TIDMAUK
RNS Number : 5385B
Aukett Swanke Group PLC
11 January 2018
Embargoed until 7.00am on Thursday 11 January 2018
Aukett Swanke Group Plc
Announcement of final audited results
for the year ended 30 September 2017
Aukett Swanke Group Plc (the "Group"), the international group
of architects and interior designers, announces its final audited
results for the year ended 30 September 2017
Financial Highlights
-- Revenue down 11.7% at GBP18.40m (2016: GBP20.84m)
-- Loss before tax of GBP325k (2016: GBP927k profit)
-- Second half profit
-- Cash of GBP1.19m (2016: GBP1.84m); GBP960k (2016: GBP1.84m) net of overdrafts
-- Net funds of GBP184k (2016: GBP790k)
Operational Highlights
-- Won a major 1.26m sq. ft. retail mall in the UAE for a large Chinese client
-- Veretec won the AJ100 'Executive Architect of the year' for the second consecutive year
-- Double award for a Tishman Speyer property in Victoria, London
-- Frankfurt reported its best year ever
Commenting on the results CEO Nicholas Thompson said:
"The current results reflect many external influences that we
have mitigated as far as possible. However our business continues
to attract a prestigious client base across all of its operations
and it is this that underpins our confidence in our longer term
success."
Enquiries
Aukett Swanke - 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Beverley Wright, Chief Financial Officer
finnCap - 020 7220 0500
Corporate Finance: Julian Blunt / James Thompson
Corporate Broking: Alice Lane
Investor / Media Enquiries
Ben Alexander 07926 054 111
Extracts from the Chairman's statement
As previously indicated, the year to 30 September 2017 was
another difficult one for the Company as we experienced a variety
of adverse conditions in each of our markets.
In the UK we suffered from the 'wait and see' climate for
businesses, especially developers of commercial property, created
by the continuing uncertainties over the outcome of 'Brexit'.
Whilst developments which had previously been started were
completed, new starts were few. In the UK revenues were
consequently down 27%. This situation impacted adversely on the
results for the year contributing to a reduction in overall revenue
of 11.7%. We believe it will take the UK more than one year to
recover its previous profitability at reduced revenue levels.
An improvement in the Company's UAE operations culminated in a
major contract award for the development of a substantial retail
mall in Dubai which was formally signed just after the year end.
The financial benefits of these activities in the UAE should be
seen over the next two years.
Meanwhile our hub in Continental Europe also suffered from a
number of adverse factors. Turnover in both Russia and Turkey fell
sharply, affected by well publicised domestic political upheavals.
Whilst our joint ventures/associate in Germany and the Czech
Republic produced a profit, this was marginally down on the
previous year and not enough to offset the losses in Russia and
Turkey*.
Revenue for the year amounted to GBP18.40m (2016: GBP20.84m)
resulting in a small loss before tax of GBP325k (2016: profit
before tax of GBP927k). Our EPS is a loss of 0.20 pence per share
(2016: 0.47p (profit)). However, cash and cash equivalents at the
year end remained positive at GBP960k (2016: GBP1.84m). I am
encouraged that our diversified and enlarged business footprint
established over the last few years should provide financial
rewards in the not too distant future. However given the
uncertainty with respect to near-term trading, the Board will
review the position regarding dividend payments in the second half
of the 2018 financial year.
As always, I would like to thank our talented staff as well as
my colleagues on the Board, who continually respond positively to
the challenges and opportunities that our organisation faces.
Anthony Simmonds
Chairman
10 January 2018
* Revenues from the joint ventures and associate are not
included in Group revenues.
Extracts from strategic and directors' reports
Strategy and business model
Our strategic objective is to provide a range of high quality
design orientated solutions to our clients that allows us to create
shareholder value over the longer term and at the same time
provides a pleasant and rewarding working environment for our
staff. The cyclical nature of the markets in which we operate gives
rise to peaks and troughs in our financial performance. Management
is cognisant that our business model needs to reflect this variable
factor in both our decision making and expectation of future
performance.
