(Alliance News) - Aukett Swanke Group PLC on Monday said it expects to report a swing to loss for its recently ended financial year.
The architecture and interior design practice said it had returned to profitability in the first half of the year. However, Covid-19 had affected the second year to the end of September, leading to expectations for the loss.
For the six months to the end of March, the group reported a pretax profit of GBP136,000, compared to a loss of GBP371,000 the year before. Meanwhile, for the 2019 financial year, pretax profit was GBP292,000.
As at September 30, Aukett Swanke's cash balance was GBP992,000, down from GBP1.1 million on the same date a year before.
"Whilst the board is comfortable with the group's response to the ongoing pandemic, in terms of cost containment, it remains cautious on the pace and scale of future projects," the group stated.
Aukett Swanke said it expects to release its annual results in January 2021.
Shares in Aukett Swanke were down 8.3% at 1.10 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Aukett Swanke (AUK)