Aukett Swanke Group PLC Trading Update (0483S)
November 04 2019 - 1:00AM
UK Regulatory
TIDMAUK
RNS Number : 0483S
Aukett Swanke Group PLC
04 November 2019
Aukett Swanke Group plc
Trading Update and update regarding Aukett Swanke Moscow
Aukett Swanke Group Plc (the group) ("ASG"), the international
group of architects, interior designers and associated engineering
is pleased to provide the following trading update on performance
to 30 September 2019.
The Board expressed the view that second half trading would be
profitable and that this should result in recovering the first half
loss to show a positive result at the year end. The Board is now
pleased to be able to confirm that this remains the case and that
the Group will achieve a profit for the full year to 30 September
2019, subject to there being no material impact for IFRS 9 and 15.
Full year results will be reported in January 2020.
At the same time the Board can confirm that year end cash stood
at GBP1,145,000 (2018: GBP710,000) and after deducting the Long
Term Loan used to acquire Shankland Cox, Net Funds stood at
GBP819,000 (2018: GBP157,000); a satisfactory improvement.
Trading in the new financial year has been stable though we
remain vigilant regarding possible adverse impacts as a result the
forthcoming General Election and prolonged Brexit negotiations.
Since the year end we have also sold the Group's subsidiary in
Moscow, Aukett Swanke OOO ("AS Moscow"), having previously stated
the Board's belief that AS Moscow would perform better under local
ownership. Under the terms of a Sale Agreement AS Moscow was sold
to Maxim Neretin, a Russian national, owner of Aurora Group
(another Moscow based architectural practice) with whom the Group
has previously co-operated on design projects, for a nominal
consideration. The sale will result in inter-company loans being
repaid to the Group and, under the terms of a licence arrangement,
enables AS Moscow to continue to trade as Aukett Swanke, allowing
the Group's brand to endure in this important market. The sale also
safeguards our staffs' employment and was achieved without any
warranties being provided to the new owner. AS Moscow made a loss
of GBP17,000 in the year to 30 September 2018.
Commenting Nicholas Thompson, CEO, said:
"The recovery from the large loss in 2018 is a tribute to the
perseverance of the staff in all of our operations and in the
internal rigours of reducing cost during a difficult trading
period.
The process to find a suitable successor to carry on the Russian
business in our name has taken some considerable time to realise.
Critically, the sale has safeguarded the interests of our staff in
Moscow, avoids a costly closure process and provides some upside
for shareholders through the ongoing licence arrangement. We are
pleased with the outcome".
Enquiries
Aukett Swanke group Plc 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Robert Fry, MD International
Tony Barkwith, Group Finance Director
finnCap 020 7220 0500
Corporate Finance: Julian Blunt/Giles Rolls
ECM: Alice lane
Investor /Media Enquiries 07979 604687
Chris Steele
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTFSLFMFFUSELF
(END) Dow Jones Newswires
November 04, 2019 02:00 ET (07:00 GMT)
Aukett Swanke (LSE:AUK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aukett Swanke (LSE:AUK)
Historical Stock Chart
From Apr 2023 to Apr 2024