TIDMAUK
RNS Number : 5420Q
Aukett Swanke Group PLC
29 June 2022
Aukett Swanke Group Plc
Interim results
For the six months ended 31 March 2022
Aukett Swanke Group Plc ("the Group"), a company that
principally provides architectural and interior design services, is
pleased to announce its interim results for the six-month period
ended 31 March 2022.
Highlights
Total revenue* increases to GBP5.78m (2021: GBP5.28m)
Revenue from continuing operations increases to GBP4.53m (2021:
GBP3.70m)
United Kingdom returns to profit before group costs of GBP40k
(2021: loss GBP567K)
Group costs reduced by 30% to GBP419k (2021: GBP598k)
Post period disposal of interest in Middle East operation for
AED 5.0m (GBP1.1m)
Improving order book
*Continuing and discontinued operation revenue combined
Commenting on the interim results, CEO Nicholas Thompson
said:
" The period under review highlights a return to growth,
particularly in the UK and a significant reduction in the running
costs of the Group as we progress our recovery strategy."
For further information please contact:
Aukett Swanke Group Plc
+44 (0) 20 7843
Nicholas Thompson, Antony Barkwith 3000
Strand Hanson Limited (Financial and Nominated
Adviser)
+44 (0) 20 7409
James Spinney, James Bellman 3494
Arden Partners plc (Broker)
John Llewellyn-Lloyd, Louisa Waddell, Benjamin +44 (0) 20 7614
Onyeama-Christie 5900
Investor/Media
+44 (0) 7979 604
Chris Steele 687
Interim statement
Overview
In the half year under review and subsequently there has been a
marked improvement in the Group's trading and financial
position.
The result for the six months ended 31 March 2022, shows
revenues (from continuing and discontinued operations combined)
increasing by GBP500k to GBP5.78m (2021: GBP5.28m) and with this
our losses before tax substantially reduced to GBP413k (2021:
GBP1,017k).
Continuing operations' revenues increased by 22% to GBP4.53m
(2021: GBP3.70m) and the loss before tax fell significantly to
GBP152k (2021: GBP737k) evidencing the progress being made in
restoring the group's underlying profitability. Revenues from
discontinued operations fell by 21% to GBP1.25m (2021: GBP1.58m)
and the loss before tax showed a small reduction at GBP261k (2021:
GBP280k).
The post-period disposal of John R Harris & Partners Limited
("John R Harris") to the local management team has also
significantly improved the Group's cash position.
Group Results
Within the overall result, the United Kingdom increased revenues
to GBP4.43m (2021: GBP3.44m) and net of consultants, revenues rose
by GBP714k to GBP3.31m (2021: GBP2.59m). As a result, the prior
year loss before management charges of GBP567k moved into a profit
of GBP40k for the reporting six months. In effect 85% of the growth
dropped straight to the bottom line.
Continental European revenues were down 64% (locally 42%) as the
Turkish lira depreciated by c.80% such that revenues were only
GBP94k (2021: GBP258k). Profits before management charges for
Continental Europe, as a whole, also reduced to GBP123k (2021:
GBP227k). Both German operations continue to perform well in a post
covid market.
Elsewhere the operating results were not so favourable. The
Middle East continued to lose revenues with a fall of 21% to
GBP1.25m (2021: GBP1.58m), resulting in an increased loss of
GBP157k (2021: GBP79k) before management charges. This was further
impacted by the closure costs related to the numerous licences that
were previously required in the region. However, since the period
end, we have disposed of our interest in the main operation, John R
Harris, and we continue to downsize our residual operations.
A pleasing upturn in new business wins (see below) in both the
United Kingdom and Continental Europe, leads us to expect further
improvement in the second half.
Having commented on the disproportionate cost of the Group
compared to the operations we are pleased to report a reduction in
Group costs in the period of 30% to GBP419k (2021: GBP598k). This
was mainly due to a reduction in executive salary costs as part of
retirement planning processes.
