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Share Price Information for Aukett Fitzroy Robinson (AUK)

Share Price: 1.60Bid: 1.55Ask: 1.65Change: 0.05 (+3.23%)Riser - Aukett Swanke
Spread: 0.10Spread as %: 6.45%Open: 1.55High: 1.60Low: 1.55Yesterday’s Close: 1.55

Aukett Swanke Group Plc Ord 1P

Aukett Fitzroy Robinson is listed in the FTSE AIM All-Share
Aukett Fitzroy Robinson is part of the Building and Materials sector

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Currency Issue Country Shares in Issue Market Capitalisation Market Size
GBX GB 165.21m £2.64m 20,000

52 Week High 2.63 52 Week High Date 27-JUN-2018
52 Week Low 0.90 52 Week Low Date 30-JAN-2019

# Trades Vol. Sold Vol. Bought PE Ratio Earnings Dividend Yield
2 500 100,000 -1.127 -1.42 0.00 0.00

London South East Users info for Aukett Fitzroy Robinson

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Directors Deals for Aukett Fitzroy Robinson (AUK)
Trade DateActionNotifierPriceCurrencyAmountHolding
25-Apr-17Transfer To
Trade Notifier Information for Aukett Swanke Group
Nicholas Thompson held the position of CEO at Aukett Swanke Group at the time of this trade.
 Nicholas Thompson
30-Jun-16Transfer To
Trade Notifier Information for Aukett Swanke Group
Nicholas Thompson held the position of CEO at Aukett Swanke Group at the time of this trade.
 Nicholas Thompson
Trade Notifier Information for Aukett Swanke Group
Beverley Wright held the position of Group Finance Director at Aukett Swanke Group at the time of this trade.
 Beverley Wright
View more Aukett Fitzroy Robinson directors dealings >>

Posts: 43
Opinion:Strong Sell
Major UK Architect: Losses
Today 11:56
Another very tough year for Rogers Stirk Harbour + Partners (RSHP), and a very troubled outlook for Aukett’s main UK market, for staff recruitment and retention, and declining revenue.

RSHP state: “We continue to be worried about how Brexit will affect not only our own recruitment and retention of the best architectural talent from across the eurozone but how it will affect the wider UK architecture industry. Our current projections indicate the forecast turnover could further decline in the current year as we see a constriction in the UK market with a greater percentage of turnover coming from outside the UK.”

UK RIBA Future Trends heading south, confirming RSHP’s comments. May'19 figures expected this week.

GDP outlook across all Aukett’s market sectors looking under extreme pressure, from a very unstable 1.8% in UK & UAE, to 0.7% in Germany, 0.5% in Russia, and a woeful -2.6% in Turkey.

Aukett’s Half Year Interim Results expected by month end.

If RSHP is a bell-weather, and RIBA Survey giving a negative lead, I would not be surprised for a possible decline in revenue, further losses, and net cash just above zero for the Half Year and Full Year. Expecting further delays in instructions, deferred projects, and possibly further bad debts out of UAE.

Of particular concern is the absence of new UK planning approvals being posted in the Company's 'News' in 2019. The pipeline of new UK approvals looks very thin, and historic approvals may never proceed.

The UK Rent Free Period of 400k pa might make the result look more promising than it actually is, but that will only hide a poor UK outcome in the years ahead, as an additional 400k will need to be extracted from the till and the bottom line in the years ahead.
Posts: 43
Opinion:Strong Sell
UK Construction Shrinks
4 Jun '19
“UK construction sector shrinks as Brexit uncertainty spreads

The Markit/CIPS UK Construction Purchasing Managers’ Index recorded a reading of 48.6 for May, contracting sharply.

Commercial building was the weakest area of construction activity for the month, and many firms reported clients had opted to hold back on major spending decisions in response to Brexit uncertainty and concerns about the economic outlook.”
Posts: 43
Opinion:Strong Sell
Despondent Sentiment: Gloom
24 May '19
Brexit uncertainty plunges London practices into gloom

Architects across the capital have become increasingly despondent about their pipeline of future work, with a lack of clarity around Brexit once again blamed for uncertainty in the marketplace.

According to the latest RIBA Future Trends survey, sentiment among London practices slumped into negative territory from a score of 0 in March to -7 in April, suggesting an overall expectation of decreasing workloads.

With PM May now resigning, a Brexiteer outcome looks favorite.

More uncertainty, with a larger slump to follow.
Posts: 43
Opinion:No Opinion
RE: AUK sale valuation
23 May '19

Architectural practices aim to achieve a KPI of Fee Revenue/Fee Earning Staff of 100k – 120k /FTE.
Posts: 43
Opinion:No Opinion
AUK sale valuation
23 May '19
Hey Vodka,

“With the Board owning 50% of the stock this business will be sold - its just a matter of when.’


My previous point is more about ‘why would you buy them’.

If there were a 'strategic' reason, then a valuation of 50% of Revenue would make real sense.

I struggle to find a reason to buy them, considering the risk that the revenue you think you might buy, would more than likely walk straight out the door, as the main fee earners would not be constrained to stay, as they are not the main equity owners. That is a real concern for a new owner: and hence why no one has bought them to date.

Architectural practices aim to achieve a KPI of Fee Earners/Fee Earning Staff of 100k – 120k /FTE. That ensures that you can reward the main Fee Earners at the top of the market range, and provide quality dividends for the shareholders. Admin Staff are kept to an absolute minimum: eg. accounts/personal/marketing/etc

The leading architect in the UK, Fosters + Partners is delivering 168k/FTE.

AUK is half of this amount. That is a pretty appalling KPI.

F+P pay their Architectural Directors 1m pa - AUK pay them 50k! You get what you pay for.....!

AUK often refer to the ‘staff’ in the German offices within their headcount. That looks great for clients looking for a ‘large‘ practice. In reality these ‘staff ‘are not under AUK control, as AUK simply pick up a dividend from these practices, they do not control or contract these staff members.

The reason for the poor KPI in UK & UAE is that AUK most probably can only attract work with poor fees compared with Fosters + Partners. The ‘executive architect’ services company Versetec would also be on very low margins, as it is not highly rewarded work.

As our cities become more crowded we are turning to high rise solutions to deal with the density. There are 100’s of towers planned for London and other cities of the world: AUK is not on any of those projects, as that is not a specialism that they have. That is a huge impediment for growth.

Clients appoint an individual architect for their skill and not simply an Architectural Company. Unfortunately the main fee earners with that skill are not the main 'ageing' shareholders. Why would the limited number of main fee earners wish to have their future profitability sold off by departing ageing shareholders?

Unfortunately AUK do not have quality professional staff. They are poorly paid, compared to competitors.

In the UK, the design led commissions for AUK have crashed alarmingly, and that is due to the lack of skill compared to other competitors.

In the UAE, AUK have purchased a run of third rate practices, and that level of design is not want is expected in Dubai. Revenues there are tumbling too.

Great architectural practices are run by Architects. AUK has been run by accountants for 15 years and unfortunately it shows.

AUK will be sold: but after reading this how much do you think a new owner would pay
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