TIDMAUK
RNS Number : 9565T
Aukett Swanke Group PLC
12 January 2017
Embargoed until 7.00am on Thursday 12 January 2017
Aukett Swanke Group Plc
Announcement of final audited results
for the year ended 30 September 2016
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 2016
Financial Highlights
-- Achieved revenue target of GBP20.8m (2015: GBP18.7m)
-- Profit before tax below target at GBP0.9m (2015: GBP1.9m)
-- EPS 0.47p (2015: 1.00p) per share
-- Cash maintained at GBP1.8m (2015: GBP1.9m) with net funds
GBP0.8m after new acquisition loan
-- Net assets grew to GBP7.2m (2015: GBP6.3m)
Operational Highlights
-- Successfully completed the acquisition of a major second
business in the Middle East to further diversify revenue streams
and increase resource capability
-- A difficult year in the UK as uncertainties around Brexit led
to a substantial weakness in the market requiring some
downsizing
-- Middle East integration progressing well with our larger
operation attracting a higher level of enquiries
-- Continental Europe making good progress, strong performance
in Germany and Turkey where we see scope for growth; Russia
continues to be very weak
-- Won six Industry Awards in the UK, Russia and Turkey
Commenting on the results CEO Nicholas Thompson said:
"We have made considerable progress with our strategic growth
plans for the Group by making a further acquisition in the Middle
East. 2017 will see a period of consolidation of our recent
additions in order to benefit the Group over the longer term."
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: Alice Lane
Investor / Media Enquiries
Ben Alexander 07926 054 111
Chairman's statement
Encouragingly this year revenues have continued to climb and now
stand at GBP20.8m (2015: GBP18.7m) achieving our stated strategy.
This improvement reflects new earnings flowing from the recent
acquisitions in the Middle East offsetting a slowdown in the United
Kingdom and Russian operations. This growth in our revenue has
enabled us to enlarge our business footprint.
The year turned out to be more difficult in achieving our profit
target. Profit before tax at GBP0.93m (2015: GBP1.87m) was the
result of a number of matters that are more specifically described
below. After tax, our EPS was 0.47p (2015: 1.00p) and our cash
funds were equivalent to the prior year at GBP1.84m (2015:
GBP1.87m).
During the year the Company recorded two dividends totalling
0.18 pence per share. We declared a slightly lower interim dividend
at 0.07 pence per share as a reflection of market conditions.
Whilst the Group is still confident of its long term position,
given the slow down in the UK and the funding requirements in the
UAE, as explained on page 3, the Board has resolved to defer the
decision regarding a dividend until the AGM which will take place
in March 2017.
As always I wish to acknowledge the contribution of the staff in
our business as well as my colleagues on the Board who continually
respond positively to the challenges and opportunities that our
organisation presents. To them, I offer my personal thanks for
their individual contributions.
Anthony Simmonds
Chairman
11 January 2017
Extracts from strategic and directors' reports
Overview
Revenues for the year were GBP20.8m, an increase of 11.2% on the
previous year (2015: GBP18.7m). Revenues less sub consultants also
rose to GBP18.4m (2015: GBP16.9m), an 8.9% increase.
Profitability has fallen during the year with profit before tax
at GBP0.9m compared to GBP1.9m in 2015. Whilst lower than the
previous year, the result reflects a solid performance after taking
account of the challenges which the Group has faced including
volatility in the UK market, particularly in the light of Brexit;
the geopolitical challenges in Russia; and integration in the
Middle East following our second acquisition there in eight
months.
The results for the second half show a slightly improved
position when compared with the first half. Revenues, including our
second acquisition Shankland Cox Limited, improved by 8% whilst
profit before tax at GBP510k was 22% higher compared to GBP417k at
March 2016.
Our tax charge for the year is GBP106k (2015: GBP215k),
representing an effective tax rate of 11% (2015: 11%). Reflecting
this low effective tax rate, our profit after tax at GBP0.8m gives
an EPS of 0.47 pence per share (2015: 1.00 pence per share).
Our total equity is now GBP7.2m, an increase of GBP0.9m over the
prior year (2015: GBP6.3m).
