TIDMAUK
RNS Number : 3888D
Aukett Swanke Group PLC
29 June 2021
Aukett Swanke Group Plc
Interim results
For the six months ended 31 March 2021
Aukett Swanke Group Plc (the "Group"), the international
practice of architects, interior designers and engineers, is
pleased to announce its interim results for the six-month period
ended 31 March 2021.
Highlights
The Group's most recent 12 months of trading has occurred during
the COVID-19 pandemic.
H1/2021 H2/2020
Extract GBP000 GBP000
Revenue less sub consultant costs 4,139 4,476 fall of 7.5%
Operating costs 5,178 4,959 rise of 4.4%
Operating loss (1,039) (483)
Loss before tax (1,017) (182)
Net Funds 201 837
Before management charges the UK & UAE made reported losses
while Continental Europe maintained its profitability.
UK wrote GBP6.0m of new orders and Berlin EUR4.0m in H1/2021
(fees net of subconsultant costs).
Banking facilities increased from GBP500k to GBP1m in May
2021.
Commenting on the interim results, CEO Nicholas Thompson
said:
"These results show the full impact of the uncertainties created
by COVID-19 in the form of project delays and deferments.
Action taken during the period under review, and subsequently,
has provided additional support to our business model and should
improve our financial performance. However, this is unlikely to
come soon enough to avoid reporting a loss for the year as a
whole."
Enquiries
Aukett Swanke Group Plc - 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Antony Barkwith, Group Finance Director
Arden Partners Plc - 020 7614 5900
Corporate Finance: John Llewellyn-Lloyd; Akhil Shah
Investor/Media enquiries - Chris Steele - 07979 604687
Interim statement
Overview
Any meaningful analysis of these results needs to look behind
the figures and at the impact of COVID-19.
The building process takes several years from inspiration to
occupation with the result standing for decades. During the
formative stage any economic or political uncertainty, and now,
pandemic uncertainty, leads to decision makers waiting for such
uncertainty to play itself out. This is an industry wide phenomenon
and has both the inevitability of the process taking longer but
also the consequential pressure on margins as fewer contracts are
available to the consultant market, which remains undiminished.
It is against this backdrop that the results for the first six
months need to be judged.
Having said this, we continue to win work and two of our
operations have successfully written a significant amount of new
business that is spread over the next three years. Our focus
continues to be on maintaining a resilient and viable commercial
operation at minimal cost and within our financing capability.
Group Results
Group revenues fell to GBP5.28m, some GBP2.1m lower than in the
same period in 2020. However, revenue less sub consultant costs at
GBP4.14m was only 7.5% (GBP337k) lower than in H2/2020. It is this
reduced level that allowed us to control staff costs in
anticipation of project conversions or further instructions.
Although such new work did not happen in the volumes hoped in the
period under review and therefore resulted in a deeper loss, the
capacity of the group businesses has been preserved.
To have a value going forward it was key to preserve a critical
mass in each business.
United Kingdom
Revenues were down 16% at GBP3.44m (2020: GBP4.09m) but higher
than H2/2020 due to the inclusion of a larger amount of pass
through income which is offset by matching sub consultant costs.
Revenue net of sub consultant costs at GBP2.59m was some GBP313k
lower than in H2/2020. This, along with fewer staff being put on
furlough so as to support bid opportunities, and a one-off cost in
respect of R&D tax credits of GBP72k, resulted in losses before
tax (and before management charges) increasing from GBP97k in
H2/2020 to GBP567k in H1/2021. We had a reasonable expectation of
some growth in H1/2021 but that did not materialise in full and,
therefore, much time was spent on bidding for new projects - some
successfully - but insufficient in number.
The resulting loss of GBP567k (2020: profit GBP311k) before
management charges reflects a significant reduction in revenue of
GBP1.5m (GBP2.59m vs GBP4.09m in the prior year), of which just
under half was mitigated by cost reductions.
The main beneficiary in H1 from the rebound in activity levels
was our executive architecture arm, Veretec, which won a small
number of large projects and secured its financial position with
two major wins and one continuing instruction. Firstly, a new 470
residential apartment block at Vulcan Wharf for London Square and
the second for a major pharmaceutical refurbishment project in
Surrey for UCB with Heatherwick Studio as design lead. In addition,
a large West End project that had stalled, re-commenced earlier
than expected in H1. The Veretec business is expected to perform
better in H2 this year and into next year based on its strong order
book.
