Aukett Swanke Group Plc the international group of architects, interior designers and engineers, today provides an update on trading for the twelve months to 30 September 2018.
In our Interim Statement in June we referred to the Group expecting to make a loss for the year ended 30 September 2018. This continues to be our expectation. Trading in the second six months continued to be slow and whilst we have won new instructions in each of our geographies the progress through the early stages of each has been intermittent resulting in revenues increasing only slightly compared with the first half of the year. We have continued to reduce our operating costs, a process which was underway in the first half, albeit the benefit during FY18 will be offset in part by the one off cost of moving our London studio in the second half.
Despite the adverse trading position our cash management has been effective and at 30 September the Group held cash and cash equivalents balances of £694k (31 March 2018 – £317k) with no secured bank overdrafts (31 March 2018 – £713K). After accounting for the 5 year secure bank loan balance of £552k (31 March 2018 – £628k) net funds stood at £142k (31 March 2018 – net debt £311k).
aukett-swanke