Financing
Net funds at year end were GBP0.8m, comprising cash of GBP1.8m
and the loan taken out in respect of the acquisition of Shankland
Cox Limited ("SCL"), which now stands at GBP1.0m. Excluding any
balances and financing costs in respect of SCL our net funds have
been maintained at the same level of the previous year (GBP1.9m).
However, given the increased footprint in the Middle East and the
need for regulatory and banking collateral, in the short term there
is less available free cash than previously.
The loan to acquire Shankland Cox Limited was taken out in
February 2016 for the principal sum of USD 1.6m representing AED
6m. It is being repaid in equal quarterly instalments of USD 80k
over five years. Other than this loan there were no other
borrowings at year end, although the Group has the benefit of a net
zero overdraft facility from its bankers Coutts & Co. This
facility is used by the Group to hedge foreign exchange
exposures.
The Group has a strong focus on cash management and visibility
of its liquidity position as well as future flows. The Plc acts as
the Group's central banker, and whilst it may, subject to formal
approval, advance short term working capital support, all
businesses are required to be cash generative or as a minimum cash
neutral.
Strategy
In order to create a more resilient operating trading platform
we embarked on an acquisition strategy to strengthen our UK and
Middle East operations in 2013. The objective being to mitigate as
far as possible reliance on any one geographical market and at the
same time to balance the economic and political risks that property
development activity faces in cyclical markets. A further
beneficial aspect of this strategy has been to spread our currency
exposure which has been particularly beneficial in the post Brexit
period where our primary currency, the pound Sterling, was heavily
devalued.
With this more robust services platform now in place our aim is
to reinforce our position in the three regional operations through
local investment into our skills and service offer to the extent
that each of the local markets allow. The immediate objectives are
to provide a high quality design service and, at the same time,
create a sustainable business model.
Beyond this we will continue to grow organically or by specific
acquisition if deemed appropriate, although our longer term growth
strategy will be to focus more on diversifying our services offer
to areas with a less transactional revenue profile.
Awards
In addition to financial performance we also measure our success
through recognised Design Awards. During the period we won six new
awards. In the UK we won two categories in the Office Agents'
Society Awards for the Adelphi Building in the West End and Forbury
Place in Reading. In addition Veretec, our executive delivery
group, won the AJ 'Executive Architect of the year' with two of its
building projects being RIBA winners. Further afield our Russian
studio won the Best Office Award for Japan Tobacco International
and Arcus III was recognised for a second year. Finally, our
Turkish studio won 'Sign of the City Award' with the Bomonti Modern
Palas in Istanbul.
United Kingdom
As we highlighted in the Interim Announcement, the operation was
impacted by a general slowdown in construction activity in the
first half but more so in the second half as a result of Brexit.
Whilst we saw new enquiries in the second half, these did not
result in any material increase in short term revenues other than
in Veretec. As a result net revenues for the year are 16% down on
prior year and 22% in the second half alone, compared to the same
period in the prior year.
Profits are down by half as fixed costs and staff reductions do
not immediately follow in tandem. The second half profit was
similar to the first half. Looking forward the UK is likely to see
a further reduction in revenues in the first part of the new year
before the position stabilises. Therefore we do not expect any
contribution in profit terms from the UK until the second half.
After the year end we reduced our staffing levels consistent
with anticipated income but are cognisant that we need to maintain
our core skill base which carries with it an excess cost in the
short term.
Notable projects during the year included: two office projects
in Uxbridge for Goodman, the PSQ HQ in Hemel Hempstead, Project
Verde for Tishman Speyer in Victoria, a GBP104m science building
for Imperial College, a new store for Fenwick in Colchester, Phase
2 at Forbury Place for M&G, the Bradfield Centre for Cambridge
University, the GBP20m Biomed Realty building at Granta Park pre
let to Heptares and a further phase on the iconic Adelphi building
off the Strand. One of our largest projects was in the City with a
major new hotel and apartments at Ten Trinity Square opposite the
Tower of London for a Chinese developer.
Our specialist group, Veretec, was also very active on a variety
of projects in Beak Street, Bishopsgate, Chelsea, Hanover Terrace,
a school in Wimbledon and a high quality residential scheme for Sir
Robert McAlpine in Lillie Square.
