Aukett Swanke Regulatory News (AUK)

27 Jun 2006 07:00

Aukett Fitzroy Robinson Group PLC27 June 2006 For release 07.00am 27 June 2006 AUKETT FITZROY ROBINSON GROUP PLC 2006 INTERIM RESULTS ANNOUNCEMENT Aukett Fitzroy Robinson Group Plc ("Aukett Fitzroy Robinson"), the internationalgroup of architects and designers, announces its Interim Results for the sixmonths ended 31 March 2006. Aukett Fitzroy Robinson provides creative design,commercial awareness and efficient delivery of high quality projects; withspecific expertise in offices, retail, interiors, hotels, transportation,laboratories, residential, urban and landscape design, industrial, historicbuildings, mixed-use and leisure facilities. Financial HighlightsSix months ended 31 March 2006 2005 unaudited unaudited • Group turnover £6.86m £5.54m • Operating profit/(loss) £137k (£127k) • Profit/(loss) before tax £47k (£165k) • Earnings/(loss) per share 0.01p (0.26p) Key Points of Statement: * Quality and size of projects enhanced with commissions on projects in excess of £150m* 5 year business plan setting out strategy to double size of income completed* Prospects of core overseas businesses encouraging* Programme to enhance earnings by outsourcing work to overseas offices being trialled CEO Nicholas Thompson said: "Historically the profit for the year is weighted towards the second half andthis trend is likely to continue in the current year." Enquiries: Aukett Fitzroy Robinson Group Plc www.aukettfitzroyrobinson.comNicholas Thompson, CEO Tel: 020 7636 8033Beaumont CornishRoland Cornish Tel: 020 7628 3396Adventis Financial PRPeter Binns Tel: 020 7034 4760pbinns@adventis.co.uk Mob: 07768 392 582Chris Steele Tel: 020 7034 4759csteele@adventis.co.uk Mob: 07979 604 687 AUKETT FITZROY ROBINSON GROUP PLC Interim Statement for the six months ended 31 March 2006 Overview The Group made a profit before tax of £47,000 (2005 interim: Loss £165,000) Summary of results Unaudited turnover by the Group has increased from £5,543,000 to £6,860,000, anincrease of 23.8%. Group operating profit has increased to £137,000 (2005 interim: loss £127,000).Net profit before tax of £47,000 is arrived at after an exceptional charge of£15,000 on the disposal of our Netherlands subsidiary (2005 interim: £22,000profit on disposal of Italian joint venture interest) and net interest payableof £75,000 (interim 2005: £54,000). The profit after tax is £9,000 (interim2005: loss £188,000). Corporate outlook Our strategy, as set out in the 2005 Annual Report, outlined our aim to improveboth the quality and size of projects. This is now being achieved withappointments on the £150m masterplan for St Mary le Port in Bristol and a newcommission for two confidential projects with a combined construction value of£200m. We also continue to receive large scale commercial commissions from ourexisting clients in the £20m to £50m range. We have now completed the first Business Plan review for the Group whichidentifies sector specific strategies to double the size of the practice incomeby 2010. We anticipate that the majority of this growth will be organic.However, we shall continue to take advantage of complementary opportunitiesshould they be commercially viable and fit within our overall strategy. DuringMarch we opened a second regional office based in Southampton to focus upon highquality residential and mixed-use developments along the south coast. We continue to be active in Europe through our network of six offices. Progressis variable and generally reflects local economic conditions. However, officesin our key markets of Russia and Poland continue to give managementencouragement about their longer term prospects and the value of the investmentmade to date. A programme to enhance earnings through the better utilisation of the existingEuropean office network is currently being trialled. The impact of thisprogramme will be dependent upon the adoption of internet based workingpractices and the related development of local expertise. Prospects Historically the profit for the year is weighted towards the second half andthis trend is likely to continue in the current year. 27 June 2006 Aukett Fitzroy Robinson Group Plc14 Devonshire StreetLondon W1G 7AE Consolidated profit and loss accountFor the six months ended 31 March 2006 Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Gross turnover: Group and share of joint ventures 7,013 5,617 12,818Less share of joint ventures (153) (74) (207) --------- --------- ---------Group turnover 6,860 5,543 12,611 --------- --------- --------- Group operating profit/(loss) 137 (127) 236 Share of operating profit/(loss) in joint ventures and - (6) 25associateExceptional charge: (Loss)/profit on disposal of subsidiary and joint (15) 22 23ventures --------- --------- --------- Profit/(loss) on ordinary activities before interest 122 (111) 284 Interest receivable 5 8 19Interest payable (80) (62) (144) --------- --------- ---------Profit/(loss) on ordinary activities before tax (note 3) 47 (165) 159 Tax charge on profit/(loss) on ordinary activities (38) (23) (136)(note 4) --------- --------- ---------Retained profit/(loss) of the Group 9 (188) 23 ========= ========= =========Earnings/(loss) per share (note 5):Basic 0.01p (0.26)p 0.02pDiluted 0.01p (0.26)p 0.02p Summarised consolidated balance sheetAt 31 March 2006 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Fixed assetsIntangible assets 1,622 179 1,647Tangible assets 339 282 350Investment in associate 31 30 31 ---------- ---------- ---------- 1,992 491 2,028Current assetsDebtors 6,447 5,213 6,064Cash at bank and in hand 816 303 1,158 ---------- ---------- ---------- 7,263 5,516 7,222Creditors falling due within one year (5,475) (5,665) (5,400) ---------- ---------- ----------Net current assets/(liabilities) 1,788 (149) 1,822 ---------- ---------- ----------Total assets less current liabilities 3,780 342 3,850Creditors falling due after one year (1,400) (29) (1,520) ---------- ---------- ----------Net assets 2,380 313 2,330 ========== ========== ==========Capital and reserves 1,448 1,448Share capital 724Share premium account 1,385 1,794 1,385Merger reserve 1,542 - 1,542Profit and loss account (1,995) (2,205) (2,045) ---------- ---------- ----------Equity shareholders' funds 2,380 313 2,330 ========== ========== ========== Summarised consolidated cash flow statementFor the six months ended 31 March 2006 Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Net cash flow from operating activities 13 (78) 426Returns on investments and servicing of finance (75) (54) (125) Tax paid - (10) (46)Capital expenditure (145) - (117)Acquisitions and disposals - 44 143 ---------- ---------- ----------Net cash (outflow)/inflow before financing (207) (98) 281Net cash outflow from financing (20) (52) (92) ---------- ---------- ---------- (Decrease)/increase in cash during the period (227) (150) 189 ========== ========== ========== Reconciliation of operating loss to net cashflow from operating activities Group operating profit/(loss) 137 (127) 236Depreciation and amortisation of fixed assets 182 106 349(Increase)/decrease in debtors (536) (688) 673Decrease/(increase) in creditors 230 631 (832) ---------- ---------- ----------Net cash flow from operating activities 13 (78) 426 ========== ========== ========== Statement of total recognised gains and lossesfor the six months ended 31 March 2006 Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000Profit/(loss) for the financial period 9 (231) (220) Currency translation differences 41 23 (28) ---------- ---------- ----------Total recognised gains and losses since lastannual report 50 (208) (248) ========== ========== ========== Reconciliation of movements in shareholders' fundsFor six months ended 31 March 2006 31 March 2006 30 September 2005 unaudited audited £000 £000 Opening shareholders' funds 2,330 278Foreign exchange gain 41 (28)New shares issued - 2,266Share issue cost - (209)Profit/(loss) attributable to shareholders 9 23 ---------- ---------- Closing shareholders' funds 2,380 2,330 ========== ========== Notes 1 Amounts invoiced to clients and turnover An analysis of amounts invoiced to clients and turnover of the Group bygeographical area of destination is as follows: Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000Amounts invoiced to clients United Kingdom 5,545 4,235 9,969Rest of Europe 1,340 905 2,315 ---------- ---------- ----------Total 6,885 5,140 12,284 ========== ========== ========== Movements in amounts recoverable on contracts United Kingdom 325 299 311Rest of Europe (350) 104 16 ---------- ---------- ----------Total (25) 403 327 ========== ========== ========== Turnover United Kingdom 5,870 4,534 10,280Rest of Europe 990 1,009 2,331 ---------- ---------- ----------Total 6,860 5,543 12,611 ========== ========== ========== 2 Group operating profit/(loss) Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Amounts