TIDMAUK
RNS Number : 2305N
Aukett Swanke Group PLC
28 January 2016
Embargoed until 7.00am on Thursday 28 January 2016
Aukett Swanke Group Plc
Announcement of final audited results
for the year ended 30 September 2015
Aukett Swanke Group Plc (the "Group"), the international group
of architects and interior designers, announces its final audited
results for the year ended 30 September 2015.
Financial Highlights
-- Revenues up 8.1% to GBP18.7m (2014: GBP17.3m)
-- PBT up 33.6% to GBP1.9m (2014: GBP1.4m)
-- EPS up 53.8% to 1.00p (2014: 0.65p)
-- Final dividend payment of 0.11p making 0.22p for the year (2014: 0.2p)
-- Net funds at year end GBP1.9m (2014: GBP1.8m)
Operational Highlights
-- Evolution of the business via non organic growth strategy progressing
-- Positive contribution from John R Harris & Partners Limited
-- UK strong performance
-- Overall profit from Europe operations
-- Middle East positioned for further growth
Commenting on the results CEO Nicholas Thompson said
"We are very pleased to be reporting a strong set of numbers
despite a wide variety of market related issues. Considerable
progress has been made in the evolution of the business. The
integration of John R Harris & Partners Limited has gone well
and we see further potential in the UAE. Meanwhile our other
overseas operations have responded well to management actions given
difficult trading conditions."
Enquiries
Aukett Swanke - 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Beverley Wright, Chief Financial Officer
finnCap - 020 7220 0500
Corporate Finance: Julian Blunt / James Thompson
Corporate Broking: Stephen Norcross
Hermes Financial PR
Trevor Phillips - 07889 153628
Chris Steele - 07979 604687
Chairman's statement
I am pleased to report on another successful year for the
Company to 30 September 2015 in which we achieved an improvement in
each of our key financial criteria.
Revenue increased by 8.1% to GBP18.7m (2014: GBP17.3m). However,
it is pleasing to report that profit before tax increased by 33.6%
to GBP1.9m (2014: GBP1.4m) reflecting our success in minimising the
losses in those operations where revenues were delayed. Our results
also benefitted from a lower effective tax rate thereby increasing
our Earnings Per Share by 53.8% to 1.00p (2014: 0.65p).
During the year we announced the acquisition of a majority
interest (80%) in John R Harris & Partners Limited (JRHP) for a
cash consideration of GBP897k which represents further progress in
the evolution of our stated policy of growing the business through
a non organic strategy. Following this acquisition we were still
able to increase our net funds, which at the year end stood at
GBP1.9m (2014: GBP1.8m). The Group remains debt free.
We have also continued our policy of regular dividends and have
declared two payments totalling 0.22 pence in the year. These
dividends are covered 4.6 times by after tax profits.
During the year John Bullough, one of our non executive
directors, was appointed to the Audit Committee. On 22 December
2015, we announced that David Hughes, the former CEO of Swanke
Hayden Connell Europe Limited (SHC) stepped down from the Board and
will be dedicating his time to expanding his portfolio of
commissions as an Expert Witness for the UK business. I would like
to thank David for his contribution to the Board since the
acquisition of SHC in December 2013.
In 2016 we shall continue to focus on consolidating our success
in the UK whilst expanding our operations in the Middle East, and
more specifically in the United Arab Emirates (UAE), where we
believe there is both political stability and project
opportunities. In those countries where difficult conditions have
prevailed we shall seek to minimise any further adverse impact on
the Group's overall performance.
I am therefore comfortable that the Company will continue to
progress and maintain its financial strength and I am pleased to
announce that we will pay a second and final dividend in respect of
the year ended 30 September 2015 of 0.11 pence per share. Subject
to approval at the Annual General Meeting, this dividend will
become payable on 22 April 2016 to shareholders on the register on
8 April 2016.
I would like to thank all our staff for their continuing
contributions to our success and for their hard work and dedication
in delivering high quality projects and these excellent results,
whilst at the same time maintaining and developing our blue chip
client portfolio.