The next year will prove challenging in the first half as we
seek to generate revenue from current enquiries rather than from
existing projects. Encouragingly since the end of the year the
enquiry level has stabilised with 24 new project registrations
which compares with 30 for the same period last year.
Middle East
Net earnings in the region more than quadrupled to over GBP5m
following the acquisition of SCL and with a full year's
contribution from John R Harris (acquired in June 2015). Due to
planned integration initiatives, intangible amortisation of
GBP112k, release of negative goodwill arising on acquisition
totalling GBP160k and also right sizing of the cost base, we have
reported a modest profit before tax for the twelve months to
September 2016 of GBP41k (2015: GBP47k)
The local companies undertake work for a wide range of clients
including: a three year du (telecoms) framework, ADNEC, Etisalat
retail stores and data centres, Etihad, a new Mall hotel for ALDAR,
a private villa for a Sheikh, Abu Dhabi National Hotels, the new
Manar Mall retail shopping centre and Mirdif Community shopping
mall, projects for contractors Khansaheb and international
consultants WSP, villas on the Palm Jumeirah, the Bvlgari hotel and
a residential site in Al Barari. Refurbishment of the Address Dubai
Mall hotel for Emaar, the guestrooms of an iconic 5* hotel on the
Palm Jumeirah and the 5* Kempinski Mall of the Emirates hotel on
the Sheikh Zayed Road for MAF, along with a large number of smaller
projects.
We believe that our enhanced scale will provide more
opportunities for us to bid on major projects - and this is now
being evidenced in new enquiries. As such management attention is
now focused on strengthening the succession structure through
existing design and delivery skills along with achieving operating
efficiencies across the businesses.
Continental Europe
Our reported net earnings, for the wholly owned businesses in
this Hub, are under GBP1m, whilst this sum is GBP8.4m if 100% of
the associate and joint venture revenue is included. This creates
an undertaking similar in size to the UK and Middle East.
Continental Europe's result is a mix of performances across the
businesses where the greatest challenge within its portfolio during
the year was Russia.
The Russian operation has now been reduced to a minimum
operating level and works on a limited number of projects
reflecting its current scale. We expect this operation to remain at
this level for the foreseeable future and until the local market
improves.
The wholly owned Turkish operation returned to profit and
eliminated its prior year deficit.
Berlin continues to be significant contributor to the Group's
result. After a slow first half a series of major wins in the
second half lifted its performance to prior year levels. The office
and its team continue to expand and reached 125 staff by the year
end. Projects include site work at Berlin's new airport, a new
facility in Berlin for Stone Brewing of the USA, Phase 2 Gropius
Passagen for mfi-Unibail-Rodamco, a 5* hotel, The Fontenay, in
Hamburg, an office tower in Frankfurt, a new development in Berlin
for Hines, and the Anschutz Mercedes Platz with Hochtief.
Frankfurt has continued to improve its year on year performance
with a longer term order book including an office relocation of
3,600 staff for an international insurance company and regular work
for Microsoft. Interestingly we have not seen any early evidence of
financial services' relocation to the city in the aftermath of
Brexit.
Prague has achieved a small profit this year based on the
provision of drawing services to both the London and Berlin
offices.
Summary, Group Prospects and Shareholder Value
Whilst we had hoped for a better outcome in 2016, we remain
encouraged by the progress that we have made in developing our
business model and that this will ultimately generate both the
results and cash flow that we have anticipated. Our objective is to
provide shareholders with a sustainable business model that can
positively respond to business cycles and deliver long term returns
in both cash and profits generation and dividend flow.
