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(Alliance News) - Architectural firm Aukett Swanke Group PLC confirmed Monday it expects to deliver an annual profit following a strong end of the year, with it also reporting the sale of its Russian office.
For the year ended September 30, the London-based firm confirmed it expects to deliver a profit. This was after the second half of the year was profitable, allowing it to recover from the loss reported in the first half of the year.
Year end cash stood at GBP1.1 million, up from GBP710,000 the year prior.
"The recovery from the large loss in 2018 is a tribute to the perseverance of the staff in all of our operations and in the internal rigours of reducing cost during a difficult trading period," Chief Executive Officer Nicholas Thompson said.
Since the end of financial 2019, Aukett has sold its Moscow subsidiary Aukett Swanke OOO after deeming it would be better managed locally. The unit will continue to operate under the Aukett Swanke brand.
"The process to find a suitable successor to carry on the Russian business in our name has taken some considerable time to realise," Thompson added. "Critically, the sale has safeguarded the interests of our staff in Moscow, avoids a costly closure process and provides some upside for shareholders through the ongoing licence arrangement. We are pleased with the outcome".
Shares in Aukett were 19% higher at 1.75 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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