Over the past four years we have acquired a number of
strategically located practices to reinforce our business model
which we anticipate will provide a blended result over time. In the
short term and since these acquisitions were completed some of our
markets have been the subject of some significant economic or
political changes which we had not expected and which have
negatively impacted on our performance. This has very much been the
case in these results for 2017.
As a Group we now have a total staff of over 400 throughout our
organisation including both wholly owned and joint venture
operations. We are ranked by professional staff in the WA 100 2018
at number 43 (2017: 48) and in 2017 our UK subsidiary Veretec was
voted No. 1 Executive Architect for the second year running.
Group Activities
Performance in the current year has declined with revenues
falling to GBP18.40m (2016: GBP20.84m) and the Group loss before
tax improving slightly from the first half deficit of GBP358k to
GBP325k (2016: profit before tax of GBP927k). This situation is a
continuation of the decline that we saw in 2016 (from 2015) and in
the Interim results. In this context our net funds reduced to
GBP184k (2016: GBP790k) within which cash net of overdrafts was
GBP960k (2016: GBP1.84m).
Total revenues under management (which includes 100% of our
joint venture and associates revenue) totalled GBP34.58m (2016:
GBP30.38m). The principle reason for the increase was a number of
large General Planner led contracts from the Berlin office. Around
160 of our staff are employed by our joint ventures and associate
and as non subsidiaries the income attributable to them is not
shown in the consolidated revenue lines.
United Kingdom
Revenue fell by 27% to GBP8.92m in 2017 and resulted in small
profit. Whilst this decline in revenue appears as a poor
performance it does reflect the UK operation completing a large
number of projects in the current cycle and less progress being
made with the conversion of new commissions as a result of the
general atmosphere of economic uncertainty following a prolonged
Brexit period and a parliamentary election. The UK operation had
originally budgeted for a reduction in revenue and a loss was the
result at the halfway stage.
There have been a number of high points in the year. A 282,000
square feet office project in Victoria for Tishman Speyer won a
double award at the Property Awards: Best Office Architecture and
Best Office Development - an accolade indeed; and our new hotel for
Four Seasons was runner up in the City of London Awards. In
addition the 326,000 square feet Adelphi building for Blackstone
along the Thames became fully let to prestigious tenants this
year.
During the second half of the year we completed the second
building at our office development site in Reading for M&G; the
Flowers Building at Granta Park; and a large private dwelling in
West London. In addition the Sir John Bradfield Centre for Trinity
College Cambridge and the Molecular Sciences Research Hub for
Imperial College London both completed. The Four Seasons hotel at
Ten Trinity Square and an Embassy in West London were in the final
stages. Work continued on a GBP9m City refurbishment in Queen
Street Place. In September we won the feasibility stage for a large
mixed-use project in Maidenhead for Royal London.
Outside the UK the 18 storey Mone luxury residential tower in
Moscow which was designed by the London studio reached completion.
Also in Russia, in the city of Perm in Siberia the studio designed
three 25 storey residential towers under phased construction which
are due for completion in 2018.
A number of projects are currently on hold including a series of
commercial buildings in Birmingham; a large HQ building in Bristol;
a number of mid tech buildings requiring pre-lets; a residential
scheme in Hemel Hempstead; and a building at Cambridge Science
Park.
The converted order book for 2018 has continued to decline and
this operation will need to reflect this in its cost structure
going forward. Our UK operation works primarily in the commercial
development market which is currently in the downward part of the
property cycle. Our lease expiry in July 2018 should alleviate part
of our fixed cost base and provide an opportunity to reduce longer
term cash outflows.
Middle East
This operation now comprises a total of 115 staff which is a
considerable increase from its status pre-acquisition of 8 staff.
Our acquisition of John R Harris & Partners ('JRHP') has been a
success with the original purchase price being recovered in net
profit terms in under three years. However, our more recent
acquisition of Shankland Cox Limited ('SCL') (for net book value)
has proved to be problematic and it has sustained a significant
loss during the rationalisation period. Trading fell far short of
the pre-acquisition forecasts, so that we needed to restructure the
operation and management team and absorb significant losses.