Projects
Across the Group there have been significant new wins and
project completions. In the UK preliminary stages on a range of
Hybrid mixed use projects have begun for Related Argent, Segro,
LaSalle, Freshwater, Regal London, Joseph Homes, Royal London Asset
Management and Network Rail. The Eastside Locks project for
Birmingham City University was completed earlier in the year with
the fit-out now under way. Planning consent has been secured for
the 30,000 sqm St. George's House East project in Wimbledon.
Executive Architecture project wins include Project Apple, the
19ha redevelopment in Surrey for biopharmaceutical giant UCB
Celltech with the Heatherwick Studio and No's 74 & 84 Moorgate
for the City of London and Osborne with Ben Adam Architects.
Completions in London include the 21,000 sqm Featherstone building
for Derwent with architect Morris + Company and the topping out of
the 15,000 sqm n2 Nova Evolved workplace building for Landsec with
Lynch Architects.
In Germany completions include the IHK Business Welcome Center
and the refurbishment of the central areas of KaDeWe department
store in Berlin, and new wins include the fit-out planning of
14,000 sqm in the Am Tacheles building for tenant Autodoc. In
Frankfurt further refurbished floors of the iconic MesseTurm have
been completed for landlord Blackstone together with fit-outs for
international banking, legal and IT sector clients. In Turkey new
concept designs were won and completed for the 10,000 sqm Mercedes
Benz Office HQ, the 25,000 sqm Cengiz Altunizade Campus in Istanbul
and their 4,000 sqm Ankara HQ building.
Disposal
Shortly after the half year the Group concluded the disposal of
its interest in John R Harris to the local management team
operating out of the Middle East.
The disposal provided an initial inflow of cash consideration
along with a deferred consideration sum payable over 5 years, for a
total GBP1.1m. The Group has also entered into a Marketing
Agreement, covering the use of the Group's project portfolio and
associated materials, over the deferred consideration period for an
additional sum in order to maintain the Group's interest in this
important market. The Group continues to operate in the Middle East
but on a much-reduced basis.
Prospects
The Group continues to focus on enhancing shareholder value.
This, inter alia, includes opportunities for further disposals and
funding to support our new growth strategy; consideration of a
share consolidation to improve the share register and allow many
small investors to realise their investment on an economic basis
whilst significantly reducing the cost to the Group of servicing a
register with many hundreds of very small shareholdings; and,
following my retirement, the appointment of a successor CEO to lead
the business in the next phase of its operations.
Overall, we see the performance of the Group improving in the
second half.
Nicholas Thompson
Chief Executive Officer
28 June 2022
Consolidated income statement
For the six months ended 31 March 2022
Note Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Continuing Operations
Revenue 3 4,529 3,699 9,192
Sub consultant costs (1,152) (912) (2,887)
----------------------------------- ----- ------------ ------------ --------------
Revenue less sub consultant
costs 3,377 2,787 6,305
Personnel related costs (2,921) (2,798) (5,594)
Property related costs (531) (534) (1,041)
Other operating expenses (240) (402) (695)
Other operating income 4 144 188 358
----------------------------------- ----- ------------ ------------ --------------
Operating loss (171) (759) (667)
Finance costs (46) (49) (94)
----------------------------------- ----- ------------ ------------ --------------
Loss after finance costs (217) (808) (761)
Impairment of intangibles - - -
Share of results of associate
and joint ventures 65 71 166
----------------------------------- ----- ------------ ------------ --------------
Loss before tax 3 (152) (737) (595)
Tax credit 26 409 395
----------------------------------- ----- ------------ ------------ --------------
Loss from continuing operations (126) (328) (200)
Loss from discontinued operations 5 (261) (280) (936)
----------------------------------- ----- ------------ ------------ --------------
Loss for the period (387) (608) (1,136)