The design business has seen an increase in market opportunities
but has also seen an even greater incidence of price competition.
There have also been continuing delays in passing through project
gateways. This situation could all turn on a very small number of
positive decisions in our favour, but until then we continue to
hold our staffing structure and hence our cost base. This has been
alleviated, to a reducing extent, through some marginal use of the
government furlough scheme.
The main contract wins in the half year included De Beers and an
instruction to move our GBP60m EQ building in Bristol to the site
phase. We also commenced a number of hybrid building feasibilities
and pre applications.
The combination of these new project wins generates GBP6m in
fees of which GBP4.8m will be recognised in future periods.
As with many companies we have not fully returned to the office
since March 2020, and we are now considering how we can more
economically utilise this space and the available occupancy options
with a view to lowering this high fixed cost.
Middle East
The impact of lockdown and consequently restrictions and a
general reduction in market activity impacted revenues levels with
H1 falling 50% from last year to GBP1.58m (2020: GBP3.14m).
Fortunately, the ongoing re-structuring exercise, involving fewer
Licenses and consequent reduced overhead costs contributed to a 45%
fall in costs, which did, almost, but not quite, offset the revenue
decline. The net result before management charges is a loss of
GBP79k (2020: Profit GBP103k).
During the first half we saw the closing out of five major
projects, and these being replaced by two school instructions (one
new client) and three luxury residential villas at Jumeriah Park,
three delivery projects in Saudi Arabia and a project in Cairo for
a Dubai Developer, as well as a number of Dubai Expo projects.
Currently the largest new project is on hold and this may impact
the full year result this year. Under framework contracts we
continue to roll out a programme for Etisalat which comprises 28
projects this year and a framework for Du telecom.
Continental Europe
The performance of our businesses in Continental Europe was
positive in the 6 months to 31 March 2021. Our single wholly owned
subsidiary increased revenues to GBP258k (2020: GBP147k). However,
profit before central costs fell slightly to GBP227k (2020:
GBP247k) - with all joint ventures and associates producing
positive results.
The Turkish operation has continued the success of the previous
year completing interior fit-out projects for significant corporate
clients, several being repeat commissions to provide new COVID-19
compliant workplaces including Google, Allianz and VM Ware. New
projects include interior fitouts for LC Waikiki, the HQ for
Vakifbank and architectural projects for a private villa, a hotel
and an office extension in Istanbul.
The associate and joint venture operations in Berlin and
Frankfurt have enjoyed relatively stable market conditions.
Completions by the Berlin studio include the Haus an der Dahme
apartment building, the design for the refurbishment of the Bahn
Tower at the Sony Centre. The Edge Tower, set to become the tallest
building in Berlin and pre-let to Amazon, has started on site. The
Frankfurt studio continues to complete phased refurbishments of the
iconic MesseTurm building including interior fitouts for incoming
and existing tenants including D&G, Tata and an American
bank.
Following a significant market downturn in the Czech Republic
during the latter part of 2020, and with no new opportunities
forthcoming our Prague office permanently ceased trading having
completed work on the Churchill Residences and projects for WPP and
Exxon Mobil.
The Moscow operation completed several concept designs for mixed
use projects in Moscow and the regions, including collaborations
with the London studio on a significant education centre and a
private residence project in Moscow.
The Moscow operation is continuing to make a positive
contribution to the Group results.
Group costs
Our central costs increased by GBP73k to GBP598k (2020: GBP525k)
due primarily to GBP71k of foreign exchange losses occasioned by
the strengthening of sterling.
Goodwill and other intangible assets
Management have reviewed and considered performance of all
aspects of the business. Materially, the loss in the period has
been caused by short-term trading volatility and slow development
of the pipeline for the FY21 due to COVID-19 uncertainty.
Management have considered the long-term cash flows and
prospects of the Group, and as a result of this have concluded that
the value in use models prepared as at 30 September 2020 in support
of goodwill and intangible asset valuation remain viable and
therefore that no impairment is considered to be required as a
result.
Funding and Going Concern
At times of uncertainty cash management is key.
Cash balances at the period end were GBP76k greater than the
corresponding period in 2020 despite repaying more than GBP100k of
the term loan taken out to fund the purchase of our UAE businesses
in 2016, which will be paid in full in July 2021. Net funds of
GBP201k were therefore GBP212k higher than in March 2020.
