to be recoverable within one year is £186000 2008 £162000 there are no material unrecognised deferred 
tax assets
16 trade and other receivables
2009 2008
group company group company
current receivables £’000 £’000 £’000 £’000
gross amount due from customers for contract work 97110 – 60593 56210
less progress payments received 90489 – 54932 51247
6621 – 5661 4963
trade receivables 19858 – 17442 14905
less provision for impairment 2154 – 947 902
17704 – 16495 14003
amounts due from group undertakings – 3656 – 2572
other receivables 1542 325 811 193
prepayments and accrued income 1877 – 1471 1400
27744 3981 24438 23131
amounts due from the group undertakings are unsecured interest free and repayable on demand
56 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 57
annual report and accounts 2009
financial statements
16 trade and other receivables continued
as at 31 march 2009 trade receivables of £2634000 2008 £2246000 were impaired by either a bad debt or credit note provision 
the amount of the debt provision was £2154000 2008 £947000 the individually impaired receivables relate to clients’ inability to 
raise funding in the current climate the impact of the recession on clients’ ability to pay and ongoing minor disputes with clients 
the ageing of these receivables is as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
less than 90 days 12 – 436 430 
over 90 days 2622 – 1810 1765 
2634 – 2246 2195 
as of 31 march 2009 trade receivables of £9810000 2008 £7826000 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 is as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
less than 90 days 5542 – 5601 4653
over 90 days 4268 – 2225 1069
9810 – 7826 5722
the carrying amounts of receivables are denominated in the following currencies
2009 2008
group company group company
£’000 £’000 £’000 £’000
pounds 11636 – 13773 13768 
euros 2082 – 2331 235 
dirhams 2144 – 356 – 
indian rupees 763 – 35 – 
australian dollars 738 – ––
singapore dollars 341 – ––
17704 – 16495 14003  16 trade and other receivables continued
movements on the provision for impairment of trade receivables are as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
at 1 april 947 902 640 638 
exchange differences 67 – ––
transfer to subsidiary undertaking – 902 ––
provision for receivables impairment 1664 – 550 507 
amounts reversed or utilised 524 – 243 243
at 31 march 2154 – 947 902 
the group has a very good history of receivable recovery but the exceptional nature of the current economic climate and the effect of 
the ‘credit crunch’ have adversely affected clients’ ability to pay the creation of provisions for impaired receivables for 2009 has been
included in ’exceptional administrative expenses’ in the income statement amounts charged to the allowance account are generally
written off when there is no expectation of recovering additional cash
the other classes of trade and other receivables do not contain impaired assets
the maximum exposure to credit risk at the reporting date is the book value of the receivable balances mentioned above the group
does not hold any collateral as security
17 cash and cash equivalents 
2009 2008
group company group company
£’000 £’000 £’000 £’000
cash at bank and in hand 3818 153 6730 5101
the effective interest rate on cash balances was 45 2008 56
18 financial liabilities
2009 2008
group company group company
current £’000 £’000 £’000 £’000
bank loans 270 182 674 674 
obligations under finance lease and hire purchase contracts 7– 119 114 
277 182 793 788 
2009 2009 2008 2008
noncurrent £’000 £’000 £’000 £’000
bank loans 3424 1568 86 86 
obligations under finance lease and hire purchase contracts 7– 10 – 
3431 1568 96 86 
58 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 59
annual report and accounts 2009
financial statements
18 financial liabilities continued
2009 2008
group company group company
bank loans £’000 £’000 £’000 £’000
analysis of maturity of debt
within one year or on demand 270 182 674 674 
between one and two years 182 182 86 86 
between two and five years 3242 1386 – – 
3694 1750 760 760 
the fair value of financial liabilities was the same as the carrying value 
the group’s principal banker is bank of scotland plc which has provided the following arrangements secured by a first and only
debenture and a crossguarantee of the group and certain subsidiaries
1 a multicurrency revolving credit facility of up to £5m for the financing of acquisitions the rate of interest is 11 over libor or
euribor and draw downs are repayable in 2013 with prepayment in whole or in part permitted £31m of this facility was used 