----------------------------------- ----- ------------ ------------ --------------
Loss attributable to:
Owners of Aukett Swanke
Group Plc (387) (603) (1,123)
Non-controlling interests - (5) (13)
----------------------------------- ----- ------------ ------------ --------------
Loss for the period (387) (608) (1,136)
----------------------------------- ----- ------------ ------------ --------------
Basic and diluted earnings
per share for loss attributable
to the ordinary equity holders
of the Company:
From continuing operations (0.07p) (0.20p) (0.12p)
From discontinued operations (0.16p) (0.16p) (0.57p)
----------------------------------- ----- ------------ ------------ --------------
Total loss per share 6 (0.23p) (0.36p) (0.69p)
----------------------------------- ----- ------------ ------------ --------------
Consolidated statement of comprehensive income
For the six months ended 31 March 2022
Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Loss for the period (387) (608) (1,136)
Other comprehensive income:
Currency translation differences
of foreign operations (42) (108) (107)
Currency translation differences
on translation of discontinued
operations (7) (55) (50)
---------------------------------------- ------------
Other comprehensive loss for
the period (49) (163) (157)
Total comprehensive loss for
the period (436) (771) (1,293)
---------------------------------------- ------------ ------------ --------------
Total comprehensive loss is
attributable to:
Owners of Aukett Swanke Group
Plc (436) (762) (1,280)
Non-controlling interests - (9) (13)
---------------------------------------- ------------ ------------ --------------
Total comprehensive loss for
the period (436) (771) (1,293)
Total comprehensive loss attributable
to the owners of Aukett Swanke
Group Plc arises from:
Continuing operations (168) (436) (307)
Discontinued operations (268) (326) (973)
---------------------------------------- ------------ ------------ --------------
(436) (762) (1,280)
--------------------------------------- ------------ ------------ --------------
Consolidated statement of financial position
At 31 March 2022
Note Unaudited Unaudited Audited
at 31 at 31 at 30
March March September
2022 2021 2021
GBP'000 GBP'000 GBP'000
Non current assets
Goodwill 1,753 2,349 2,370
Other intangible assets 217 593 324
Property, plant and equipment 74 205 155
Right-of-use assets 2,354 2,737 2,546
Investment in associate and
joint ventures 802 779 796
Deferred tax 265 259 241
--------------------------------- ----- ---------- ---------- -----------
Total non current assets 5,465 6,922 6,432
Current assets
Trade and other receivables 2,605 4,303 3,876
Contract assets 599 911 982
Current tax - 362 99
Cash at bank and in hand 8 38 591 515
--------------------------------- ----- ---------- ---------- -----------
3,242 6,167 5,472
Assets in disposal groups 1,868 -
classified as held for sale -
Total current assets 5,110 6,167 5,472
Total assets 10,575 13,089 11,904
Current liabilities
Trade and other payables (2,497) (4,249) (3,747)
Contract liabilities (802) (797) (829)
Borrowings 8 (289) (390) (83)
Lease liabilities (539) (539) (539)
(4,127) (5,975) (5,198)
Liabilities directly associated (1,006) -
with assets in disposal groups
classified as held for sale -
Total current liabilities (5,133) (5,975) (5,198)
Non current liabilities
Borrowings 8 (292) - (417)
Lease liabilities (2,118) (2,578) (2,350)
Deferred tax (37) (44) (40)
Provisions (364) (889) (832)
Total non current liabilities (2,811) (3,511) (3,639)
Total liabilities (7,944) (9,486) (8,837)
Net assets 2,631 3,603 3,067
--------------------------------- ----- ---------- ---------- -----------
Capital and reserves
Share capital 1,652 1,652 1,652
Merger reserve 1,176 1,176 1,176
Foreign currency translation
reserve (222) (175) (173)
Retained earnings (1,469) (562) (1.082)
Other distributable reserve 1,494 1,494 1,494
--------------------------------- ----- ---------- ---------- -----------
Total equity attributable
to
equity holders of the Company 2,631 3,585 3,067
--------------------------------- ----- ---------- ---------- -----------
Non-controlling interests - 18 -
--------------------------------- ----- ----------
Total equity 2,631 3,603 3,067
--------------------------------- ----- ---------- ---------- -----------