Nicholas Thompson Beverley Wright
Chief Executive Officer Chief Financial Officer
11 January 2017
Consolidated income statement
For the year ended 30 September 2016
Note 2016 2015
GBP'000 GBP'000
--------------------------------------- ----- --------- ---------
Revenue 2 20,841 18,668
Sub consultant costs (2,431) (1,782)
--------------------------------------- ----- --------- ---------
Revenue less sub consultant
costs 18,410 16,886
Personnel related costs (13,929) (11,464)
Property related costs (2,632) (2,730)
Other operating expenses (1,901) (1,715)
Other operating income 732 626
Operating profit 680 1,603
Finance income 8 3
Finance costs (28) (13)
--------------------------------------- ----- --------- ---------
Profit after finance costs 660 1,593
Share of results of associate
and joint ventures 267 277
--------------------------------------- ----- --------- ---------
Profit before tax 2 927 1,870
Tax charge (106) (215)
--------------------------------------- ----- --------- ---------
Profit from continuing
operations 821 1,655
Profit for the year 821 1,655
--------------------------------------- ----- --------- ---------
Profit attributable to:
Owners of Aukett Swanke
Group Plc 772 1,653
Non controlling interests 49 2
--------------------------------------- ----- --------- ---------
821 1,655
--------------------------------------- ----- --------- ---------
Basic and diluted earnings
per share for profit attributable
to the ordinary equity
holders of the Company:
From continuing operations 0.47p 1.00p
Total earnings per share 3 0.47p 1.00p
--------------------------------------- ----- --------- ---------
Consolidated statement of comprehensive income
For the year ended 30 September 2016
2016 2015
GBP'000 GBP'000
--------------------------------------------- --------- ---------
Profit for the year 821 1,655
Other comprehensive income:
Currency translation differences 424 (201)
Other comprehensive income
for the year 424 (201)
Total comprehensive income
for the year 1,245 1,454
---------------------------------------------- --------- ---------
Total comprehensive income
for the year is attributable
to:
Owners of Aukett Swanke
Group Plc 1,158 1,451
Non controlling interests 87 3
1,245 1,454
--------------------------------------------- --------- ---------
Consolidated statement of financial position
At 30 September 2016
2016 2015
GBP'000 GBP'000
------------------------------- --------- ---------
Non current assets
Goodwill 2,409 2,283
Other intangible assets 1,056 818
Property, plant and equipment 506 563
Investment in associate 529 254
Investments in joint ventures 181 100
Deferred tax 219 288
-------------------------------- --------- ---------
Total non current assets 4,900 4,306
Current assets
Trade and other receivables 9,227 6,430
Cash and cash equivalents 1,839 1,873
-------------------------------- --------- ---------
Total current assets 11,066 8,303
Total assets 15,966 12,609
Current liabilities
Trade and other payables (6,553) (5,833)
Current tax (12) (117)
Short term borrowings (247) -
Provisions (90) -
------------------------------- --------- ---------
Total current liabilities (6,902) (5,950)
Non current liabilities
Long term borrowings (802) -
Deferred tax (100) (54)
Provisions (973) (354)
-------------------------------- --------- ---------
Total non current liabilities (1,875) (408)
Total liabilities (8,777) (6,358)
Net assets 7,189 6,251
-------------------------------- --------- ---------
Capital and reserves
Share capital 1,652 1,652
Merger reserve 1,176 1,176
Foreign currency translation
reserve 110 (276)
Retained earnings 2,573 1,801
Other distributable reserve 1,494 1,791
-------------------------------- --------- ---------
Total equity attributable
to
equity holders of the
Company 7,005 6,144
-------------------------------- --------- ---------
Non controlling interests 184 107
-------------------------------- --------- ---------
Total equity 7,189 6,251
-------------------------------- --------- ---------
Consolidated statement of cash flows
For the year ended 30 September 2016
Note 2016 2015
GBP'000 GBP'000
---------------------------------- ----- --------- ---------
Cash flows from operating
activities
Cash generated from operations 4 104 1,443
Interest paid (29) (13)
Income taxes paid (99) (238)
---------------------------------- ----- --------- ---------
Net cash (outflow) / inflow
from operating activities (24) 1,192
Cash flows from investing
activities
Purchase of property, plant
and equipment (147) (163)
Sale of property, plant
and equipment 4 2
Acquisition of subsidiary,
net of cash acquired (761) (824)
Interest received 8 3
Dividends received - 278
---------------------------------- ----- --------- ---------
Net cash used in investing
activities (896) (704)
Net cash (outflow) / inflow
before financing activities (920) 488
Cash flows from financing
activities
Proceeds from bank loans 1,123 -
Repayment of bank loans (175) (113)
Dividends paid (181) (360)
---------------------------------- ----- --------- ---------
Net cash inflow / (outflow)
from financing activities 767 (473)
Net change in cash, cash
equivalents and
bank overdraft (153) 15
Cash and cash equivalents
and bank
overdraft at start of year 1,873 1,891
Currency translation differences 119 (33)
Cash, cash equivalents and
bank
overdraft at end of year 1,839 1,873
---------------------------------- ----- --------- ---------
Consolidated statement of changes in equity
For the year ended 30 September 2016
Share Foreign Retained Other Merger Total Non Total
capital currency earnings distributable reserve controlling Equity
translation reserve interests
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
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
Profit for
the year - - 772 - - 772 49 821
Other
comprehensive
income - 386 - - - 386 38 424
Other
adjustments - - - - - - (10) (10)
Dividends
paid - - - (297) - (297) - (297)
At 30
September
2016 1,652 110 2,573 1,494 1,176 7,005 184 7,189
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
The other distributable reserve was created in September 2007
during a court and shareholder approved process to reduce the
capital of the Company.