at the balance sheet date
2 a share purchase loan of up to £3m £2m of which is committed and £1m of which is uncommitted with interest at 185 over libor
and repayable by instalments with the final instalment if fully drawn in 2013 £05m of this facility was used at the balance sheet date
3 a £4m committed overdraft facility repayable on 30 november 2009 with interest at 135 over bank of scotland plc base rate and
4 a letter of credit facility for £4m for use in guaranteeing debt obligation to the group’s ppppfi investments whilst under construction
further bank loans of £88000 2008 £760000 in respect of asset finance are unsecured
the present value of finance leases liabilities falls due as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
within one year or on demand 7– 123 118 
between one and two years 8– 11 – 
15 – 134 118 
future finance charges on finance leases 1 – 5 4
present value of finance lease liabilities 14 – 129 114 
the present value of finance leases liabilities falls due as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
analysis of maturity of debt
within one year or on demand 7– 119 114 
between one and two years 7– 10 – 
14 – 129 114  19 trade and other payables
2009 2008
group company group company
current £’000 £’000 £’000 £’000
amounts due to customers on longterm contracts 1482 – 1495 969
trade payables 2003 – 993 981
amounts due to group undertakings – 910 – 651
other taxes and social security costs 2902 31 2890 2691
other payables see below 4200 123 1909 1858
accruals and deferred income 2713 5 2081 1668
13300 1069 9368 8818
2009 2008
group company group company
other payables £’000 £’000 £’000 £’000
dilapidation provision 300 – 150 150
profit sharing 118 – 1180 1180
restructuring costs 846 – ––
deferred acquisition consideration 1817 – ––
other payables 1119 123 579 528
4200 123 1909 1858
2009 2008
group company group company
noncurrent £’000 £’000 £’000 £’000
other payables deferred acquisition consideration 643 – ––
further details of deferred acquisition consideration are shown at note 26 the fair value of other payables approximates to their 
carrying value
20 retirement benefit obligations
defined benefit pension schemes
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 and the valuation due at 30 june 2008 is currently being completed using the
following annual growth rate assumptions
investment return 53 – 68
salary increases na
pension increases 385
at the latest actuarial valuation being completed as at 30 june 2008 the market value of the assets was £9106000 which represented
73 of the benefits accrued to members on an ongoing basis the resulting deficit being £3297000
60 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 61
annual report and accounts 2009
financial statements
20 retirement benefit obligations continued
during the year the company contributed at the rate of £40000 per month and the current schedule of contributions requires ongoing
contributions of this amount to continue for the coming year 
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 2009 for the purposes of inclusion of information about the pension scheme in these accounts the main assumptions used 
by the actuary were
    
per annum per annum per annum per annum
31 march 31 march 31 march 31 march
2009 2008 2007 2006
rate of increase of salaries na na na na
rate of increase of indexlinked pensions in payment 31 36 33 31
discount rate 70 68 54 50
inflation assumption 31 36 33 31
the assumptions used by the actuary 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 amounts recognised in the balance sheet are determined as follows
2009 2008 2007 2006
£’000 £’000 £’000 £’000
present value of plan assets 8006 9199 9140 8609
present value of funded obligation 9296 9199 10351 10347
liability in the balance sheet 1290 – 1211 1738
related deferred tax asset 484 – 363 521
net pension liability 806 – 848 1217
the amounts recognised in the income statement are as follows
2009 2008 2007 2006
£’000 £’000 £’000 £’000
current service costs 110 211 180 142
expected return on plan assets 569 630 587 485
interest cost 612 551 509 467
total included in administrative expenses 153 132 102 124
actuarial gains and losses shown in the statement of recognised income and expense sorie are as follows
2009 2008
£’000 £’000
actuarial lossesgains 1727 651
limit on recognition of assets – –
1727 651
cumulative losses and gains recognised in the sorie 1145 582 20 retirement benefit obligations continued