Consolidated statement of cash flows
For the six months ended 31 March 2022
Note Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Cash flows from operating
activities
Cash expended by operations 7 (303) (659) (896)
Interest paid - - -
Income tax credits received
/ (paid) 99 (1) 262
------------------------------------- ----- ------------ ------------ --------------
Net cash outflow from operating
activities (204) (660) (634)
Cash flows from investing
activities
Purchase of property, plant
and equipment (13) (2) (33)
Sale of property, plant and
equipment - - 16
Purchase of investments - (100) (123)
Dividends received 46 472 528
------------------------------------- ----- ------------ ------------ --------------
Net cash received in investing
activities 33 370 388
Net cash outflow before financing
activities (171) (290) (246)
Cash flows from financing
activities
Principal paid on lease liabilities (232) (226) (455)
Interest paid on lease liabilities (40) (48) (91)
Proceeds from bank loans - - 500
Repayment of bank loans - (97) (155)
Interest paid (6) (1) (3)
Net cash outflow from financing
activities (278) (372) (204)
Net change in cash and cash
equivalents (449) (662) (450)
Cash and cash equivalents
at start of period 515 992 992
Currency translation differences (81) (71) (27)
------------------------------------- ----- ------------ ------------ --------------
Cash and cash equivalents
at end of period 8 (15) 259 515
------------------------------------- ----- ------------ ------------ --------------
Cash and cash equivalents are comprised
of:
Cash at bank and in hand 38 591 515
Cash held within assets classified
as held for sale 28 - -
Secured bank overdrafts (81) (332) -
Cash and cash equivalents at end
of year (15) 259 515
-------------------------------------------- ------------ ------------ --------------
Consolidated statement of changes in equity
For the six months ended 31 March 2022
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 1 October
2021 1,652 (173) (1,082) 1,494 1,176 3,067 - 3,067
Loss for the
period - - (387) - - (387) - (387)
Other comprehensive
income - (49) - - - (49) - (49)
--------------------- -------- ------------ --------- -------------- -------- --------- ------------ ---------
Total comprehensive
loss - (49) (387) - - (436) - (436)
At 31 March
2022 1,652 (222) (1,469) 1,494 1,176 2,631 - 2,631
--------------------- -------- ------------ --------- -------------- -------- --------- ------------ ---------
For the six months ended 31 March 2021
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 1 October
2020 1,652 (16) 41 1,494 1,176 4,347 27 4,374
Loss for the
period - - (603) - - (603) (5) (608)
Other
comprehensive
income - (159) - - - (159) (4) (163)
--------------- --------- ------------- ---------- --------------- --------- --------- ------------- ---------
Total
comprehensive
loss - (159) (603) - - (762) (9) (771)
At 31 March
2021 1,652 (175) (562) 1,494 1,176 3,585 18 3,603
--------------- --------- ------------- ---------- --------------- --------- --------- ------------- ---------
Consolidated statement of changes in equity (continued)
For the year ended 30 September 2021
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 1 October
2020 1,652 (16) 41 1,494 1,176 4,347 27 4,374
Loss for the
period - - (1,123) - - (1,123) (13) (1,136)
Acquisition of
minority
interest - - - - - - (14) (14)
Other
comprehensive
income - (157) - - - (157) - (157)
--------------- --------- ------------- ---------- --------------- --------- --------- ------------- ---------
Total
comprehensive
loss - (157) (1,123) - - (1,280) (27) (1,307)
At 30
September
2021 1,652 (173) (1,082) 1,494 1,176 3,067 - 3,067
--------------- --------- ------------- ---------- --------------- --------- --------- ------------- ---------
Notes to the Interim Report
1 Basis of preparation
The financial information presented in this Interim Report has
been prepared in accordance with the recognition and measurement
principles of international accounting standards in conformity with
the requirements of the Companies Act 2006 that are expected to be
applicable to the financial statements for the year ending 30
September 2022 and on the basis of the accounting policies expected
to be used in those financial statements.
