Aukett Swanke Group PLC Trading Update (9229E)
May 11 2017 - 11:14AM
UK Regulatory
TIDMAUK
RNS Number : 9229E
Aukett Swanke Group PLC
11 May 2017
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014
Aukett Swanke Group Plc
Period end trading update
Aukett Swanke Group Plc (the "Group") the international group of
architects, interior designers and engineers, today provides an
update on trading for the first six months (to 31 March 2017) of
the current financial year.
In our 2016 year end report published on 12 January 2017 we
predicted a decline in United Kingdom ("UK") revenues being offset
by an improvement in the United Arab Emirates ("UAE"). This trend
has largely persisted during the six months to 31 March 2017, with
the UK producing a net loss for the period and the UAE trading
profitably after recovering previous trading losses. However, the
results from the UAE have also been impacted by late bad debt
provisions such that the combined half year result of the UK and
UAE are now expected to be an overall loss.
Our Continental European operations were expected to be in
profit for the period. However, both our Turkish and Berlin
businesses are now expected to produce much lower results due to a
major project cancellation in Istanbul (in advance of the
Referendum); ongoing delays as a result of the State of Emergency
in Turkey; and a delay on a significant project in Berlin. The
combination of these factors has reversed what was expected to be a
profitable situation.
As a result of all of the above the Board now expects a loss for
the first half, which will be partly mitigated by an adjustment to
the deferred consideration payable in respect of the acquisition of
Shankland Cox Limited. Encouragingly cash at the half year stood at
GBP1.56m (30 September 2016: GBP1.84m) and net funds at GBP600k (30
September 2016: GBP790k). We expect to release our interim results
in the week commencing 19 June 2017.
Enquiries
Aukett Swanke Group Plc - 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Beverley Wright, Chief Financial Officer
FinnCap 020 7220 0500
Corporate Finance: Julian Blunt/Giles Rolls
Corporate Broking: Alice Lane
Investor/Media enquiries
Ben Alexander 07926 054111
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSFFFIFFWSEFI
(END) Dow Jones Newswires
May 11, 2017 11:14 ET (15:14 GMT)
Aukett Swanke (LSE:AUK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Aukett Swanke (LSE:AUK)
Historical Stock Chart
From Sep 2023 to Sep 2024