invoiced to clients 6,885 5,140 12,284Movement in amounts recoverable on contracts (25) 403 327 ---------- ---------- ----------Group turnover 6,860 5,543 12,611Other income 59 13 49Staff costs (3,612) (2,825) (6,484)Amortisation of goodwill (25) (25) (51)Depreciation (157) (81) (298)Other operating charges (2,988) (2,752) (5,591) ---------- ---------- ----------Group operating profit/(loss) 137 (127) 236 ========== ========== ========== 3 Profit/(loss) on ordinary activities before tax An analysis of profit/(loss) on ordinary activities before tax by geographicalarea is set out below. Corporate charges and consolidation adjustments areincluded under the United Kingdom. Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000United Kingdom 60 (175) 129Rest of Europe (13) 10 30 ---------- ---------- ----------Total 47 (165) 159 ========== ========== ========== The Company disposed of Aukett BV, a 100% owned subsidiary based in theNetherlands, during the period for €1. The impact on results is not material. 4 Tax charge on profit/(loss) on ordinary activities Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000United Kingdom corporation tax at 30% - - (61)Overseas tax (38) (21) (74)Share of tax from joint ventures and associate - (2) (1) ---------- ---------- ----------Tax charge on profit/(loss) for period (38) (23) (136) 5 Earnings per share The earnings per share is calculated on the profit attributable to shareholdersof £9,000 for the six months ended 31 March 2006 (2005 interim: loss £188,000;2005 final: profit £23,000) and on 144,813,825 (2005 interim: 72,421,394; 2005final: 105,940,081) ordinary shares, being the weighted average number of sharesin issue during the period. The diluted loss per share attributable toshareholders is calculated on 145,413,825 ordinary shares. There is noadditional dilution to the loss per share for either of the 2005 periods as aresult of taking account of dilutive potential ordinary shares in accordancewith FRS 22, Earnings per Share. 6 Analysis of net debt An analysis of the movement in net debt during the period is as follows: At 1 October Cash flow Non-cash At 31 March 2005 movements 2006 £000 £000 £000 £000 Cash at bank and in hand 1,158 (342) - 816Overdrafts repayable on demand (944) 115 - (829) ---------- ---------- ---------- ---------- 214 (227) - (13) ---------- ---------- ---------- ----------Bank loans and other loansrepayable in:Less than one year (38) (112) (150)More than one year (1,512) 112 (1,400)Hire purchase and finance lease creditors (47) 20 - (27) ---------- ---------- ---------- ---------- (1,597) 20 - (1,577) ---------- ---------- ---------- ---------- Net debt (1,383) (207) - (1,590) ========== ========== ========== ========== 7 Statutory accounts The comparative figures for the year ended 30 September 2005 have been derivedfrom the Company's statutory accounts for that financial year. Statutoryaccounts for that financial year have been reported on by the Company's auditorsand delivered to the Registrar of Companies. The report of the auditors wasunqualified and did not contain a statement under section 237(2) or (3) of theCompanies Act 1985. 8 Basis of preparation The financial statements comply with relevant accounting standards and theCompanies Act 1985 and have been prepared on a consistent basis using the sameaccounting policies as set out in the 2005 Annual Report. The Company meets its day to day working capital requirements through anoverdraft facility, which is repayable on demand, and longer term finance bymeans of loans. The directors consider that the Company will continue tooperate within its existing facilities until the expiry of the overdraftfacility when it is anticipated that suitable facilities will be renewed orreplaced. On this basis, the directors consider it appropriate to prepare thefinancial statements on the going concern basis. 9 Further information Further information about the Group, including copies of the 2005 annual report,additional copies of this interim report and recent press releases sent to theLondon Stock Exchange, may be obtained from the Company's registered office at14 Devonshire Street, London W1G 7AE. Such information may also be obtainedthrough the Company's website at www.aukettfitzroyrobinson.com. The interimreport is expected to be mailed to shareholders on or before 15 July 2006. This information is provided by RNS The company news service from the London Stock Exchange