reconciliation of opening and closing balances of the present value of the defined benefit obligation
2009 2008
£’000 £’000
benefit obligation at beginning of year 9199 10351
service cost 110 211
interest cost 612 551
actuarial gain 117 1395
benefits paid 508 519
benefit obligation at end of year 9296 9199
reconciliation of opening and closing balances of the fair value of plan assets
2009 2008
£’000 £’000
fair value of plan assets at beginning of year 9199 9140
expected return on plan assets 569 630
actuarial loss 1844 744
contributions by employers 590 692
benefits paid 508 519
fair value of plan assets at end of year 8006 9199
the major categories of plan assets and the expected rate of return at the balance sheet date for each category is as follows
longterm longterm 
rate of return rate of return
expected at fair value at expected at fair value at
31 march 31 march 31 march 31 march
2009 2009 2008 2008
pa £’000 pa £’000
equities and property 820 3376 750 4744
fixed interest 470 2118 500 1993
index linked gilts 420 2511 450 2397
cash and other 050 1 525 65
8006 9199
the actual return on assets over the period was 1275 114
present value of defined obligation
funded plans 9296 9199
unfunded plans – –
total 9296 9199
present value of unfunded obligations 1290 –
unrecognised actuarial gains losses – –
net liability in balance sheet 1290 –
in 2009 there was a negative return on plan assets of £1275000 2008 £114000
the contribution expected to be paid during the financial year to 31 march 2010 amounts to £480000
62 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 63
annual report and accounts 2009
financial statements
20 retirement benefit obligations continued
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
the history of scheme assets obligations and experience adjustments is as follows
as at as at as at as at as at
31 march 31 march 31 march 31 march 31 march
2009 2008 2007 2006 2005
£’000 £’000 £’000 £’000 £’000
present value of defined benefit obligation 9296 9199 10351 10347 8756
fair value of scheme assets 8006 9199 9140 8609 6811
deficitsurplus in the scheme 1290 – 1211 1738 1945
experience adjustments arising on scheme liabilities 117 1395 170 1357 193
experience item as a percentage of scheme liabilities 1 15 2 13 2
experience adjustments arising on scheme assets 1844 744 230 1327 214
experience item as a percentage of scheme assets 23 8 3 15 3
money purchase pension schemes
the contribution to the cyril sweett group plc group personal pension scheme for the period 1 april 2008 to 31 march 2009 was
£875000 2008 £878000
the company also contributes to employees’ personal pension schemes and the charge for the year was £114000 2008 £120000
at the year end the accounts included an accrual for pension contributions of £76000 2008 £71000
21 share capital
2009 2008
group and company £’000 £’000
authorised
75000000 2008 75000000 ordinary shares of 10p each 7500 7500
2009 2008
£’000 £’000
called up and fully paid
ordinary shares of 10p each 5759 5534
2009 2008
000’s 000’s
number of shares
ordinary shares of 10p each 57582 55336
2009 2008
movement in share capital £’000 £’000
at 1 april 5534 4451
shares issued note 22 225 1083
at 31 march 5759 5534 22 share premium account
2009 2008
group and company £’000 £’000
at 1 april 9987 1923
shares issued 1998 9632
issue costs 30 1568
at 31 march 11955 9987
on 3 april 2008 the company issued 2203928 ordinary shares of 10p each at a premium of 90p per share in part satisfaction of the
acquisition of the trade certain assets and goodwill of nisbet llp  
on 10 december 2008 the company issued 42533 ordinary shares of 10p each at a premium of 34p per share in part satisfaction 
of the award of ’free shares’ to employees in accordance with the terms of the cyril sweett all employee share ownership plan sip
the shares were issued to cyril sweett trustee company limited the corporate trustee of the sip 
23 treasury shares
2009 2008
group and company £’000 £’000
at 1 april 341 354 
disposals 223 13
at 31 march 118 341
as at 31 march 2009 the treasury shares represent 368838 ordinary shares of 10p each 2008 354006 ordinary shares of 10p each of
the company held by the company’s employee benefit trust and share incentive plan set out below with a value of £118000 2008
£341000 these shares represented 06 2008 06 of the company’s issued share capital 
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 daytoday 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
2009 the employee benefit trust held 7895 shares 2008 209081 shares which were valued at £3000 2008 £212000
