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LONDON (Alliance News) - Architectural and interior design business Aukett Swanke Group PLC saw its shares jump almost 20% early Thursday after the company reported robust growth in both profit and revenue in its last financial year, driven almost solely by its UK business.
The group reported a pretax profit of GBP1.4 million for the year to end-September, up from only GBP550,000 the year before, after revenue more than doubled to GB17.3 million from GBP8.4 million a year earlier.
Earnings per share continue to grow, increasing to 0.65 pence, from 0.26 pence the year before, while the company said it intends to resume its regular pattern of dividend payments, returning to two annual dividends.
Aukett Swanke shares initially rose more than 19% Thursday morning, but have since pared back to trade up 15% at 7.93 pence, still one of the best-performing stock on AIM.
"The 2014 results have shown the promise that the new 'Aukett Swanke' brand can create. We see 2015 as a year of opportunity to continue on our growth strategy," said Chief Executive Nicholas Thompson in a statement.
Aukett Swanke said its net assets increased to GBP5.1 million from GBP3.0 million the prior year, and it remains debt free.
"The only negative aspect to report upon has been the unfolding events in Russia which have tempered this year's performance," said Non-Executive Chairman Anthony Simmonds in the statement.
The group said its earning results would have been "significantly better" had its pre-acquisition Russian operation not continued to underperform in the period, and the former SHCE business not suffered from a number of project delays in both Russia and the UK in the final quarter. Aukett Swanke acquired Swanke Hayden Connell Europe Ltd in December 2013.
Aukett Swanke said its Russian business posted a loss of GBP350,000 for the year.
"I am confident that 2015 will again reflect a further overall improvement on current year performance with respect to revenues, profits, cash and dividends," Simmonds added.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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