However, an amicable vendor settlement to recover our trading
losses reduced the impact of what would have been a sizeable
trading loss in the current year.
Over the course of the year our enlarged technical resource base
has enabled us to win our first major retail mall comprising 1.26m
square feet for a large Chinese client, which we announced shortly
after the year end. In addition a number of other projects were
instructed including the completion of the services for a hotel on
Yas Island (home of the Formula 1 circuit) for an established
client ALDAR. In terms of current workload the 5-star hotel
refurbishments of Atlantis the Palm and The Address Dubai Mall
continue with further areas being added to our scope. JRHP were
also part of the team that successfully delivered the recently
opened Bvlgari resort and phase 1 of the Al Qasr hotel
refurbishment, both in Dubai. Requests for proposals continue to be
received for a number of high quality and prestigious projects
which, if we are successful, will reinforce the existing project
pipeline in the short to medium term.
The hub generated revenues of GBP8.63m which is virtually the
same as the UK. It establishes this geography as a key platform for
the future and fits with our strategy to balance our operational
performance. A small profit of GBP13,000 resulted (a reduction
compared to the profit of the first half). This is disappointing as
we expected a better second half performance which would have been
achieved had we not had to restructure SCL for a second time after
the vendor settlement due to additional provisions against contract
losses. This cumulative restructuring has two key effects: one
positive and the other negative. The first effect being to improve
our productivity over the longer term and the second to crystallise
additional large End of Service Benefit cash payments which has
contributed to the decrease in our group cash position in this
period.
At the end of the financial year we established Aukett Swanke
Architectural Design as a newly licensed entity in the market with
an award winning Emirati architect as our sponsor. The ability to
market under our international brand along with our recent wins
should see our operation grow in both revenue and profit terms in
2018.
Continental Europe
This operation comprises two joint ventures and an associate
plus two wholly-owned subsidiaries. The businesses had very mixed
results in 2017. Revenue for the partly-owned entities is not
included in revenue in the Consolidated Income Statement; in line
with the use of the equity method only the after tax result is
included in the results.
Revenue for the hub, (i.e. the Russian and Turkish wholly owned
subsidiaries only), declined by 35% to GBP849k and both of these
operations made a loss. Economic and political issues dominated
both countries.
As part of our ongoing strategy we are committed to converting
both the Russian and Turkish businesses into joint ventures such
that there is more local management ownership for these small
operations which will secure the future succession and at the same
time reduces the Group's exposure to these markets. We remain
confident that these operations can add value in a different
ownership format.
Russia's revenue fell dramatically and was insufficient to cover
its fixed operating costs and much of the year was spent deferring
or avoiding expenditure. However, the office did continue working
on a large luxury apartment block in Vernadskogo, Moscow along with
some smaller projects including a VIP office floor for Freight 1, a
major Russian transport company.
In addition, development activity appears to be recovering with
a number of developers returning to the local market. This is
reflected in the number of front end design instructions that have
been received including a Masterplan Concept of a town for 30,000
inhabitants at the Russian Far East in Vladivostok, a design
concept for a 66,000 sq.m. residential development near Skolkovo
Inograd, Moscow and also a concept for a training centre in Siberia
for a major Russian oil refining company.
Turkey has not recovered from the continuation of the
self-imposed State of Emergency. Many developers are not active and
our workload relies upon short term interior design and fit out
projects. Whilst work has come from major clients such as Allianz,
Cengiz, KPMG, Vodafone and more recently Vakifbank, the projects
are not of sufficient size to maintain the operation and, as with
Russia, expenditure mitigation has continued to be a key focus.
Once the political situation returns to normal we would expect
historic projects to be reinstructed. In December the office won a
major fit out project in Bulgaria and the first stages of the Bio
City master plan project which should also benefit the results.