Notes to the audited final results
1 Basis of preparation
The financial statements for the Group and parent 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 three
separately reportable geographical segments (Hubs), together with a
group costs segment. Geographical segments are based on the
location of the operation undertaking each project.
During the period, the Group changed its operating segments as
management now considers the business is based on geographic area,
rather than by individual country. Accordingly, the Group's
operating segments now consist of the United Kingdom, the Middle
East and Continental Europe. Turkey and Russia are no longer
reported as separate reporting operating segments, but are included
within Continental Europe together with Germany and the Czech
Republic. All comparatives have been restated to reflect these
changes.
Income statement segment information
Segment revenue 2016 2015
GBP'000 GBP'000
-------------------- --------- ---------
United Kingdom 12,142 14,488
Middle East 7,383 2,129
Continental Europe 1,316 2,051
Revenue 20,841 18,668
--------------------- --------- ---------
Segment revenue by project 2016 2015
site GBP'000 GBP'000
---------------------------- --------- ---------
United Kingdom 12,014 14,262
Middle East 7,349 2,311
Continental Europe 1,396 2,085
Rest of the World 82 10
----------------------------- --------- ---------
Revenue 20,841 18,668
----------------------------- --------- ---------
Segment revenue less 2016 2015
sub consultant costs GBP'000 GBP'000
----------------------------- --------- ---------
United Kingdom 12,080 14,368
Middle East 5,424 1,306
Continental Europe 906 1,212
Revenue less sub consultant
costs 18,410 16,886
------------------------------ --------- ---------
Segment result
2016 Segment Before Release Goodwill Total
result goodwill of negative impairment
impairment goodwill
GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ------------ ------------- ------------ ---------
United Kingdom 1,052 - - 1,052
Middle East (119) 160 - 41
Continental Europe 112 - (17) 95
Group costs (261) - - (261)
-------------------- ------------ ------------- ------------ ---------
Profit before
tax 784 160 (17) 927
-------------------- ------------ ------------- ------------ ---------
2015 Segment Before Release
result goodwill of negative Goodwill
impairment goodwill impairment Total
GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ------------ ------------- ------------ ---------
United Kingdom 1,993 - - 1,993
Middle East 47 - - 47
Continental Europe 88 - - 88
Group costs (258) - - (258)
-------------------- ------------ ------------- ------------ ---------
Profit before
tax 1,870 - - 1,870
-------------------- ------------ ------------- ------------ ---------
3 Earnings per share
The calculations of basic and diluted earnings per share are
based on the following data:
Earnings 2016 2015
GBP'000 GBP'000
----------------------- --------- ---------
Continuing operations 772 1,653
Profit for the year 772 1,653
----------------------- --------- ---------
Number of shares 2016 2015
Number Number
------------------------------ ------------ ------------
Weighted average of Ordinary
Shares in issue 165,213,652 165,213,652
Effect of dilutive options 153,916 305,482
------------------------------ ------------ ------------
Diluted weighted average of
ordinary shares in issue 165,367,568 165,519,134
------------------------------ ------------ ------------
4 Cash generated from operations
Group 2016 2015
GBP'000 GBP'000
--------------------------------- --------- ---------
Profit before tax - continuing
operations 927 1,870
Finance income (8) (3)
Finance costs 28 14
Share of results of associate
and joint ventures (267) (277)
Goodwill impairment provision 17 -
Intangible amortisation 177 80
Depreciation 359 345
Loss/(profit) on disposal
of property, plant & equipment 10 (2)
Change in trade and other
receivables 628 597
Change in trade and other
payables (1,583) (1,273)
Change in provisions 16 92
Negative goodwill (160) -
Unrealised foreign exchange
differences (40) -
Net cash generated from
operations 104 1,443
---------------------------------- --------- ---------
5 Analysis of net funds
Group 2016 2015
GBP'000 GBP'000
--------------------------- --------- ---------
Cash and cash equivalents 1,839 1,873
Cash and cash equivalents 1,839 1,873
Secured bank loan (1,049) -
Net funds 790 1,873
---------------------------- --------- ---------
6 Business Combination
On 10 February 2016 the Group acquired 100% of the issued share
capital of Shankland Cox Limited ('SCL'), a company incorporated in
England and Wales but operating through 4 branches in the United
Arab Emirates.