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 2009 the plan held 360943 shares 2008 144295 shares with a value of £115000 2008 £129000 which had not been
allocated to individual employees
64 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 65
annual report and accounts 2009
financial statements
24 equity settled sharebased 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 10 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 fulltime employee of the group the unexercised options at the end of the year are
stated below
option 
exercise 2009 2008
price shares shares
date of grant of option per share ’000 ’000
unapproved options
20 november 2000 136p 175 175
31 october 2007 1100p 805 920
14 january 2008 1100p 30 30
1 october 2008 675p 246 –
1256 1125
csop
20 november 2000 136p – 65
21 september 2001 159p 157 157
29 january 2007 427p 100 100
31 march 2007 450p 44 44
31 march 2008 945p 30 30
3 april 2008 955p 157 –
31 july 2008 955p 31 –
31 july 2008 525p 19 –
538 396
emi
6 october 2003 208p 362 559
28 november 2005 335p 1067 1223
16 october 2006 427p 1320 1490
2749 3272
the estimated fair values of these share options range between 5p per share and 20p 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 2008 30 expected dividend yield of 25 2008 25 contractual life of 10 years and a riskfree interest rate of 55 2008
55 it was assumed that employees would exercise their options during the first year after the option vesting date the volatility of 
30 represents the average of the volatility of a range of listed companies which operate in the same or similar sector as this company
the value of employee services provided of £105000 2008 £77000 has been charged to the income statement 24 equity settled sharebased payments continued
further details of the three share option plans are as follows
2009 2008
weighted weighted 
average average
exercise exercise
number price number price
of options 000’s of options 000’s
outstanding at the start of the period 4793 497p 5534 305p
granted 453 785p 980 1100p
forfeited 425 578p 202 369p
exercised 278 198p 1519 202p
outstanding at the end of the period 4543 384p 4793 497p
exercisable at the end of the period 1760 384p 956 497p
options exercised during 2009 over 278002 shares were satisfied by shares held in the cyril sweett employee benefit trust 2008
697115 shares were issued at 208p each and 125000 shares were issued at 136p each the related weighted average share price 
at the time of exercises was 497p 2008 305p per share
share options outstanding at the end of the year have the following expiry dates and exercise prices
exercise price
shares
expiry date of option per share 2009 2008
20 november 2010 136p 175000 240000
21 september 2011 159p 157233 157233
6 october 2013 208p 360577 558654
28 november 2015 335p 1067159 1222636
16 october 2016 427p 1320000 1490000
29 january 2017 427p 100257 100257
1 march 2017 450p 44444 44444
31 october 2017 1100p 805000 920000
14 january 2018 1100p 30000 30000
31 march 2018 945p 30000 30000
3 april 2018 955p 157068 –
31 july 2018 525p 19047 –
31 july 2018 955p 31412 –
1 october 2018 675p 245926 –
4543123 4793224
share option reserve
2009 2008
group and company £’000 £’000
at 1 april 615 154
value of employee services provided 105 77
deferred tax on unexercised options 459 459
transfer to retained earnings on exercise 12 75
at 31 march 249 615
66 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 67
annual report and accounts 2009
financial statements
25 statement of changes in shareholders’ equity 
share share treasury share option retained 
capital premium shares reserve earnings total equity
group £’000 £’000 £’000 £’000 £’000 £’000
at 1 april 2007 4451 1923 354 154 7905 14079
exchange differences –––– 280 280
profit for the year –––– 4050 4050
dividends –––– 1390 1390
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 1083 9632––– 10715
issue costs – 1568 – – – 1568
at 31 march 2008 5534 9987 341 615 10806 26601
exchange differences –––– 690 690
profit for the year –––– 1634 1634
dividends –––– 1430 1430
actuarial loss –––– 1727 1727
deferred tax on actuarial loss –––– 484 484
financial assets available for sale
– fair value adjustment –––– 325 325
– deferred tax adjustment –––– 91 91
employee share option scheme
– value of services provided – – – 105 – 105
– exercise of awards – – – 12 12 –
– deferred tax on unexercised options – – – 459 – 459
purchase of shares by the ebt less exercise 
price of options exercised over these shares –––– 262 262
cost of treasury shares less value transferred in 