Since the period end, we have secured additional funding by way
of GBP500k from the Coronavirus Business Interruption Loan Scheme
("CBILS"), which is in addition to the current bank overdraft
facility of GBP500,000.
This CBILS facility provides additional headroom whilst we
navigate our way through the payments that were deferred from 2020
(VAT, rent and some other overheads costs). The arrangement fees
for this loan and the first year of interest is paid for by the UK
Government and the funds will mainly be used instead of the current
bank overdraft facility as and when it is necessary. The loan has a
duration of three years with interest at 4.05% over the Coutts base
rate (currently 0.1%) in years two and three. We expect to repay
the CBILS loan before the expiry of the term.
The cash management actions taken to date, plus the extended
facilities, allow the Board to continue to use the going concern
basis of accounting for these interim results.
Prospects
Not all of the group's issues can be attributed to COVID-19,
however it is our number one concern.
While we cannot predict with any confidence when things will
improve, we firmly believe that they will, and we now have the
funding in place to help us bridge the time frame between today's
market activity levels and the levels that we expect to return in
the period ahead.
Nicholas Thompson
Chief Executive Officer
28 June 2021
Consolidated income statement
For the six months ended 31 March 2021
Note Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
Revenue 3 5,280 7,375 12,166
Sub consultant costs (1,141) (515) (830)
---------------------------------- ----- ------------- ------------- --------------
Revenue less sub consultant
costs 4,139 6,860 11,336
Personnel related costs (3,997) (5,430) (9,600)
Property related costs (639) (650) (1,295)
Other operating expenses (732) (867) (1,324)
Other operating income 4 190 142 455
---------------------------------- ----- ------------- ------------- --------------
Operating (loss) / profit (1,039) 55 (428)
Finance costs (49) (78) (112)
---------------------------------- ----- ------------- ------------- --------------
Loss after finance costs (1,088) (23) (540)
Gain on disposal of subsidiary - 53 52
Share of results of associate
and joint ventures 71 106 442
---------------------------------- ----- ------------- ------------- --------------
(Loss) / profit before tax 3 (1,017) 136 (46)
Tax credit / (charge) 409 (34) 26
---------------------------------- ----- ------------- ------------- --------------
(Loss) / profit for the period (608) 102 (20)
---------------------------------- ----- ------------- ------------- --------------
(Loss) / profit attributable
to:
Owners of Aukett Swanke Group
Plc (603) 96 5
Non-controlling interests (5) 6 (25)
---------------------------------- ----- ------------- ------------- --------------
(Loss) / profit for the period (608) 102 (20)
---------------------------------- ----- ------------- ------------- --------------
Basic and diluted earnings
per share for profit/(loss)
attributable to the ordinary
equity holders of the Company:
From continuing operations (0.36p) 0.06p 0.00p
---------------------------------- ----- ------------- ------------- --------------
Total (loss) / profit per
share 5 (0.36p) 0.06p 0.00p
---------------------------------- ----- ------------- ------------- --------------
Consolidated statement of comprehensive income
For the six months ended 31 March 2021
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
(Loss) / profit for the period (608) 102 (20)
Other comprehensive income:
Currency translation differences (163) 4 (38)
----------------------------------- -------------
Other comprehensive income for
the period (163) 4 (38)
Total comprehensive (loss) /
profit for the period (771) 106 (58)
----------------------------------- ------------- ------------- --------------
Total comprehensive profit /
(loss) is attributable to:
Owners of Aukett Swanke Group
Plc (762) 100 (33)
Non-controlling interests (9) 6 (25)
----------------------------------- ------------- ------------- --------------
Total comprehensive (loss) /
profit for the period (771) 106 (58)
----------------------------------- ------------- ------------- --------------
Consolidated statement of financial position
At 31 March 2021
Note Unaudited Unaudited Audited
at 31 at 31 at 30
March March September
2021 2020 2020
GBP'000 GBP'000 GBP'000
Non current assets
Goodwill 2,349 2,403 2,392
Other intangible assets 593 714 653
Property, plant and equipment 205 314 272
Right-of-use assets 2,737 2,882 2,929
Investment in associate and
joint ventures 779 1,009 1,244
Deferred tax 259 155 214
-------------------------------- ----- ---------- ---------- -----------
Total non current assets 6,922 7,477 7,704
Current assets
Trade and other receivables 4,303 5,157 3,527
Contract assets 911 716 628
Current tax 362 - -
