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SMC on the acquisition trail as profits leap

The newly floated SMC Group, one of the very few listed architects, has announced a bumper set of results.

The group - which has made its name by aggressive acquisitions - had promised London's financial markets that it would see a sharp increase in profits.

It has seen turnover increase by 47 per cent to £5.44 million in the six months to the end of June and profits increase by 255 per cent to £1.10 million.

Stewart McColl told the AJ this morning (5 September) that this would only be the start of further expansion, both through incremental growth and aggressive acquisition.

'I would be very surprised if there was not another acquisition by the end of the year,' he said.

He also said that he was putting in place a strategy for a major increase in the company's activities in the public sector. His target is to achieve 50 per cent of the firm's work from this area.

To hit this target, McColl admitted, the firm was aiming to take over a practice with 'extensive experience' in the healthcare market.

And he added that the current performance was 'only the beginning'. 'Our aim is to get a turnover of £15.7 million for 2006,' he said.

by Ed Dorrell

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