18th Feb 2021 11:22
(Alliance News) - Aukett Swanke Group PLC on Thursday said its performance in 2020 was hurt by government restrictions related to coronavirus across the globe resulting in project delays.
The architectural services company said it swung to a pretax loss of GBP46,000 in the year to the end of September 2020 compared to GBP292,000 profit reported a year earlier, as revenue declined to GBP12.2 million from GBP15.5 million year-on-year.
During the year, the company said it undertook a structural reorganisation through remote working and reduced number of Middle East licences and offices.
In addition, Aukett Swanke said it has preserved cash through cost focus and restructuring of loan payments, with net funds of GBP837,000 as at the end of September 2020 compared to GBP820,000 a year earlier.
"The past year has confronted us with a succession of constantly changing problems as governments around the world have moved the goal posts according to fluctuating circumstances, and responses of clients have similarly varied," said Chief Executive Nicholas Thompson.
"The net result is considerably better than one might have expected," Thompson continued. "The current year started with revenue below our expectations due to further project delays and below average enquiries, accordingly we expect to make a loss in the first half. However, increased levels of enquiries and notable project wins since December have improved our order book and the potential for recovery in the second half."
AIM-listed Aukett Swanke shares were trading 0.1% lower in London on Thursday at 1.70 pence each.
By Evelina Grecenko; [email protected]
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