settlement of deferred acquisition consideration –––– 202 202
revaluation of shares held in treasury –––– 726 726
disposals during the year – – 223 – – 223
new shares issued during the year 225 1998––– 2223
issue costs – 30 – – – 30
at 31 march 2009 5759 11955 118 249 10497 28342
cumulative exchange gains recorded through the statement of changes in shareholders’ equity amounted to £817000 2008 £127000
included in retained earnings is an amount of £198000 2008 £432000 which is not available for distribution 25 statement of changes in shareholders’ equity continued
share share treasury share option retained 
capital premium shares reserves earnings total equity
company £’000 £’000 £’000 £’000 £’000 £’000
at 1 april 2007 4451 1923 354 154 6386 12560
exchange differences –––– 2 2
profit for the year –––– 3664 3664
dividends –––– 1390 1390
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 1083 9632––– 10715
issue costs – 1568 – – – 1568
at 31 march 2008 5534 9987 341 615 8607 24402
exchange differences ––––––
profit for the year –––– 7752 7752
dividends –––– 1439 1439
actuarial loss –––– 1727 1727
deferred tax on actuarial loss –––– 484 484
employee share option scheme
– value of services provided – – – 105 – 105
– exercise of awards – – – 12 12 –
– deferred tax on unexercised options – – – 459 – 459
purchase of shares by the ebt less exercise 
price of options exercised over these shares –––– 262 262
cost of treasury shares less value transferred in 
settlement of deferred acquisition consideration –––– 202 202
disposals during the year – – 223 – – 223
new shares issued during the year 225 1998––– 2223
issue costs – 30 – – – 30
at 31 march 2009 5759 11955 118 249 13225 31070
68 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 69
annual report and accounts 2009
financial statements
26 acquisitions
in april 2008 the group acquired the business goodwill and certain assets of nisbet llp and roger richards partnership together with
100 of the share capital of nisbet project safety limited and burnsbridge sweett holdings pty limited and its subsidiaries
burnsbridge sweett holdings pty limited contributed revenues of approximately £7143000 during the year and a net profit of £474000
the businesses of nisbet llp nisbet project safety limited and roger richards partnership have been fully integrated into the
business of cyril sweett limited in the uk and accordingly it is not possible to quantify accurately the revenues profits or losses
contributed by these businesses
details of net assets and goodwill are as follows
purchase consideration
nisbet roger
nisbet project richards 2009 2008
burnsbridge llp safety partnership £’000 £’000
cash paid 1856 1727 250 120 3953 104
direct costs relating to the acquisitions 248 90 1 32 371 –
fair value of shares issued – 2204 – – 2204 –
fair value of treasury shares 991 375 – 40 1406 –
transfer from shares in joint venture –––– – 220
deferred consideration payable 1202 1238 – 20 2460 –
total purchase consideration 4297 5634 251 212 10394 324
the fair value of assets and liabilities was the same as the carrying value with the exception of identified customer relationships and
order book the fair value of assets and liabilities as of 1 april 2008 arising from acquisitions was as follows
nisbet roger
nisbet project richards 2009 2008
burnsbridge llp safety partnership £’000 £’000
cash and cash equivalents 80 – 16 – 96 172
property plant and equipment 
including computer software 189 205 6 – 400 22
customer relationships and order book 
included in intangibles – note 11 735 957 – – 1692 –
deferred tax assets 88––– 88 –
trade and other receivables 1545 640 141 – 2326 628
trade and other payables 1256 – 83 – 1339 822
current tax liabilities 121 – – – 121 –
net assets acquired 1260 1802 80 – 3142 –
goodwill 3037 3832 171 212 7252 324
total purchase consideration 4297 5634 251 212 10394 324 26 acquisitions continued
nisbet roger
nisbet project richards 2009 2008
burnsbridge llp safety partnership £’000 £’000
purchase consideration settled in cash 2104 1817 251 152 4324 104
cash and cash equivalents in subsidiaries acquired 80 – 16 – 96 172
cash outflowinflow on acquisitions 2024 1817 235 152 4228 68
27 cash flows from operations
2009 2008
group company group company
£’000 £’000 £’000 £’000
operating profitloss 2405 1535 5810 5394
adjustment for
depreciation of property plant and equipment 874 – 625 588
amortisation of intangible assets 480 – 223 223
loss on disposal of plant and equipment 21 – 28 28
sharebased payments 105 20 77 77
