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Aukett Fitzroy Robinson Share Chat (AUK)



Share Price: 2.60Bid: 2.20Ask: 3.00Change: 0.00 (0.00%)No Movement on Aukett Swanke
Spread: 0.80Spread as %: 36.36%Open: 2.60High: 2.60Low: 2.60Yesterday’s Close: 2.60


Share Discussion for Aukett Fitzroy Robinson


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bear17
Posts: 10
Off Topic
Opinion:Strong Sell
Price:2.60
Net Funds
Thu 23:09
It looks to me that on the trajectory of rapidly declining NET FUNDS, AUK will exhaust their current bank facilities by Xmas 2018.

AUK Half Year Results still to be posted, but AUK had predicted a sizeable loss, which undoubtedly will place Net Funds into a negative position.

Will Bank Debt now prop up AUK?

How long can it last?

Here are the figures:

300915 1900k

310316 1500k

300916 790k

310317 594k

300917 184k

310318 ??

Xmas 2018 [1000k]...Bank Debt Exhausted?
 
djframboise
Posts: 29
Off Topic
Opinion:No Opinion
Price:2.50
Big move today?
15 May '18
Good little jump today. Not sure what triggered that. More to come or reversal tomorrow?
bear17
Posts: 10
Observation
Opinion:Strong Sell
Price:1.375
UK Drop in Revenue?
9 Apr '18
An architectural competitor to AUK, Make Architects latest annual report shows income from UK work has almost halved in two years. Make Architects blames Brexit uncertainty for the substantial revenue slide.

AUK has warned of a larger half year loss, and so it will be concerning to read the full half year report when AUK releases it shortly. AUK's UK revenue might be falling very quickly too!!
bear17
Posts: 10
Observation
Opinion:Strong Sell
Price:1.375
AUK Racking up the Losses: 1p!!
29 Mar '18
AUK Share Price finally hit 1p today as Board Changes announced, and confirmation of a larger half year loss than last.

£We expect a larger loss in the first half compared to last year££ CEO

The loss in the first half last year was 358k, so a larger loss than this [400k - 500k?], will put great strains on the Net Cash position.

Group Revenue must have slipped once again?

Debt & Overdraft was at 1.0m at the end of the full year,.

This loss will potentially grow to c. 1.4m at the half year.

Board upheavals:

Simmonds, Chairman, resigns
Murdoch, beyond retirement age, resigns as Board Director heads to Dubai with no prior Middle East experience?
Pell resigns as Board Director focuses on Russia [!] and China [!] with no prior experience in either location?
Fry [former MD Europe] joins board in London, as European workload implodes after poor results and very poor income.

Really?

AUK have had far too many staff for their income, with the KPI of Earnings/Staff in UK & UAE woefully poor.

Cash & Borrowings will be an ongoing concern.

Can the share price go below 1p?

'Confidence' within large UK commercial practices continues to decline [todays press].....so perhaps it can.
bear17
Posts: 10
Observation
Opinion:Strong Sell
Price:2.35
AUK Crashes
15 Jan '18
AUK Chairman sounded a stark warning of things to come, saying:

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. We believe it will take the UK more than one year to recover its previous profitability at reduced revenue levels.

It would appear that projects are continuing to be postponed or cancelled on a regular basis according to the CEO in today's press.

UK staff will need to drastically be cut, to bring the cost base 20% below the forecast UK revenue, at a 120k/staff level. The concern is that it appears AUK have a low level of secured UK income in 2018, so the situation could become very serious, very quickly.

Losses in the Middle East grew from 199k in 2016, to 687k in 2017. With 115 staff in the Middle East and only 6.8m earnings in 2017, one can only deduce that without a massive cull of staff to under 60, further losses will continue to grow. The acquistions in the UAE have been a disaster for AUK, robbing the Group of cash at a time when the core UK business needed protection.

Losses in Europe continues to mount in 2017, due to inaction by the Board to complete the JV arrangements promised at the half year.

With over 1m in Debt & Overdraft, presenting an aggressive risk profile to revenue of 1:16 and rising, it is difficult to see how the position will not become more difficult for AUK as the cost reduction process mount in UK, UAE & Europe. The 2018 costs of a London office relocation will only add to the burden. All this set against a current near zero net cash position.

The Board and Directors will need to slash their rewards, and staff put onto 3 day weeks to have any chance of survival.

The CEO has bought a few additional shares as the full year figures were announced, however I suggest this was more in hope than in judgement.

My opinion is that the shares will crash back to the penny dreadful level: I am amazed it has not already happened!
bear17
Posts: 10
Observation
Opinion:Strong Sell
Price:2.25
AUKAnnual Financial Report
12 Jan '18
Aukett S****e Annual Financial Report ye 30.9.17

2017 Results: £a sorry story£

With a rapidly declining turnover, down to 16.07m, 325k loss, 184k net cash, this is perhaps the worse position Aukett S****e [AUK] has been in for decades.