2 New accounting standards, amendments and interpretations applied
A number of new or amended standards and interpretations to
existing standards became applicable for the current reporting
period. The Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these
standards.
3 Operating segments
The Group comprises a single business segment and separately
reportable geographical segments (together with a Group costs
segment). Geographical segments are based on the location of the
operation undertaking each project. Turkey is included within
Continental Europe together with Germany and the Czech Republic (in
the comparative periods). The Middle East segment has been
re-presented as a discontinued operation in note 5, and accordingly
is no longer included in this operating segments note.
Segment revenue Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
United Kingdom 4,435 3,441 8,871
Continental Europe 94 258 321
--------------------- ------------
Total 4,529 3,699 9,192
--------------------- ------------ ------------ --------------
Segment revenue less sub consultant Unaudited Unaudited Audited
costs six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
United Kingdom 3,305 2,591 6,063
Continental Europe 72 196 242
-------------------------------------- ------------
Total 3,377 2,787 6,305
-------------------------------------- ------------ ------------ --------------
Segment result before tax Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
United Kingdom (230) (837) (848)
Continental Europe 49 121 149
Group costs 29 (21) 104
---------------------------- ------------ ------------ --------------
Total (loss)/profit (152) (737) (595)
---------------------------- ------------ ------------ --------------
Segment result before tax Unaudited Unaudited Audited
(before reallocation of group six months six months year to
management charges) to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
United Kingdom 40 (567) (308)
Continental Europe 123 227 330
Group costs (419) (598) (1,015)
-------------------------------------- ------------ ------------ --------------
Total (loss)/profit (256) (938) (993)
Group management charges charged
to the
Middle East discontinued operation 104 201 398
-------------------------------------- ------------ ------------ --------------
Total (loss)/profit (152) 737 (595)
-------------------------------------- ------------ ------------ --------------
4 Other operating income
Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Property rental income 74 79 153
Management charges to associate
and joint ventures 63 65 132
Government grants (UK furlough
scheme) - 42 59
Licence fee income 7 2 -
Other sundry income - - 14
Total other operating income 144 188 358
---------------------------------- ------------ ------------ --------------
5 Discontinued operations
5 (a) Description
In April 2022, the Group sold assets, as part of the Group's
disposal of its John R Harris & Partners Limited (Cyprus)
subsidiary and John R Harris & Partners (Dubai) entity. This
marked the sale of the main trading operations in the Group's
Middle East segment. With closure costs incurred in the period
relating to the planned termination of a number of trading licenses
in the Middle East operations, the Middle East segment is presented
as a discontinued operation in the current period, and the
comparative periods represented accordingly.
5 (b) Financial performance and cash flow information
Result of discontinued operations
Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Revenue 1,249 1,581 2,822
Sub consultant costs (189) (229) (305)
-------------------------------------- ------------ ------------ --------------
Revenue less sub consultant
costs 1,060 1,352 2,517
Expenses (1,217) (1,431) (2,806)
Group management charges (104) (201) (398)
Impairment of intangibles - - (249)
Loss before tax (261) (280) (936)
Tax credit / (charge) - - -
------------------------------------- ------------ ------------ --------------
Loss from discontinued operations (261) (280) (936)
Exchange differences on translation
of discontinued operation (7) (55) (50)
-------------------------------------- ------------ ------------ --------------
Other comprehensive loss
from discontinued operations (268) (335) (986)
-------------------------------------- ------------ ------------ --------------
Earnings per share from discontinued operations
Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Basic and diluted loss per
share (0.16p) (0.16p) (0.57p)
Statement of cash flows
The statement of cash flows includes the following amounts
relating to discontinued operations:
Unaudited Unaudited
six months six months Audited
to 31 to 31 year to
March March 30 September
2022 2021 2021
GBP'000 GBP'000 GBP'000
Net cash outflow from operating
activities (174) (241) (485)
Net cash outflow from investing
activities - (3) (2)
