30th Jun 2014 12:36
LONDON (Alliance News) - Architectural and interior design firm Aukett Swanke Group PLC Monday said it swung to a profit in the first-half of the year, boosted by a significant increased in revenues and its benefited from an improving UK property development sector.
Aukett Swanke, formerly called Aukett Fitzroy Robinson Group, posted a pretax profit of GBP750,000 for the six months to March 31, compared with a pretax loss of GBP79,000 the prior year.
Profits were driven by a significant increase in revenues which rose to GBP7.6 million, from only GBP3.4 million the prior year, boosted by the recent acquisition and interior designers firm Swanke Hayden Connell Europe Ltd.
"In recognition of trading year to date and our much improved outlook we are delighted to be paying an interim dividend of 0.1 pence per share," said Chief Executive Officer Nicholas Thompson in a statement.
The company said it continues to see a very strong performance in the UK, coupled with improving performances in Continental Europe and its new operations in Turkey. It also said that its Middle East operations returned to profit in the first-half of the year, with a pick up in activity levels.
It said the driving force behind profit and revenue growth in the period was the on-going recovery in the UK market, which it said it expects to continue well into 2015 and beyond.
"The UK will continue to grow in profitability for the foreseeable future and the associated cash generation should provide the group with funding to invest in new opportunities," said Thompson.
Aukett Swanke shares were trading flat at 7.75 pence Monday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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