I look forward to further success for your Company in 2016.
Anthony Simmonds
Non Executive Chairman
27 January 2016
Extracts from strategic and directors' reports
Overview
Revenues grew during the year to GBP18.7m (2014: GBP17.3m), 8.1%
higher.
Our profit before tax was much improved at GBP1.9m (2014:
GBP1.4m) showing a 34% growth rate. We had, however, hoped to
report a better result but this became progressively unattainable
following the negative events in both Russia and Turkey. After tax
and the non controlling interests there is dividend cover of 4.6
times on an EPS of 1.00 pence per share (2014: 0.65 pence per
share).
Our balance sheet, including non controlling interests of
GBP0.1m, has grown by over GBP1.2m to GBP6.3m (2014: GBP5.1m).
Within this, net funds at GBP1.9m (2014: GBP1.8m) were slightly
higher than the prior year and achieved after paying GBP897,000 in
cash for JRHP (2014: GBP209k cash element for SHC).
In June 2015 we acquired an 80% holding in JRHP, a practice
established in 1949 and carrying out the majority of its services
in the Middle East. This brought an immediate return to the Group
through a net profit achieved in the last quarter. Given that our
continuing operation, even with the addition JRHP, remains under
sized in its market, we do not expect any synergy cost savings to
emerge in the short term.
The strategy of the Group is to become a major player in the
professional services sector through the provision of architectural
and design services both in the United Kingdom and the wider
international market place. In following this M&A strategy we
have acquired two practices operating in the United Kingdom,
Russia, Turkey and the Middle East over the past two years. These
acquisitions have resulted in Aukett Swanke Group Plc climbing
twenty two places in the recently published WA100 2016 rankings to
51(st) making us the sixth largest UK practice by international
measurement.
On the design front we won four awards this year: two in Russia,
and one in each of the United Kingdom and Germany. Our London and
Moscow offices jointly achieved Winner of Golden Brick Award (CBRE
awards) and Winner Best Lobby (Best office awards) for Arcus III in
Moscow. Our retail store for M&S at Cheshire Oaks won its
14(th) award - this time the 'Test of Time' at the Buildings award
ceremony. Finally our fit out for BNP in Frankfurt won a LEED Gold
(the third for this office). We also had project representation at
numerous other award ceremonies.
United Kingdom
The UK maintained its financial performance during the year but
saw a slow down in the second half with costs catching up with
previous revenue advances and one major project being temporarily
suspended in the second half. As a result of these factors, whilst
revenue increased by 12.4% compared to 2014, the profit before tax
result of GBP2.0m (2014: GBP1.8m) grew more modestly at 9.8%. A
combination of more FTE technical staff and higher productivity saw
revenue per FTE technical staff improve from GBP98k per person to
GBP106k.
During the year we completed the integration of Aukett Fitzroy
Robinson Limited and Swanke Hayden Connell International Limited
and rebranded the business Aukett Swanke Limited (ASL). ASL and
Veretec, our Executive architecture business, represent our UK
trading companies.
The UK workload in 2015 was underpinned by projects progressing
to the construction site phase. This was well illustrated by the
practice heading Building's Top Architects by Project Value in
December 2014 with 15 projects valued at GBP924m.
There were numerous projects being constructed 'on site' in
London including a major hotel at Ten Trinity Square in the City, a
further academic building for Imperial College and two major office
refurbishments - one for Tishman Speyer in Victoria and another for
Blackstone near The Strand.
2015 also saw Veretec maintain its premium market position with
a number of large residential schemes in progress including Lillie
Square and De Vere Gardens for Sir Robert McAlpine along with
schemes in Hanover Terrace, Charlotte Street and a single dwelling
in Chelsea.