Cash at bank and in hand 7 591 315 992
-------------------------------- ----- ---------- ---------- -----------
Total current assets 6,167 6,188 5,147
Total assets 13,089 13,665 12,851
Current liabilities
Trade and other payables (4,249) (3,194) (3,333)
Contract liabilities (797) (1,012) (606)
Borrowings 7 (390) (326) (155)
Lease liabilities (539) (537) (539)
Total current liabilities (5,975) (5,069) (4,633)
Non current liabilities
Lease liabilities (2,578) (3,099) (2,805)
Deferred tax (44) (48) (47)
Provisions (889) (865) (992)
Total non current liabilities (3,511) (4,012) (3,844)
Total liabilities (9,486) (9,081) (8,477)
Net assets 3,603 4,584 4,374
-------------------------------- ----- ---------- ---------- -----------
Capital and reserves
Share capital 1,652 1,652 1,652
Merger reserve 1,176 1,176 1,176
Foreign currency translation
reserve (175) 26 (16)
Retained earnings (562) 97 41
Other distributable reserve 1,494 1,494 1,494
-------------------------------- ----- ---------- ---------- -----------
Total equity attributable
to
equity holders of the Company 3,585 4,445 4,347
-------------------------------- ----- ---------- ---------- -----------
Non-controlling interests 18 139 27
-------------------------------- ----- ----------
Total equity 3,603 4,584 4,374
-------------------------------- ----- ---------- ---------- -----------
Consolidated statement of cash flows
For the six months ended 31 March 2021
Note Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash (expended by) / generated
from operations 6 (659) (836) 151
Interest paid (49) (15) (9)
Income taxes credits (paid)
/ received (1) 218 218
---------------------------------- ----- ------------- ------------- --------------
Net cash (outflow) / inflow
from operating activities (709) (633) 360
Cash flows from investing
activities
Purchase of property, plant
and equipment (2) (214) (245)
Sale of property, plant and
equipment - - 16
Payment for acquisition of
subsidiary (100) - -
Dividends received 472 86 211
---------------------------------- ----- ------------- ------------- --------------
Net cash received / (paid)
in investing activities 370 (128) (18)
Net cash (outflow) / inflow
before financing activities (339) (761) 342
Cash flows from financing
activities
Payments of lease liabilities (226) (34) (314)
Repayment of bank loans (97) (123) (154)
Net cash outflow from financing
activities (323) (157) (468)
Net change in cash and cash
equivalents (662) (918) (126)
Cash and cash equivalents
at start of period 992 1,145 1,145
Currency translation differences (71) (44) (27)
---------------------------------- ----- ------------- ------------- --------------
Cash and cash equivalents
at end of period 7 259 183 992
---------------------------------- ----- ------------- ------------- --------------
Cash and cash equivalents are comprised
of:
Cash at bank and in hand 591 315 992
Secured bank overdrafts (332) (132) -
Cash and cash equivalents at end
of year 259 183 992
----------------------------------------- ------ ------ ----
Consolidated statement of changes in equity
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
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
For the six months ended 31 March 2020
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
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
Balance at 30
September
2019
as originally
presented 1,652 22 37 1,494 1,176 4,381 133 4,514
Effect of
adoption
of IFRS16 * - - (36) - - (36) - (36)
Restated total
equity at 1
October
2019 1,652 22 1 1,494 1,176 4,345 133 4,478
Profit for the
period - - 96 - - 96 6 102
Other
comprehensive
income - 4 - - - 4 - 4
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
Total
comprehensive
profit - 4 96 - - 100 6 106
At 31 March
2020 1,652 26 97 1,494 1,176 4,445 139 4,584
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
Consolidated statement of changes in equity (continued)
For the year ended 30 September 2020
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
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
Balance at 30
September
2019
as originally
presented 1,652 22 37 1,494 1,176 4,381 133 4,514
Effect of
adoption
of IFRS16 * - - (1) - - (1) - (1)
Restated total
equity at 1
October
2019 1,652 22 36 1,494 1,176 4,380 133 4,513
Profit for the
period - - 5 - - 5 (25) (20)
Acquisition of
minority
interest - - - - - - (81) (81)
Other
comprehensive
income - (38) - - - (38) - (38)
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
Total
comprehensive
profit - (38) 5 - - (33) (106) (139)
At 30
September
2020 1,652 (16) 41 1,494 1,176 4,347 27 4,374
--------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
* Effect of adoption of IFRS16: The restatement of retained
earnings on adoption of IFRS16 being (GBP36k) per the interim
statements as at 31 March 2020 was revised down to (GBP1k) on
completion of the 30 September 2020 audited financial statements.