Losses in these two operations have been funded from existing
local resources and the Group has provided only a small amount of
additional working capital - under GBP40k.
Frankfurt, our 50% JV in Germany, was the best performing office
and contributed over GBP100k in after tax profits; its best year
ever. The office worked with industry heavyweights: Hochtief,
Zurich, Commerzbank, Deutsche Bank, Blackstone/Office First on the
MesseTurm building and Tishman Speyer on the TaunusTurm.
Berlin, our associate, also had a successful year but with a
lower return as growth in the local market absorbed more staff
resources than expected. The office now totals over 150 staff and
has a full order pipeline. Key projects include Tacheles a large
mixed use development in Berlin, Mercedes Platz with Hochtief,
Berlin Airport, work for KfW bank, Siemens, Spindlers Hof,
Commerzbank, a tower in Frankfurt, Google, East Side Tower with
BIG, and a fit out for Howego plus numerous other projects.
The Czech operation adjusted to reduced market activity by
supporting the workload in the Abu Dhabi, Berlin and London
offices. Direct appointments came from a retained residential
client at Churchill Square; the Riverside School Arts Centre; an
Allen & Overy fit out; and a number of local clients: Tieto,
Mat jovský, Dimension Data and Business Lease.
Financing
Taking account of the year's result, total equity is now
GBP6.76m (2016: GBP7.19m).
Net funds at year end were GBP184k (2016: GBP790k), comprising
cash of GBP1.19m (2016: GBP1.84m), overdrafts of GBP228k (2016:
GBPnil) and the loan taken out in respect of the acquisition of
SCL, which now stands at GBP776k (2016: GBP1.05m). Despite the more
challenging trading conditions, and notwithstanding two large
client balances owed in the UK, the Group has maintained a position
of positive overall cash. Had the UK received the amounts owed
before year end, balances would have been as strong as in the prior
year.
The Group previously had the benefit of an overdraft facility
from its bankers Coutts & Co. which applied to individual
accounts but was required to net to zero. During the year, in order
to provide working capital flexibility and to support the UK
business, this was converted to an overall overdraft of GBP250k.
After the year end, in October 2017, the limit was increased to
GBP500k, but reduces back to GBP250k on 31 March 2018.
Summary, Group Prospects and Shareholder Value
With such a varied set of results we have to be thoughtful about
the outlook for 2018. However, we believe that we have turned the
corner in the Middle East and this operation should generate a
reasonable return in both profit and cash terms thereby justifying
the investment that we have made. Continental Europe has now
reached the bottom of the current cycle in Russia and Turkey and
the overall result for this hub in 2018 should be positive as we
expect Berlin to be profitable and Frankfurt to continue its
current performance levels. The only operation lacking significant
clarity is the UK. Whilst we continue to receive new enquires these
are almost certainly for the next cycle which we believe may
commence in 2019. Our ongoing work in implementing a structure of
three geographical hubs should benefit the Group during 2018 by
providing balance in performance. Considering all of the exogenous
economic and political issues facing the Group, and particularly in
the UK, the Board feels that the overall Group outcome is unlikely
to be profitable in the 2018 financial year.