operating cash flows before movements in working capital 3885 1515 6763 6310
increasedecrease in receivables 328 3879 2434 3524
increasedecrease in payables 355 5974 390 623
3912 3610 3939 3409
28 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 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 nonlocal currency the policy is to mitigate the risk having regard to all the relevant
circumstances normally by seeking to hedge the resultant currency exposure by way of a contract with the bank
70 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 71
annual report and accounts 2009
financial statements
28 financial risk management continued
liquidity 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 by the policy of regular invoicing on longterm contracts
interest risk
the group has an exposure to interest rate increases on its longterm debt while interest rates remain at their current low levels 
this risk has not been hedged
credit risk
the group has no significant concentration of credit risk in terms of unusually large amounts due from individual clients in the 
current economic climate there is an inherent risk in exposure to the property market which the group seeks to mitigate by regular
credit checks regular payment requirements in its standard terms and conditions and the implementation of appropriate credit 
control procedures
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 longterm 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
the maturity of financial liabilities is as follows
2009 2008
group company group company
£’000 £’000 £’000 £’000
within one year 277 182 793 788
between one and two years 189 182 96 86
between two and five years 3242 1386 ––
3708 1750 889 874
the group’s principal banker is bank of scotland plc the principal cash facilities available comprise a committed overdraft facility of
£4m a five year committed revolving credit facility of £5m to be used for acquisition finance and a £2m four year committed term loan 
facility to be used for the purchases of the company’s own shares either for cancellation or for treasury in addition to these facilities 
the principal banker has made available £1m on an uncommitted basis for purchases of the company’s own shares
the facilities are subject to the following covenants
• net worth including goodwill shall not at any time be less than £20m
• the ratio of earnings before interest tax depreciation and amortisation to total interest payable for each quarterly test date shall not
be less than 41
the group had £3818000 2008 £6730000 of cash and cash equivalents at the year end held in bank accounts which was immediately
available for use cash surplus to shortterm requirements is usually invested overnight on the money market to earn interest at rates
close to the prevailing local base rates for the first six months of the year term deposits were also placed the effective interest rate on
cash held was 45 2008 56 28 financial risk management continued
financial instruments by category
loans and available
receivables forsale total
group £’000 £’000 £’000
at 31 march 2009
assets as per balance sheet
available for sale assets – 287 287
trade and other receivables 26207 – 26207
cash and cash equivalents 3818 – 3818
total 30025 287 30312
other
financial
liabilities at 
amortised 
cost
£’000
at 31 march 2009
liabilities as per balance sheet
borrowings excluding finance lease liabilities 3694
finance lease liabilities 14
trade and other payables excluding statutory liabilities 9777
total 13485
loans and available
receivables forsale total
£’000 £’000 £’000
at 31 march 2008
assets as per balance sheet
availableforsale assets – 612 612
trade and other receivables 23296 – 23296
cash and cash equivalents 6730 – 6730
total 30026 612 30638
other
financial
liabilities at 
amortised 
cost
£’000
at 31 march 2008
liabilities as per balance sheet
borrowings excluding finance lease liabilities 760
finance lease liabilities 129
trade and other payables excluding statutory liabilities 5148
total 6037
72 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 73
annual report and accounts 2009
financial statements
28 financial risk management continued
loans and available
receivables forsale total
company £’000 £’000 £’000
at 31 march 2009
assets as per balance sheet
trade and other receivables 3981 – 3981
cash and cash equivalents 153 – 153
total 4134 – 4134
other
financial
liabilities at 
amortised 
cost
£’000
at 31 march 2009
liabilities as per balance sheet
borrowings excluding finance lease liabilities 1750