This was due to a change in the assumption of the Groups'
incremental borrowing rate at the date of initial application.
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 2021 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 three
separately reportable geographical segments (together with a Group
costs segment). Geographical segments are based on the location of
the operation undertaking each project. Turkey (and Russia in the
comparative periods) are included within Continental Europe
together with Germany and the Czech Republic.
Segment revenue Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
United Kingdom 3,441 4,093 7,106
Middle East 1,581 3,135 4,823
Continental Europe 258 147 237
--------------------- -------------
Total 5,280 7,375 12,166
--------------------- ------------- ------------- --------------
Segment revenue less sub consultant Unaudited Unaudited Audited
costs six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
United Kingdom 2,591 4,086 6,990
Middle East 1,352 2,627 4,122
Continental Europe 196 147 224
-------------------------------------- -------------
Total 4,139 6,860 11,336
-------------------------------------- ------------- ------------- --------------
Segment result before tax Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
United Kingdom (837) 41 (282)
Middle East (280) (165) (472)
Continental Europe 121 179 511
Group costs (21) 81 197
---------------------------- ------------- ------------- --------------
Total (loss)/profit (1,017) 136 (46)
---------------------------- ------------- ------------- --------------
Segment result before tax Unaudited Unaudited Audited
(before reallocation of group six months six months year to
management charges) to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
United Kingdom (567) 311 214
Middle East (79) 103 (23)
Continental Europe 227 247 657
Group costs (598) (525) (894)
--------------------------------- ------------- ------------- --------------
Total (loss)/profit (1,017) 136 (46)
--------------------------------- ------------- ------------- --------------
4 Other operating income
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
Property rental income 79 78 148
Management charges to associate
and joint ventures 65 54 122
Government grants (UK furlough
scheme) 42 - 158
Licence fee income 2 1 -
Other sundry income 2 9 27
Total other operating income 190 142 455
---------------------------------- ------------- ------------- --------------
5 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 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
(Loss) / profit for the period (603) 96 5
--------------------------------- ------------- ------------- --------------
Number of shares Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
'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
------------------------------------ ------------- ------------- --------------
6 Reconciliation of profit before tax to net cash from operations
Unaudited Unaudited Audited
six months six months year to
to 31 March to 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
(Loss) / profit before tax -
continuing operations (1,017) 136 (46)
Finance costs 49 78 112
Share of results of associate
and joint ventures (71) (106) (442)
Intangible amortisation 32 40 79
Depreciation 63 24 74
Amortisation of right-of-use
assets 192 135 340
Profit on disposal of property,
plant and equipment (1) (2) -
(Increase) / decrease in trade
and other receivables (976) (500) 989
Increase / (decrease) in trade
and other payables 1,207 (605) (794)
Change in provisions (52) (38) (79)
Unrealised foreign exchange
differences (85) 2 (82)
------------------------------------- ------------- ------------- --------------
Net cash (expended by) / generated
from operations (659) (836) 151
------------------------------------- ------------- ------------- --------------
7 Analysis of net funds
Unaudited Unaudited Audited
at 31 March at 31 March at
2021 2020 30 September
GBP'000 GBP'000 2020
GBP'000
Cash at bank and in hand 591 315 992
Secured bank overdrafts (332) (132) -
---------------------------- ------------- ------------- --------------
Cash and cash equivalents 259 183 992
Secured bank loan (58) (194) (155)
---------------------------- -------------
Net funds/(debt) 201 (11) 837
---------------------------- ------------- ------------- --------------
8 Status of Interim Report
The Interim Report covers the six months ended 31 March 2021 and
was approved by the Board of Directors on 28 June 2021. 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 2020 have
been extracted from the statutory accounts of the Group for that
period.
The statutory accounts for the year ended 30 September 2020 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.
9 Further information
An electronic version of the Interim Report will be available on
the Group's website (www.aukettswankeplc.com).
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