Significantly, a higher proportion of our offices' portfolio in
the year has been outside London, including Eastside Locks in
Birmingham for Goodman; Aspire, a redevelopment in Bristol; Forbury
Place in Reading for M&G; the Bradfield Centre in Cambridge for
Gilead; Gade Zone in Hemel Hempstead and a mixed use development,
Staines Central. We also commenced work on a mid tech office park
in Alconbury for Urban&Civic plc.
The interiors business gained momentum in the year evidenced by
project wins from Zurich ReInsurance, JP Morgan Chase, Ince &
Co, Merrill Lynch, Sumitomo Mitsui Banking Corporation and
Richemont.
We have seen a significant increase in on site work during the
year as we move through the development cycle. However, we now see
the market having less momentum in the future and this will be
further tempered by higher construction costs being evidenced in
the market.
Russia
Despite the challenges presented by the fall in the oil price
and the devaluation of the Rouble, our Russian business only
reported a small loss in the year. This creditable performance was
achieved by the dedication and perseverance of our team who worked
hard in difficult circumstances to deliver projects, maintain
client relationships and to ensure that we did not incur bad
debts.
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During the year we also invested considerable effort in
constantly ensuring that appropriate staff levels were maintained
and overhead costs were reduced as far as possible, whilst working
to combine the SHC branch and the pre acquisition Russian
operation, ZAO Aukett Fitzroy Vostok, into one self supporting
business.
The results in Sterling, compared to previous years, show a
decrease in revenue less sub consultant costs. However taking
account of the average devaluation in the value of the Rouble of
49% during the year, 2015 was in fact a stronger result in local
currency than in prior years with revenue less subcontractor costs
24% higher than in 2014 and revenue per FTE up 78%. At a local
level the operation was profitable before central cost
allocations.
Russia remains an important market for the Group, but the Board
does not underestimate the difficulties in winning and delivering
successful projects in a market which is equally challenging and
unpredictable for our clients. 2016 will therefore be a year of
further rigorous focus on cost control to ensure that our business
model best suits the market circumstances.
Turkey
In contrast to last year's performance and the outlook this time
last year, 2015 has been a difficult year for our business in
Turkey. This is almost exclusively attributable to external
political factors, where the absence of an elected government, and
the impasse associated with that, created a hiatus in the market,
such that even contracted projects did not proceed.
This hiatus is highlighted by delays in planning submissions due
to project zoning issues that created uncertainties in development
volumes and property uses for our clients.
As a result of this, we considerably downsized our operation and
posted a small net loss before tax of GBP133k which compares to a
profit before tax of GBP90k for the previous year.
We have however maintained a sustainable presence with a highly
capable team that is now well positioned to work on many
opportunities that are re-emerging and coming to market,
particularly from our retained, blue chip customer base which
includes FIBA, Cengiz and Tahincioglu.
Middle East
With the acquisition of JRHP in June 2015, we moved a step
towards achieving our growth strategy in the Middle East. The
results for the year reflect both JRHP's contribution and that of
our existing business Aukett Fitzroy Robinson International Limited
(AFRI) and show a 165% increase in revenue less sub consultant
costs.
In the 3 months of ownership, JRHP performed in line with our
expectation and contributed a positive result. During the year,
AFRI continued to work on our key project with Majid Al Futtaim,
which is now coming to a successful close. In addition, we have bid
for and secured future work, also in conjunction with JRHP, thereby
confirming our acquisition strategy.
It has become clear, even in the short period ownership of JRHP,
that our bidding success has improved as a result of our increased
scale. However, we remain undersized in the market and as we wish
to continue our expansion in the Middle East we will pursue growth
options as well as invest in additional management capacity.
Berlin
The Berlin joint venture is again the star of our portfolio.
Notwithstanding a weakening of the Euro compared to Sterling,
revenues less sub consultant costs increased by 27% to GBP5.5m and
the average number of technical staff increased to 79 compared to
51 last year. Profit before tax also rose, but by less than the
revenue growth due to investment costs incurred in expanding the
office. Our share of post tax profits amounted to GBP264k compared
to GBP254k in the previous year. The comparable contribution of
revenue per FTE technical staff was also impacted by exchange rate
movements.