trade and other payables excluding statutory liabilities 1038
total 2788
loans and available
receivables forsale total
£’000 £’000 £’000
at 31 march 2008
assets as per balance sheet
trade and other receivables 21731 – 21731
cash and cash equivalents 5101 – 5101
total 26832 – 26832
other
financial
liabilities at 
amortised 
cost
£’000
at 31 march 2008
liabilities as per balance sheet
borrowings excluding finance lease liabilities 760
finance lease liabilities 114
trade and other payables excluding statutory liabilities 4797
total 5671
fair values
the fair values of the group’s financial assets and liabilities are equal to their carrying value 29 related party transactions 
group
during the year the company’s whollyowned subsidiary cyril sweett limited entered into transactions totalling £6000 2008£ 15000
with the british council of offices of which francis ives is a director  at the year end £2000 was owed to this company 2008 £1000
additionally the company’s whollyowned subsidiary cyril sweett limited entered into transactions totalling £17000 2008 £26000 
with the british council of shopping centres of which derek pitcher is a director  at the year end no monies were owed to this company
2008 £nil
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 £nil 2008 £7000 at the year end no monies were owed to this company 2008
£nil
the directors are of the opinion that the above transactions were on normal commercial terms
cyril sweett investments limited holds 19 of the issued share capital of lift investments limited to which it has advanced
subordinated debt funding on which it earns interest at the rate of 125 the subordinated debt repayable at 31 march 2009 was
£340000 2008 £330000 and interest earned during the year was £49000 2008 £42000
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 
2009 2008
director £’000 £’000
f ives – –
m kemsley resigned on 19 january 2009 – 2
d pitcher – –
c goscomb 1 –
d webster 3 3
maximum loan outstanding 
during the year to 31 march
2009 2008
director £’000 £’000
f r ives – –
m kemsley resigned on 19 january 2009 1 2
d r pitcher 1 2
c goscomb 2 –
d webster 5 5
74 cyril sweett group plc
annual report and accounts 2009
financial statements financial statements
cyril sweett group plc 75
annual report and accounts 2009
financial statements
29 related party transactions continued
company
2009 2008
sales of goods and services £’000 £’000
sales of services to related parties
fellow group undertakings – 1118
purchases of services from related parties
fellow group undertakings – 17
year end balances arising from sales and purchases of services are as follows
receivable from related parties
fellow group undertakings – 2572
payables to related parties
fellow group undertakings – 651
30 operating lease commitments – minimum lease payments
future commitments under noncancellable operating leases
2009 2008
£’000 £’000
land and buildings
within one year 2338 1885
within two to five years 3022 3195
after five years 126 –
5486 5080
plant and machinery
within one year 658 576
within two to five years 1139 909
1797 1485
the group leases land and buildings plant and machinery under noncancellable operating lease arrangements which have various
terms and renewal rights
31 capital and other financial commitments
at 31 march 2009 the group had no significant capital expenditure commitments 2008 £nil
32 post balance sheet events
there have been no significant post balance sheet events company registration number 03452251
directors f r ives frics dipprojman chairman
d l webster mba bsc mrics mapm chief executive officer
c r j goscomb fca chief financial officer
d r pitcher bsc frics dipprojman executive director operations
m j g henderson fca frsa khs nonexecutive
r s mabey cmg fciob frsa nonexecutive
p n woollacott bsc cigem nonexecutive
secretary f j wilson acis bsc
registered office 60 gray’s inn road
london
wc1x 8aq
nominated advisor and broker brewin dolphin limited
12 smithfield street
london
e1a 9bd
registered 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 020 7061 9000
fax number 020 7430 0603
wwwcyrilsweettcom
76 cyril sweett group plc
annual report and accounts 2009
company information
company information business review
who we are 1
what we do 2
financial highlights 4
chairman’s statement 5
chief executive’s review 6
financial review 10
governance
board of directors 14
report of the directors 16
statement of directors’ 
responsibilities 20
corporate governance 21
directors’ remuneration report 24
independent auditors’ report 27
financial statements