Foreign exchange movements 2 (43) (39)
---------------------------------- ------------ ------------ --------------
Net cash from discontinued
operations (172) (287) (526)
---------------------------------- ------------ ------------ --------------
6 Earnings per share
The calculations of basic and diluted earnings per share are
based on the following data:
Earnings Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Continuing operations (126) (328) (200)
Discontinued operations (261) (275) (923)
-------------------------- ------------ ------------ --------------
Loss for the period (387) (603) (1,123)
-------------------------- ------------ ------------ --------------
Number of shares Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 '000
'000 '000
Weighted average number of
shares 165,214 165,214 165,214
Effect of dilutive options - - -
--------------------------------- ------------ ------------ --------------
Diluted weighted average number
of shares 165,214 165,214 165,214
---------------------------------- ------------ ------------ --------------
7 Reconciliation of profit before tax to net cash from operations
Unaudited Unaudited Audited
six months six months year to
to 31 to 31 30 September
March March 2021
2022 2021 GBP'000
GBP'000 GBP'000
Loss for the period (387) (608) (1,136)
Tax credit (26) (409) (395)
Finance costs 46 49 94
Share of results of associate
and joint ventures (65) (71) (166)
Intangible amortisation 19 32 59
Intangible impairment - - 249
Depreciation 56 63 129
Amortisation of right-of-use
assets 192 192 383
Profit on disposal of property,
plant and equipment - (1) (2)
Decrease / (increase) in trade
and other receivables 565 (976) (843)
(Decrease) / increase in trade
and other payables (635) 1,207 892
Change in provisions (68) (52) (160)
Unrealised foreign exchange - (85) -
differences
--------------------------------- ------------ ------------ --------------
Net cash expended by operations (303) (659) (896)
---------------------------------- ------------ ------------ --------------
8 Analysis of net funds
Unaudited Unaudited Audited
at 31 at 31 at
March March 30 September
2022 2021 2021
GBP'000 GBP'000 GBP'000
Cash at bank and in hand 38 591 515
Cash held within assets classified
as held for sale 28 - -
Secured bank overdrafts (81) (332) -
------------------------------------- ---------- ---------- --------------
Cash and cash equivalents (15) 259 515
Secured bank loan (500) (58) (500)
------------------------------------- ----------
Net (debt)/funds (515) 201 15
------------------------------------- ---------- ---------- --------------
9 Events occurring after the reporting period
On 28 April 2022 Aukett Swanke Group Plc disposed of its 100%
interest in the share capital of John R Harris & Partners
Limited (registered in Cyprus), the beneficial owner of John R
Harris & Partners (Dubai) for a cash consideration of AED
5,000,000, comprising AED 4,250,000 cash upfront and a further AED
750,000 deferred consideration paid over a 5 year period.
The assets and liabilities directly associated with both John R
Harris & Partners Limited and John R Harris & Partners
(Dubai) have been classified as held for sale for the reporting
period ended 31 March 2022
The operating results of these entities have been included
within discontinued operations for the 6 month period to 31 March
2022, and re-presented accordingly for comparative periods.
10 Status of Interim Report
The Interim Report covers the six months ended 31 March 2022 and
was approved by the Board of Directors on 28 June 2022. The Interim
Report is unaudited.
The interim condensed set of consolidated financial statements
in the Interim Report are not statutory accounts as defined by
Section 434 of the Companies Act 2006.
Comparative figures for the year ended 30 September 2021 have
been extracted from the statutory accounts of the Group for that
period .
The statutory accounts for the year ended 30 September 2021 have
been reported on by the Group's auditors and delivered to the
Registrar of Companies. The audit report thereon was unqualified,
did not include references to matters to which the auditors drew
attention by way of emphasis without qualifying the report, and did
not contain a statement under Section 498 of the Companies Act
2006. The audit report did draw attention to the Directors'
assessment of going concern, indicating that a material uncertainty
exists that may cast significant doubt on the Group's and parent
company's ability to continue as a going concern. The audit report
was not modified in respect of this matter.
11 Further information
An electronic version of the Interim Report will be available on
the Group's website (www.aukettswankeplc.com).
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END
IR FLFIDRFITFIF
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