Projects worked on were for a mix of local and large
international clients, in Berlin as well as other German cities,
including the Berlin Entertainment District at the Mercedes Platz,
the 30 storey WinX office tower working drawings in Frankfurt for
BAM, the Barcel Hotel in Berlin, the working drawings of a mixed
use development in Berlin for Hines and the interior design of the
five star Fontenay Hotel in Hamburg.
Frankfurt
After an exceptional result in 2014, the Frankfurt office
reported a fall in revenues to GBP592k and profit before tax of
GBP38k representing a more sustainable level of gradual
improvement. The studio has continued to carry out planning, design
and fit out work for local businesses as well as international
clients such as Tishman Speyer and Microsoft. In addition the
office has also been commissioned to provide construction drawing
services for a large office and laboratory for Hochtief.
Prague
This was another difficult year for the Prague joint venture,
where the local market remained very flat. Creditably the team
again achieved break even and applied its high levels of skill and
expertise supporting both the Berlin and UK studios as well as
working with their own portfolio of clients including SAB Miller,
the Riverside School, CPI and Moolson Coors.
Group costs
Group costs at GBP258k were lower than in the previous year
(GBP398k) as corporate finance and legal costs were lower and there
were no recruitment fees.
Dividends
We have continued our policy of regular dividends and have
declared two payments totalling 0.22 pence in the year. These
dividends are covered 4.6 times by after tax profits.
Summary
With the practice achieving its existing sustainable growth
targets in architectural and design services we shall also be
pursuing an alternative acquisition strategy that encompasses less
transactional revenues and broader services in order to move our
overall performance to higher levels and ensure that the Group as a
whole has less exposure to cyclical income.
Nicholas Thompson Beverley Wright
Chief Executive Officer Chief Financial Officer
27 January 2016
Consolidated income statement
For the year ended 30 September 2015
2015 2014
GBP'000 GBP'000
------------------------------------------ --------- ---------
Revenue 18,668 17,326
Sub consultant costs (1,782) (2,594)
------------------------------------------- --------- ---------
Revenue less sub consultant costs 16,886 14,732
Personnel related costs (11,464) (9,868)
Property related costs (2,730) (2,343)
Other operating expenses (1,715) (1,861)
Other operating income 626 404
------------------------------------------- --------- ---------
Operating profit 1,603 1,064
Finance income 3 -
Finance costs (13) (18)
------------------------------------------- --------- ---------
Profit after finance costs 1,593 1,046
Share of results of associate
and joint ventures 277 354
------------------------------------------- --------- ---------
Profit before tax 1,870 1,400
Tax charge (215) (354)
------------------------------------------- --------- ---------
Profit from continuing operations 1,655 1,046
Profit for the year 1,655 1,046
------------------------------------------- --------- ---------
Profit attributable to:
Owners of Aukett Swanke Group
Plc 1,653 1,046
Non controlling interests 2 -
------------------------------------------ --------- ---------
1,655 1,046
------------------------------------------ --------- ---------
Basic and diluted earnings per
share for profit attributable
to the ordinary equity holders
of the Company:
From continuing operations 1.00p 0.65p
Total earnings per share 1.00p 0.65p
------------------------------------------- --------- ---------
Consolidated statement of comprehensive income
For the year ended 30 September 2015
2015 2014
GBP'000 GBP'000
------------------------------------------ --------- ---------
Profit for the year 1,655 1,046
Other comprehensive income:
Currency translation differences (201) (103)
Other comprehensive income for
the year (201) (103)
Total comprehensive income for
the year 1,454 943
------------------------------------------- --------- ---------
Total comprehensive income for
the year is attributable to:
Owners of Aukett Swanke Group
Plc 1,451 943
Non controlling interests 3 -
1,454 943
------------------------------------------ --------- ---------
Consolidated statement of financial position
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At 30 September 2015
