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Aukett Fitzroy Robinson
- BY: Andrew Hore |
- POSTED: 14/01/2010 |
Architect Aukett Fitzroy Robinson fell into loss in the year to September 2009.
Revenues fell from £22.6m to £14.9m and that meant that a profit of £2.42m was turned into a loss of £1.88m. Net debt was £1.39m at the end of September 2009.
The UK bore the brunt of the downturn as projects were postponed. Russia and the surrounding region grew its revenues from £2.86m to £3.51m and made a positive contribution to the group.
Restructuring measures will cut overheads by £4m a year. This will help to offset the downturn in work. Chief executive Nicholas Thompson believes that the worst of the recession has passed. However, 2010 will remain tough.
Aukett is still keen on making acquisitions. The low share price may hamper its ability to make acquisitions, though.
At 4.125p a share, Aukett is valued at £6.01m.
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