CEO states: £AUK unlikely to be profitable in the 2018 financial year£.

So another year of losses£.and net cash constantly under pressure!

£ Losses 325k
£ Net Cash 184k
£ Group Revenue down 11.7%
£ UK Revenue down 27%: no profit in sight! 8.7m and falling, a very uncertain and loss making year ahead!
£ Middle East 6.8m, 115 staff @ <60k/Employee: Extremely Poor KPI, 38% of Fosters!! Very low profitability potential at this KPI.
£ Europe 0.4m, hardly worth the effort!
£ 1m Debt & Overdraft [£ Aggressive Risk£ ratio revenue:debt @ 16]
£ Very Poor KPI: £Turnover/Employee£
£ £unlikely to be profitable in the 2018 financial year£.

Without a one-off non-reoccurring income charge to the revenue stream in 2016/17, the loss would have been significantly larger!

As I predicted earlier in the year, the AUK share price has already collapsed to multi year lows to 1.65p over the past few months, and it would appear that any upside is a long way off.

Dividends cannot be paid until the net cash position significantly improves: that appears to be a long way away!

The bank must be concerned on how their loan is going to be repaid!

The ongoing concern is that the two major markets [UK & UAE] have serious ongoing issues: Brexit [UK] & prolonged slump in Oil Prices [UAE] weighing on the economic growth outlook in both markets.

In December 2017, confidence in future architectural workloads for UK Architects had fallen to its lowest level according to the latest RIBA survey.

Clients in both locations will be reluctant to instruct projects to proceed past the planning stage. There is every chance that turnover will slide further in both markets. The competition in both markets is extreme, as £signature architects£ remain the £go-to£ appointment for the major projects. AUK is not on that list of £signature architects£!

Foster + Partners, the leading architectural £signature£ competitor, are rolling along at 20% profit, with the 10 directors receiving 1m pa each!

The key KPI £Turnover/Employee£ is 160k pa, twice that of AUK. 7m has been distributed this year to key F+P staff as bonuses!

Aukett Architectural Fee Earning Directors are on minimal reward: less than 10% of Foster+Partners.

The key KPI £Turnover/Employee£ is a mere 60k pa, less than 40% of the leading competitor.

AUK continues to suffer from poor management, poor decisions, low fees, inefficient staffing levels, poorly run and unprofitable projects, multiple small und
bear17
Posts: 10
Observation
Opinion:No Opinion
Price:2.75
AUK: Chinese Sheds?
20 Nov '17
Aukett S****e [AUK] has announced a project gain in Dubai. It is basically a big shed for Lesso!

Be careful guys: AUK half year results showed an underlying $1m loss position for 2016/17, with cash draining very quickly.

Lesso is a Chinese industrial group of home building materials, selling poor quality, poorly designed, Chinese interior building products. They buy low cost Chinese home building materials and are trying to sell them internationally through large shed buildings.

AUK continues to £buy£ low grade work. It is clear that Lesso buys the cheapest that is offered to them. AUK has most probably offered the Chinese a fee deal that even they could not resist!

Hard to see how this cannot be AUK desperately buying £zero profit£ workload to prop up their poor, low grade Middle East acquisition.

AUK£s £1m Debt to prop up these low grade UAE acquistions, might be considered an aggressive risk position with £revenue : debt£ ratio @ 16, so be careful!

The key KPI £Turnover/Employee£ is a mere £80k pa at AUK, less than 50% of the leading competitor.

Dividends cannot be paid until the net cash position significantly improves: that appears to be a long way away!

AUK continues to suffer from poor management, poor decisions, low fees, inefficient staffing levels, poorly run and unprofitable projects, multiple small under performing offices, high non-architectural staff wages [too many accountants!], and retention of high quality senior architectural staff not being rewarded resulting in low moral and departures.

Shares traded at 1.65p at their lowest: shares continue to drag along at 30 year lows......

Expect 2016/17 results in January 18.....may not be pretty!
threeputt
Posts: 3,323
Off Topic
Opinion:No Opinion
Price:2.50
RE: Threeputt
14 Nov '17
8:00:18 that's a buy as I was offered the same price
BruceJamieson
Posts: 5,127
Off Topic
Opinion:No Opinion
Price:2.50
Threeputt
14 Nov '17
First purchase today 8.01 @2.5. Not sure where your info is from
threeputt
Posts: 3,323
Off Topic
Opinion:No Opinion
Price:2.50
RE: Today's RNS
14 Nov '17
and congrats to the guy/gal who got the 2.044 first thing this morning which was the same as last night by the looks, I called a quote up and was offered it but thought I'd typed in summat wrong so didnt accept it, next quote was 2.6p and opportunity lost.
Who says mms dont make mistakes eh ?




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