2015 2014
GBP'000 GBP'000
-------------------------------------- --------- ---------
Non current assets
Goodwill 2,283 1,835
Other intangible assets 818 594
Property, plant and equipment 563 648
Investment in associate 254 244
Investments in joint ventures 100 131
Deferred tax 288 290
--------------------------------------- --------- ---------
Total non current assets 4,306 3,742
Current assets
Trade and other receivables 6,430 6,379
Current tax - -
Cash and cash equivalents 1,873 1,891
--------------------------------------- --------- ---------
Total current assets 8,303 8,270
Total assets 12,609 12,012
Current liabilities
Trade and other payables (5,833) (6,540)
Current tax (117) (131)
Short term borrowings - (113)
Provisions - (104)
--------------------------------------- --------- ---------
Total current liabilities (5,950) (6,888)
Non current liabilities
Long term borrowings - -
Deferred tax (54) (71)
Provisions (354) -
-------------------------------------- --------- ---------
Total non current liabilities (408) (71)
Total liabilities (6,358) (6,959)
Net assets 6,251 5,053
--------------------------------------- --------- ---------
Capital and reserves
Share capital 1,652 1,652
Merger reserve 1,176 1,176
Foreign currency translation reserve (276) (74)
Retained earnings 1,801 148
Other distributable reserve 1,791 2,151
--------------------------------------- --------- ---------
Total equity attributable to
equity holders of the Company 6,144 5,053
--------------------------------------- --------- ---------
Non controlling interests 107 -
-------------------------------------- --------- ---------
Total equity 6,251 5,053
--------------------------------------- --------- ---------
Consolidated statement of cash flows
For the year ended 30 September 2015
2015 2014
GBP'000 GBP'000
--------------------------------------- --------- ---------
Cash flows from operating activities
Cash generated from operations 1,443 1,360
Interest paid (13) (18)
Income taxes (paid)/ received (238) 70
---------------------------------------- --------- ---------
Net cash inflow from operating
activities 1,192 1,412
Cash flows from investing activities
Purchase of property, plant and
equipment (163) (523)
Sale of property, plant and equipment 2 4
Acquisition of subsidiary, net
of cash acquired (824) (57)
Interest received 3 -
Dividends received 278 184
---------------------------------------- --------- ---------
Net cash used in investing activities (704) (392)
Net cash inflow before financing
activities 488 1,020
Cash flows from financing activities
Repayment of bank loans (113) (150)
Dividends paid (360) (291)
---------------------------------------- --------- ---------
Net cash used in financing activities (473) (441)
Net change in cash, cash equivalents
and
bank overdraft 15 579
Cash and cash equivalents and
bank
overdraft at start of year 1,891 1,343
Currency translation differences (33) (31)
Cash, cash equivalents and bank
overdraft at end of year 1,873 1,891
---------------------------------------- --------- ---------
Consolidated statement of changes in equity
For the year ended 30 September 2015
Share Foreign Retained Other Merger Total Non-controlling Total
capital currency earnings distributable reserve Interests Equity
translation reserve
reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ------------ ---------- -------------- --------- --------- ---------------- ---------
At 30
September
2013 1,456 29 (898) 2,442 - 3,029 - 3,029
Profit for the
year - - 1,046 - - 1,046 - 1,046
Other
comprehensive
income - (103) - - - (103) - (103)
Issue of
ordinary
shares in
relation
to business
combination 196 - - - 1,176 1,372 - 1,372
Dividends paid - - - (291) - (291) - (291)
At 30
September
2014 1,652 (74) 148 2,151 1,176 5,053 - 5,053
Profit for the
year - - 1,653 - - 1,653 2 1,655
Other
comprehensive
income - (202) - - - (202) 1 (201)
Non
controlling
interest
arising
on business
combination - - - - - - 104 104
Dividends paid - - - (360) - (360) - (360)
--------------- --------- ------------ ---------- -------------- --------- --------- ---------------- ---------
At 30
September
2015 1,652 (276) 1,801 1,791 1,176 6,144 107 6,251
--------------- --------- ------------ ---------- -------------- --------- --------- ---------------- ---------
Notes to the audited final results
1 Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union and the Companies Act 2006 as applicable to
companies reporting under IFRSs.
