(Alliance News) - Aukett Swanke Group PLC on Tuesday reported a widened loss for its latest half year, in part due to costs from its acquisition of Torpedo Factory Group Ltd, but appeared optimistic about its prospects and the new executives in place following the purchase.
The London-based architectural and interior design services provider said its pretax loss for the six months to March 31 was GBP545,000, compared with GBP152,000 for the same period the year before. Revenue increased 0.7% to GBP4.6 million from GBP4.5 million.
The slight revenue increase was partly due to sub-consultant costs decreasing 86% to GBP164,000 from GBP1.2 million. Personnel-related costs meanwhile increased to GBP3.8 million from GBP2.9 million.
The pretax loss also included GBP258,000 associated with Aukett Swanke's acquisition of Torpedo, now Torpedo Factory Ltd, in March. Torpedo founder and Chief Executive Nick Clark became chief executive of Aukett Swanke in April, following the deal's completion.
The company on Tuesday announced the appointment of Freddie Jenner, previously Torpedo's finance director as Aukett Swanke's chief operating officer.
Going forward, the company intends to become a "leading provider" of "Smart Building" systems designers, integrators and operators, using a "buy and build" strategy. It is "actively considering" potential acquisition opportunities in this sector, as well as in other areas, and said it is well-positioned for the future "with the team in place and the strategy honed".
Chief Executive Clark commented: "I am thrilled to have been appointed as Chief Executive, and excited by our mission creating a UK-listed Smart Buildings group. Against a backdrop of improving trading performance, I look forward to reporting on our progress in the coming months."
Shares in Aukett Swanke were untraded at 2.10 pence on Tuesday in London. They last traded on Monday.
By Emma Curzon, Alliance News reporter
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Aukett Swanke (AUK)