Nicholas Thompson Beverley Wright
Chief Executive Officer Chief Financial Officer
10 January 2018
Consolidated income statement
For the year ended 30 September 2017
Note 2017 2016
GBP'000 GBP'000
--------------------------------------- ----- --------- ---------
Revenue 2 18,395 20,841
Sub consultant costs (2,325) (2,431)
--------------------------------------- ----- --------- ---------
Revenue less sub consultant
costs 2 16,070 18,410
Personnel related costs (13,114) (13,929)
Property related costs (2,360) (2,632)
Other operating expenses (2,229) (1,901)
Other operating income 1,089 732
Operating (loss) / profit (544) 680
Finance income - 8
Finance costs (34) (28)
--------------------------------------- ----- --------- ---------
(Loss) / profit after
finance costs (578) 660
Share of results of associate
and joint ventures 253 267
--------------------------------------- ----- --------- ---------
(Loss) / profit before
tax 2 (325) 927
Tax credit / (charge) 21 (106)
--------------------------------------- ----- --------- ---------
(Loss) / profit from continuing
operations (304) 821
(Loss) / profit for the
year (304) 821
--------------------------------------- ----- --------- ---------
(Loss) / profit attributable
to:
Owners of Aukett Swanke
Group Plc (323) 772
Non-controlling interests 19 49
--------------------------------------- ----- --------- ---------
(304) 821
--------------------------------------- ----- --------- ---------
Basic and diluted earnings
per share for (loss) /
profit attributable to
the ordinary equity holders
of the Company:
From continuing operations (0.20)p 0.47p
Total earnings per share 3 (0.20)p 0.47p
--------------------------------------- ----- --------- ---------
Consolidated statement of comprehensive income
For the year ended 30 September 2017
2017 2016
GBP'000 GBP'000
-------------------------------------- --------- ---------
(Loss) / profit for the
year (304) 821
Currency translation differences (124) 424
Other comprehensive (loss)
/ income for the year (124) 424
Total comprehensive (loss)
/ income for the year (428) 1,245
--------------------------------------- --------- ---------
Total comprehensive (loss)
/ income for the year is
attributable to:
Owners of Aukett Swanke
Group Plc (425) 1,158
Non-controlling interests (3) 87
(428) 1,245
-------------------------------------- --------- ---------
Consolidated statement of financial position
At 30 September 2017
Note 2017 2016
GBP'000 GBP'000
------------------------------- ------ --------- ---------
Non current assets
Goodwill 2,377 2,409
Other intangible assets 908 1,056
Property, plant and equipment 210 506
Investment in associate 530 529
Investments in joint ventures 233 181
Deferred tax 213 219
--------------------------------------- --------- ---------
Total non current assets 4,471 4,900
Current assets
Trade and other receivables 7,931 9,227
Cash at bank and in hand 1,188 1,839
--------------------------------------- --------- ---------
Total current assets 9,119 11,066
Total assets 13,590 15,966
Current liabilities
Trade and other payables (4,723) (6,553)
Current tax - (12)
Borrowings (467) (247)
Provisions (151) (90)
--------------------------------------- --------- ---------
Total current liabilities (5,341) (6,902)
Non current liabilities
Borrowings (537) (802)
Deferred tax (71) (100)
Provisions (880) (973)
--------------------------------------- --------- ---------
Total non current liabilities (1,488) (1,875)
Total liabilities (6,829) (8,777)
Net assets 6,761 7,189
--------------------------------------- --------- ---------
Capital and reserves
Share capital 1,652 1,652
Merger reserve 1,176 1,176
Foreign currency translation
reserve 8 110
Retained earnings 2,250 2,573
Other distributable reserve 1,494 1,494
--------------------------------------- --------- ---------
Total equity attributable
to
equity holders of the
Company 6,580 7,005
--------------------------------------- --------- ---------
Non-controlling interests 181 184
--------------------------------------- --------- ---------
Total equity 6,761 7,189