The total consideration, all to be paid in cash, was structured
as follows:
-- AED 4.5m on completion.
-- AED 1.5m upon release of banking guarantees, paid after the acquisition date.
-- Maximum deferred consideration of AED 9.8m dependant on the
collection of trade receivables and work in progress from the
agreed Balance Sheet within 2 years from the completion date.
The deferred consideration up to a maximum of AED 9.8m had a
fair value of AED 5.4m at acquisition. The minimum amount currently
payable in respect of this deferred consideration is AED1.3m,
representing receivables which have been collected. The maximum
amount payable is currently AED 8.7m, which is contingent on the
collection of all acquired trade receivables before 10 February
2018.
Of the AED 11.4m fair value of consideration transferred, AED
6.0m cash consideration has been paid and the full deferred
consideration remains outstanding at the balance sheet date. At the
year end, the fair value of deferred consideration has been
estimated to be AED 4.8m.
The acquisition considerably improves our market position and
offering in the Middle East.
The table below summarises the consideration paid for SCL, the
fair value of assets acquired and liabilities assumed at the
acquisition date.
Consideration at 10 February 2016 GBP'000
--------------------------------------------- --------
Cash 1,126
Fair value of deferred consideration
at acquisition 1,015
Total consideration transferred at
acquisition 2,141
Recognised amounts of identifiable
assets acquired and liabilities assumed
Cash and cash equivalents 365
Property, Plant and Equipment 132
Brand Name 282
Customer relationships 28
Amounts recoverable on contracts 401
Trade and other receivables 2,530
Trade and other payables (848)
Provision for liabilities (589)
Total identifiable net assets 2,301
--------------------------------------------- --------
Release of negative goodwill on acquisition (160)
Total 2,141
--------------------------------------------- --------
Negative goodwill of GBP160,000 has arisen on acquisition
following recognition of the intangible assets noted above. This
credit to the income statement compensates for short term costs
incurred to restructure the business.
Acquisition costs of GBP58,000 have been included in other
operating charges in the consolidated income statement for the year
ended 30 September 2016.
The fair value of trade and other receivables is GBP2,530,000
and includes trade receivables with a fair value of GBP2,146,000.
The gross contractual amount for trade receivables due is
GBP2,842,000, of which GBP696,000 is expected to be
uncollectable.
The fair values of the acquired identifiable intangibles are
based on finalised valuations.
The revenue included in the consolidated income statement since
10 February 2016 contributed by SCL was GBP2,275,000. The revenue
less sub consultant costs contributed over the same period was
GBP2,067,000. The loss before tax, amortisation and gain on bargain
purchase during the period since acquisition was GBP557,000.
Had SCL been consolidated from 1 October 2015, the consolidated
income statement would show pro-forma revenue of GBP22,608,000 and
profit before tax of GBP709,000.
7 Status of final audited results
This announcement of final audited results was approved by the
Board of Directors on 11 January 2017.
The financial information presented in this announcement has
been extracted from the Group's audited statutory accounts for the
year ended 30 September 2016 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 2015 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 2016.
8 Annual General Meeting
Notice of the annual general meeting will follow in due course
and no later than 21 days before the meeting is due to be held.
9 Annual report and accounts
Copies of the 2016 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
The company news service from the London Stock Exchange
END
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