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Aukett Fitzroy Robinson
- BY: Andrew Hore |
- POSTED: 01/07/2011 |
Architect Aukett Fitzroy Robinson says that it is unlikely to recover the £835,000 it is owed for work on a development in Piccadilly.
The bank that lent the money on the project appointed receivers to the project in 2010 and they have sold the development but the sale price is less than the first charge that the bank holds. This means that there will not be enough cash to pay Aukett and it will make a full provision for the money owed in the year to September 2011.
Aukett increased its interim loss from £299,000 to £820,000 in the six months to March 2011. Revenues had slumped from £4.08m to £3.08m. Aukett still hopes to return to profit in the second half, excluding the exceptional charge.
Net debt was £409,000 at the end of March 2011.
At 2.5p a share, Aukett is valued at £3.64m.
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