consolidated income statement 28
statements of recognised income 
and expense 29
consolidated balance sheet 30
company balance sheet 31
cash ﬂow statements 32
notes to the ﬁnancial statements 33
company information
company information 76
cover photography left to right
1 dubai metro dubai
2 the london eye uk
3 kent bsf uk
4 yas island abu dhabi
more detailed information can be found 
online at wwwcyrilsweettcom
cyril sweett group plc 77
annual report and accounts 2009
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this report is available at httpwwwcyrilsweettcominvestorsreportshtm annual report and accounts 2009 cyril sweett group plc global knowhow
cyril sweett group plc
annual report and accounts 2009
global knowhow delivering worldclass construction and property consultancy
wwwcyrilsweettcom
cyril sweett group plc
registered in the united kingdom
company registered number 03452251
vat number 927 1066 31
registered office
60 gray’s inn road
london wc1x 8aq


Summary:
 section heading
cyril sweett group plc 5
annual report and accounts 2009
business review
chairman’s statement
welcome
i have pleasure in presenting our annual report for the year ended
31 march 2009
cyril sweett had a strong year of growth and development
exceeding its past performance in revenue and profitability before
exceptional expenses thereby meeting market expectations on this
basis this robust performance reflects the swift and decisive
actions taken by management during the period to proactively
manage the downturn trading conditions in the construction and
property sector in particular have been tough and are likely to
remain uncertain for some time given these tough conditions 
i am pleased with the overall strong performance of the group
it has been a year of adjustment for the group at the beginning 
of the year acquisitions were completed to advance our strategy 
to grow the group globally further diversify the business and
secure a greater proportion of uk public sector workload all 
of the acquisitions have been successfully integrated into the group 
and we are delighted that having joined us the excellent senior
management have embraced their new roles in the enlarged
organisation 
by the mid point in the year our expectation of a toughening
economic climate had been realised and management took the
difficult but necessary action to right size the cost base of the
business to fit the market conditions this responsive action
combined with our strong balance sheet and net cash position 
has ensured a robust business that will be able to flex and adjust 
to future market conditions
each member of the management team has experience of
dealing with recessions in the past and the recent appointment 
of chris goscomb as chief financial officer has further
strengthened the executive all of cyril sweett’s management 
and staff upheld excellent standards throughout the year by
continuing to develop new business and deliver high quality advice
and services to our clients our people are central to our success
and without their diligence and spirit we would not have delivered
such a good performance on behalf of the group board i would
like to thank them sincerely for all their hard work
as reported at the half year i shall become nonexecutive
chairman following the september agm but i do so with full
confidence that the executive team is well placed to steer the
group through this difficult period and to continue to diversify the
business to meet opportunities as they arise 
outlook
we anticipate that the retail and commercial markets will remain
uncertain for some time and there is likely to be some slowdown
in uk public expenditure from early 2010 overseas markets will
also depend on the economic welfare of each individual country
or region and some will fare better than others whilst we will
therefore be responsive to the shortterm environment and focus
on our strong market positions we will also look to develop the
business in line with our 2012 strategic plan this will drive the
extension of our offering into new sectors in the uk the
development of our position as a leader in sustainable
development and the establishment of our services in a wider
range of territories overseas
with a clear focus on operational development cash
management and client delivery we are confident that the
business will emerge from the downturn stronger and leaner 
and will be well placed to benefit from the recovery 
francis ives – chairman
i am pleased with the 
overall strong performance 
of the group
‘‘
francis ives chairman