The financial statements have been prepared under the historical
cost convention and on a going concern basis.
2 Operating segments
The Group comprises a single business segment and five
separately reportable geographical segments (together with a Group
costs segment). Geographical segments are based on the location of
the operation undertaking each project.
The Group's associate and joint ventures are all based in
Continental Europe.
Segment revenue 2015 2014
GBP'000 GBP'000
-------------------- --------- ---------
United Kingdom 14,488 13,882
Russia 1,283 1,598
Turkey 768 853
Middle East 2,129 993
Continental Europe - -
Revenue 18,668 17,326
--------------------- --------- ---------
The geographical split of revenue based on the location of
project sites was:
2015 2014
GBP'000 GBP'000
-------------------- --------- ---------
United Kingdom 14,262 12,267
Russia 1,283 1,921
Turkey 768 884
Middle East 2,311 1,744
Continental Europe 34 183
Rest of the World 10 327
--------------------- --------- ---------
Revenue 18,668 17,326
--------------------- --------- ---------
Segment revenue less sub consultant 2015 2014
costs GBP'000 GBP'000
------------------------------------- --------- ---------
United Kingdom 14,368 12,779
Russia 638 774
Turkey 574 687
Middle East 1,306 492
Continental Europe - -
Revenue less sub consultant
costs 16,886 14,732
-------------------------------------- --------- ---------
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Segment result
2015 Segment result Before goodwill Goodwill Total
impairment impairment GBP'000
GBP'000 GBP'000
--------------------- ---------------- ------------ ---------
United Kingdom 1,993 - 1,993
Russia (56) - (56)
Turkey (133) - (133)
Middle East 47 - 47
Continental Europe 277 - 277
Group costs (258) - (258)
--------------------- ---------------- ------------ ---------
Profit before tax 1,870 - 1,870
--------------------- ---------------- ------------ ---------
2014 Segment result Before goodwill Goodwill Total
impairment impairment GBP'000
GBP'000 GBP'000
--------------------- ---------------- ------------ ---------
United Kingdom 1,815 - 1,815
Russia (350) (125) (475)
Turkey 90 - 90
Middle East 14 - 14
Continental Europe 354 - 354
Group costs (398) - (398)
--------------------- ---------------- ------------ ---------
Profit before tax 1,525 (125) 1,400
--------------------- ---------------- ------------ ---------
3 Earnings per share
The calculations of basic and diluted earnings per share are
based on the following data:
Earnings 2015 2014
GBP'000 GBP'000
----------------------- --------- ---------
Continuing operations 1,653 1,046
Profit for the year 1,653 1,046
----------------------- --------- ---------
Number of shares 2015 2014
Number Number
-------------------------------------- ------------ ------------
Weighted average of Ordinary Shares
in issue 165,213,652 161,026,436
Effect of dilutive options 305,482 463,370
-------------------------------------- ------------ ------------
Diluted weighted average of ordinary
shares in issue 165,519,134 161,489,806
-------------------------------------- ------------ ------------
4 Cash generated from operations
Group 2015 2014
GBP'000 GBP'000
--------------------------------------- --------- ---------
Profit before tax - continuing
operations 1,870 1,400
Finance income (3) -
Finance costs 14 18
Share of results of associate
and joint ventures (277) (354)
Goodwill impairment provision
/ write off - 125
Intangible amortisation 80 82
Depreciation 345 259
Profit on disposal of property,
plant & equipment (2) (4)
Change in trade and other receivables 597 (604)
Change in trade and other payables (1,273) 676
Change in provisions 92 (238)
Net cash generated from operations 1,443 1,360
---------------------------------------- --------- ---------
5 Analysis of net funds
Group 2015 2014
GBP'000 GBP'000
--------------------------------- --------- ---------
Cash and cash equivalents 1,873 1,891
Secured bank overdraft - -
--------------------------------- --------- ---------
Cash, cash equivalents and bank
overdraft 1,873 1,891
Secured bank loan - (113)
Net funds 1,873 1,778
---------------------------------- --------- ---------
2015 2014
GBP'000 GBP'000
--------------------------- --------- ---------
Cash and cash equivalents 1,873 1,891
Short term borrowings - (113)
Long term borrowings - -
Net funds 1,873 1,778
---------------------------- --------- ---------
6 Business Combination
On 15 June 2015 the Group acquired 80% of the issued share
capital of John R Harris & Partners Limited (JRHP), a
well-established firm of architects, interior designers, engineers
and master planners incorporated in Cyprus and operating in the
Middle East.