--------------------------------------- --------- ---------
Consolidated statement of cash flows
For the year ended 30 September 2017
Note 2017 2016
GBP'000 GBP'000
---------------------------------- ----- --------- ---------
Cash flows from operating
activities
Cash (expended) / generated
from operations 4 (746) 104
Interest paid (34) (29)
Income taxes paid (8) (99)
---------------------------------- ----- --------- ---------
Net cash outflow from operating
activities (788) (24)
Cash flows from investing
activities
Purchase of property, plant
and equipment (27) (147)
Sale of property, plant
and equipment 2 4
Acquisition of subsidiary,
net of cash acquired - (761)
Interest received - 8
Dividends received 215 -
---------------------------------- ----- --------- ---------
Net cash received / (used)
in investing activities 190 (896)
Net cash outflow before
financing activities (598) (920)
Cash flows from financing
activities
Proceeds from bank loans - 1,123
Repayment of bank loans (250) (175)
Dividends paid - (181)
---------------------------------- ----- --------- ---------
Net cash (outflow) / inflow
from financing activities (250) 767
Net change in cash and cash
equivalents (848) (153)
Cash and cash equivalents
at start of year 1,839 1,873
Currency translation differences (31) 119
Cash and cash equivalents
at end of year 960 1,839
---------------------------------- ----- --------- ---------
Cash and cash equivalents
are comprised of:
Cash at bank and in hand 1,188 1,839
Secured bank overdrafts (228) -
Cash and cash equivalents
at end of year 960 1,839
---------------------------- ------ ------
Consolidated statement of changes in equity
For the year ended 30 September 2017
Share Foreign Retained Other Merger Total Non-controlling Total
capital currency earnings distributable reserve GBP'000 interests Equity
GBP'000 translation GBP'000 reserve GBP'000 GBP'000 GBP'000
reserve GBP'000
GBP'000
--------------- --------- ------------ --------- -------------- --------- --------- ---------------- ---------
At 30
September
2015 1,652 (276) 1,801 1,791 1,176 6,144 107 6,251
Profit for
the year - - 772 - - 772 49 821
Other
comprehensive
income - 386 - - - 386 38 424
--------------- --------- ------------ --------- -------------- --------- --------- ---------------- ---------
Total
comprehensive
income - 386 772 - - 1,158 87 1,245
Other
adjustments - - - - - - (10) (10)
Dividends
paid - - - (297) - (297) - (297)
At 30
September
2016 1,652 110 2,573 1,494 1,176 7,005 184 7,189
--------------- --------- ------------ --------- -------------- --------- --------- ---------------- ---------
Loss for the
year - - (323) - - (323) 19 (304)
Other
comprehensive
loss - (102) - - - (102) (22) (124)
--------------- --------- ------------ --------- -------------- --------- --------- ---------------- ---------
Total
comprehensive
income - (102) (323) - - (425) (3) (428)
At 30
September
2017 1,652 8 2,250 1,494 1,176 6,580 181 6,761
--------------- --------- ------------ --------- -------------- --------- --------- ---------------- ---------
The other distributable reserve was created in September 2007
during a court and shareholder approved process to reduce the
capital of the Company.
The merger reserve was created through a business combination in
December 2013 representing the issue of 19,594,959 new ordinary
shares at a price of 7.00 pence per share.
Notes to the audited final results
1 Basis of preparation
The financial statements for the Group and parent have been
prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union and the
Companies Act 2006 as applicable to companies reporting under
IFRSs.
2 Operating segments
The Group comprises three separately reportable geographical
segments ('hubs'), together with a group costs segment.
Geographical segments are based on the location of the operation
undertaking each project.
The Group's operating segments consist of the United Kingdom,
the Middle East and Continental Europe. Turkey and Russia are
included within Continental Europe together with Germany and the
Czech Republic.
