28th Mar 2019 14:41
LONDON (Alliance News) - Aukett Swanke Group PLC said on Thursday it continues to expect the first half of its financial year to be loss-making due to the residual impact of losses in the Middle East last year, though these will be much reduced from the prior-year figure.
The architectural services company expects both UK and continental European operations to perform close to breakeven during the six months to Sunday, making up for the residual losses from the year before.
However, the company's outlook on the Middle East remained less favourable.
Aukett Swanke posted a pretax loss of GBP1.2 million for the six months to March 2018 from GBP358,000 the year before. Its revenue was down 18% to GBP7.4 million from GBP9.1 million in the first half of its prior year.
However, the company reiterated its guidance provided in January that the group expects to be in profit for the 2019 financial year.
Aukett Swanke noted its Middle East operations won some high-profile design contracts, but these commenced too late to benefit the interim results.
Shares of Aukett Swanke were down 4.8% at 1.48 pence each on Thursday.
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