The total consideration for the acquisition was GBP897,000
satisfied in cash.
The acquisition considerably improves our market position and
offer in the Middle East. The acquisition will further provide the
opportunity for some overhead cost savings. The goodwill acquired
on the acquisition represents the knowledge and experience of the
assembled workforce in addition to expected integration savings and
economies of scale. The goodwill is not considered deductible for
income tax purposes.
The table below summarises the consideration paid for JRHP, the
fair value of assets acquired and liabilities assumed at the
acquisition date.
Consideration at 15 June 2015 GBP'000
------------------------------------------------------ --------
Cash 897
Total consideration transferred 897
Recognised amounts of identifiable assets acquired
and liabilities assumed
Cash and cash equivalents 73
Property, Plant and Equipment 75
Customer relationships (included in other intangible
assets) 158
Order book (included in other intangible assets) 117
Trade licence (included in other intangible assets) 63
Amounts recoverable on contracts -
Trade and other receivables 887
Trade and other payables (689)
Provision for liabilities (164)
Total identifiable net assets 520
------------------------------------------------------ --------
Non-controlling interest (104)
Goodwill 481
Total 897
------------------------------------------------------ --------
Acquisition costs of GBP57,000 have been included in other
operating charges in the consolidated income statement for the year
ended 30 September 2015.
The fair value of trade and other receivables is GBP887,000 and
includes trade receivables with a fair value of GBP845,000. The
gross contractual amount for trade receivables due is GBP1,166,000,
of which GBP321,000 is expected to be uncollectable. The fair value
of trade and other receivables is provisional pending future
receipts.
The fair values of the acquired identifiable intangibles are
based on finalised valuations.
The revenue included in the consolidated income statement since
15 June 2015 contributed by JRHP was GBP865,000. The revenue less
sub consultant costs contributed by JRHP over the same period was
GBP618,000. The profit before tax and amortisation contributed over
the same period was GBP42,000.
Had JRHP been consolidated from 1 October 2014 the consolidated
income statement would show pro-forma revenue of GBP21,000,000 and
profit before tax of GBP2,162,000.
7 Status of final audited results
This announcement of final audited results was approved by the
Board of Directors on 27 January 2016.
The financial information presented in this announcement has
been extracted from the Group's audited statutory accounts for the
year ended 30 September 2015 which will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting.
The auditor's report on these accounts was unqualified, did not
include references to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and
did not contain a statement under section 498 of the Companies Act
2006.
Statutory accounts for the year ended 30 September 2014 have
been delivered to the registrar of companies and the auditors'
report on these accounts was unqualified, did not include
references to any matters to which the auditors drew attention by
way of emphasis without qualifying their report, and did not
contain a statement under section 498 of the Companies Act
2006.
The financial information presented in this announcement of
final audited results does not constitute the Group's statutory
accounts for the year ended 30 September 2015.
8 Annual General Meeting
The Annual General Meeting of the Company will be held at
10:00am on Wednesday 30 March 2016 at 25 Christopher Street,
London, EC2A 2BS.
9 Annual report and accounts
Copies of the 2015 audited accounts will be available today on
the Company's website (www.aukettswanke.com) for the purposes of
AIM rule 26 and will be posted to shareholders who have elected to
receive a printed version in due course.
This information is provided by RNS
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