Income statement segment information
Segment revenue 2017 2016
GBP'000 GBP'000
-------------------- --------- ---------
United Kingdom 8,915 12,142
Middle East 8,631 7,383
Continental Europe 849 1,316
Revenue 18,395 20,841
--------------------- --------- ---------
Revenue by project site 2017 2016
GBP'000 GBP'000
------------------------- --------- ---------
United Kingdom 8,107 12,014
Middle East 9,032 7,349
Continental Europe 1,119 1,396
Rest of the World 137 82
-------------------------- --------- ---------
Revenue 18,395 20,841
-------------------------- --------- ---------
Segment revenue less 2017 2016
sub consultant costs GBP'000 GBP'000
----------------------------- --------- ---------
United Kingdom 8,765 12,080
Middle East 6,833 5,424
Continental Europe 472 906
Revenue less sub consultant
costs 16,070 18,410
------------------------------ --------- ---------
Segment result
2017 Segment Before Fair value Goodwill Total
result goodwill gains Impairment GBP'000
and acquisition on deferred and release
adjustments consideration of negative
GBP'000 and acquisition goodwill
settlement GBP'000
GBP'000
-------------------- ----------------- ----------------- ------------- ---------
United Kingdom 19 - - 19
Middle East (687) 700 - 13
Continental Europe (136) - - (136)
Group costs (221) - - (221)
-------------------- ----------------- ----------------- ------------- ---------
Loss before tax (1,025) 700 - (325)
-------------------- ----------------- ----------------- ------------- ---------
2016 Segment Before Fair value Goodwill Total
result goodwill gains Impairment GBP'000
and acquisition on deferred and release
adjustments consideration of negative
GBP'000 and acquisition goodwill
settlement GBP'000
GBP'000
-------------------- ----------------- ----------------- ------------- ---------
United Kingdom 1,052 - - 1,052
Middle East (119) - 160 41
Continental Europe 112 - (17) 95
Group costs (261) - - (261)
-------------------- ----------------- ----------------- ------------- ---------
Profit / (Loss)
before tax 784 - 143 927
-------------------- ----------------- ----------------- ------------- ---------
3 Earnings per share
The calculations of basic and diluted earnings per share are
based on the following data:
Earnings 2017 2016
GBP'000 GBP'000
------------------------------ --------- ---------
Continuing operations (323) 772
(Loss) / profit for the year (323) 772
------------------------------ --------- ---------
Number of shares 2017 2016
Number Number
------------------------------ ------------ ------------
Weighted average of Ordinary
Shares in issue 165,213,652 165,213,652
Effect of dilutive options - 153,916
------------------------------ ------------ ------------
Diluted weighted average of
ordinary shares in issue 165,213,652 165,367,568
------------------------------ ------------ ------------
4 Cash generated from operations
Group 2017 2016
GBP'000 GBP'000
------------------------------- --------- ---------
(Loss) / profit before
tax - continuing operations (325) 927
Finance income - (8)
Finance costs 34 28
Share of results of associate
and joint ventures (253) (267)
Goodwill impairment provision - 17
Intangible amortisation 110 177
Depreciation 288 359
Loss on disposal of property,
plant & equipment 23 10
Decrease in trade and other
receivables 913 628
Decrease in trade and other
payables (1,485) (1,583)
Change in provisions 3 16
Negative goodwill - (160)
Unrealised foreign exchange
differences (54) (40)
Net cash (expended by)
/ generated from operations (746) 104
-------------------------------- --------- ---------
5 Analysis of net funds
Group 2017 2016
GBP'000 GBP'000
--------------------------- --------- ---------
Cash at bank and in hand 1,188 1,839
Secured bank overdrafts (228) -
--------------------------- --------- ---------
Cash and cash equivalents 960 1,839
Secured bank loan (776) (1,049)
Net funds 184 790
---------------------------- --------- ---------
6 Status of final audited results
This announcement of final audited results was approved by the
Board of Directors on 10 January 2018.
The financial information presented in this announcement has
been extracted from the Group's audited statutory accounts for the
year ended 30 September 2017 which will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting.
The auditor's report on these accounts was unqualified, did not
include references to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and
did not contain a statement under section 498 of the Companies Act
2006.
Statutory accounts for the year ended 30 September 2016 have
been delivered to the registrar of companies and the auditors'
report on these accounts was unqualified, did not include
references to any matters to which the auditors drew attention by
way of emphasis without qualifying their report, and did not
contain a statement under section 498 of the Companies Act
2006.
The financial information presented in this announcement of
final audited results does not constitute the Group's statutory
accounts for the year ended 30 September 2017.
7 Annual General Meeting
Notice of the annual general meeting will follow in due course
and no later than 21 days before the meeting is due to be held.
8 Annual report and accounts
Copies of the 2017 audited accounts will be available today on
the Company's website (www.aukettswanke.com) for the purposes of
AIM rule 26 and will be posted to shareholders who have elected to
receive a printed version in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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