Aukett Swanke Regulatory News (AUK)

15 Feb 2007 07:02

Aukett Fitzroy Robinson Group PLC15 February 2007 For release at 07.00 Thursday February 15th 2007 AUKETT FITZROY ROBINSON GROUP PLC OVERSEAS CONTRACT GAIN Aukett Fitzroy Robinson Group Plc ("AFRG"; AUK/L), the international commercialarchitects, announces the details of its eighth signed contract in Russia, for a65,000 sqm mixed used project in Kursky Square, Moscow, of a four star hoteland high quality offices scheme, with basement car parking, on a 0.7 hectaressite. The client is ZAO Kurskaya ploschad, a private limited company createdspecifically to develop the project and jointly owned by Vneshtorgbank (a largeRussian bank, which has absorbed the Moscow Nardony Bank, and with offices inEurope and the UK) and Avenue Group, a development arm of the Inteca Group (amajor Russian conglomerate). Contract value is estimated to be US$100m (£65m).AFRG will earn stage fees of over US$2m over the next few years and thiscontract will impact the group's financial results in the twelve months ended 30September 2008/2009. Completion is expected in 2009. As stated in AFRG's 2006 Preliminary Results announcement issued 22nd January2007, Nicholas Thompson, Chief Executive Officer said: "In our overseas markets,Russia continues to outperform our expectations." As previously announced, AFRG has now signed eight contracts in progress inRussia, with a combined contract value of approximately US$700m, upon whichthe group will earn stage fees of US$6m over the next few years. These projectscover circa 4.3 million sq.ft. of commercial development space. The other most recent appointments in Moscow, where AFRG has had offices sinceApril, 2003, include: a new appointment for a 78,500 sqm multi-use complex 2.4hectares site in Leningradskii prospekt, for client Alcon Development Limited.Contract value is US$120M (£64m); a new instruction for a 80,000 sqm HQdevelopment in the Selikatnii Petreulok area of Moscow, with a contract value ofUS$135m (£72m); and, instruction to commence the next stage of the Olympiiskiidevelopment in Moscow, a 79,500 sqm office and hotel and mixed use project forretained client Kuznetskii Most Development. Contract value is US$135m (£72m). All of the projects are being handled by AFRG's wholly-owned subsidiary inRussia, ZAO MMA + Fitzroy Robinson International. Of group turnover of £16.28mfor the twelve months ended 30 September 2006, Russia accounted forapproximately 7% of total turnover. AFRG has UK offices in London (HQ), Bristol and Southampton. Overseas, it haswholly-owned offices in Moscow, Berlin, Bratislava, Frankfurt, Prague andWarsaw. It is also currently working on projects in Madrid, Paris, Geneva, St.Petersburg, Bucharest, Dublin and Novorossiysk. AFRG has been working in Russiasince the 1980's. As stated in its last results announcement AFRG: "has a strong order book forboth 2006/07 and 2007/2008" , with the "UK market for commercial architecturalservices also buoyant." Current UK work includes projects for Land Securities,Deeley Freed, Akeler, Simons, Arlington, Development Securities, Great PortlandEstates, South Cambridgeshire District Council, Grove Hotel, Hertfordshire, andHBOS, Bristol. AFRG has also handled over 60 projects in the City, including:NM Rothschilds, Robert Fleming, Cazenove, Nomura, Mellon, BNP, Moscow Narodny,Crowne Plaza, Blackfriars, The Stock Exchange, Little Britain Developments,Standard and Chartered, Scottish Widows, Hambros and the Royal Exchange, thelatter of which is recurring work. Ends. Enquiries: Aukett Fitzroy Robinson Group Plc Nicholas Thompson, CEO 020 7636 8033Patrick Carter, FD 020 7636 8033 JM Finn & Co Sam Smith, Corporate Finance 020 7997 8352Ed Frisby, Corporate Finance 020 7997 8413Leslie Kent, Specialist Sales 020 7997 8324 Adventis Financial PR Peter Binns 020 7034 4760Chris Steele 020 7034 4759 This information is provided by RNS The company news service from the London Stock Exchange