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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aukett Swanke Group Plc | LSE:AUK | London | Ordinary Share | GB0000617950 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.45 | 1.30 | 1.60 | 1.45 | 1.45 | 1.45 | 126 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Architectural Services | 8.58M | -2.28M | -0.0138 | -1.05 | 2.4M |
A successful bid for Deutsche Bank provided the studio with a turnaround performance in the year and much needed revenue visibility.
Revenues grew by 83% to GBP909k (2013: GBP496k) and profits up five fold to GBP292k (2013: GBP58k).
The office retains a high calibre client portfolio including: The Bank of New York Mellon, JP Morgan, Microsoft, Morgan Stanley and Tishman Speyer.
Prague
The market for services in the Czech Republic is depressed and achieving a breakeven result has been a considerable achievement. The Group's decision to move to a JV arrangement has been vindicated by recent results. As the studio has considerable design skills, the Group will remain committed to its continuation as part of the Group until the economy recovers.
Group costs
Group costs rose to GBP398k (2013: GBP144k). The increase comprises one off costs in respect of corporate finance and legal work and the acquisition of SHCE. It also reflects the impacts of salary reinstatements, the addition of a new non executive director and an enhanced Head Office team to support the enlarged Group, together with recruitment fees for those individuals.
Swanke Hayden Connell Europe Limited integration
During the past nine months significant progress has been made to integrate SHCE into our business model. Both IT platforms and software systems have been aligned and we have co located our joint offices in London and Moscow. This has resulted in a significant capital spend in IT infrastructure and property refurbishment, but brings identified cost savings that should materialise downstream. Additionally we have been able to commence joint working on new projects in order to yield longer term synergies and maximise our combined expertise on project delivery.
Little of this benefit (but all of the cost) has been seen in these results. However, our end of year reviews have highlighted little or no further capex requirements in 2014/15 for either IT or property (other than volume expansion) and budgets reflect an ongoing underlying cost saving profile in these areas.
We are pleased to report that the merger will bring the expected longer term benefits not only in critical mass and brand quality, but in greater efficiency from our underlying overhead.
Dividends
It is the Board's intention to bring the timing of any future dividend into line with market practice, declaring final and interim dividends at the time of our final and interim results, respectively.
Summary
The 2014 results reflect a considerable improvement in our underlying performance and the executive directors are confident that this performance can be maintained as the markets in which we operate also improve.
Nicholas Thompson Beverley Wright Chief Executive Officer Group Finance Director
28 January 2015
Consolidated income statement
For the year ended 30 September 2014
2014 2013 GBP'000 GBP'000 ---------------------------------- --------- --------- Revenue 17,326 8,406 Sub consultant costs (2,594) (1,290) ----------------------------------- --------- --------- Revenue less sub consultant costs 14,732 7,116 Personnel related costs (9,868) (4,751) Property related costs (2,343) (1,256) Other operating expenses (1,861) (1,027) Other operating income 404 217 ----------------------------------- --------- --------- Operating profit 1,064 299 Finance income - 1 Finance costs (18) (14) ----------------------------------- --------- --------- Profit after finance costs 1,046 286 Share of results of associate and joint ventures 354 264 ----------------------------------- --------- --------- Profit before tax 1,400 550 Tax charge (354) (176) ----------------------------------- --------- --------- Profit from continuing operations 1,046 374 Profit for the year attributable to equity holders of the Company 1,046 374 ----------------------------------- --------- --------- Basic and diluted earnings per share From continuing operations 0.65p 0.26p Total earnings per share 0.65p 0.26p ----------------------------------- --------- ---------
Consolidated statement of comprehensive income
For the year ended 30 September 2014
2014 2013 GBP'000 GBP'000 ---------------------------------- --------- --------- Profit for the year 1,046 374 Other comprehensive income: Currency translation differences (103) (2) Currency translation differences recycled on discontinued operations - 1 ----------------------------------- --------- --------- Other comprehensive income for the year (103) (1) Total comprehensive income for the year attributable to equity holders of the Company 943 373 ----------------------------------- --------- ---------
Consolidated statement of financial position
At 30 September 2014
2014 2013 GBP'000 GBP'000 ------------------------------- --------- --------- Non current assets Goodwill 1,835 1,369 Other intangible assets 594 - Property, plant and equipment 648 326 Investment in associate 244 190 Investments in joint ventures 131 39 Deferred tax 290 454 -------------------------------- --------- --------- Total non current assets 3,742 2,378 Current assets Trade and other receivables 6,379 3,515 Current tax - 117 Cash and cash equivalents 1,891 1,343 -------------------------------- --------- --------- Total current assets 8,270 4,975 Total assets 12,012 7,353 Current liabilities Trade and other payables (6,540) (4,005) Current tax (131) - Short term borrowings (113) (150) Provisions (104) (50) -------------------------------- --------- --------- Total current liabilities (6,888) (4,205) Non current liabilities Long term borrowings - (113) Deferred tax (71) (6) -------------------------------- --------- --------- Total non current liabilities (71) (119) Total liabilities (6,959) (4,324) Net assets 5,053 3,029 -------------------------------- --------- --------- Capital and reserves Share capital 1,652 1,456 Merger reserve 1,176 - Foreign currency translation reserve (74) 29 Retained earnings 148 (898) Other distributable reserve 2,151 2,442 -------------------------------- --------- --------- Total equity attributable to equity holders of the Company 5,053 3,029 -------------------------------- --------- ---------
Consolidated statement of cash flows
For the year ended 30 September 2014
2014 2013 GBP'000 GBP'000 ---------------------------------- --------- --------- Cash flows from operating activities Cash generated from operations 1,360 646 Interest paid (18) (14) Income taxes received / (paid) 70 61 ----------------------------------- --------- --------- Net cash inflow from operating activities 1,412 693 Cash flows from investing activities Purchase of property, plant and equipment (523) (157) Sale of property, plant and equipment 4 4 Acquisition of subsidiary, (57) - net of cash acquired Interest received - 1 Dividends received 184 210 ----------------------------------- --------- --------- Net cash generated from / (used in) investing activities (392) 58 Net cash inflow before financing activities 1,020 751 Cash flows from financing activities Repayment of bank loans (150) (150) Payment of asset finance - - liabilities Dividends paid (291) - ---------------------------------- --------- --------- Net cash used in financing activities (441) (150) Net change in cash, cash equivalents and bank overdraft 579 601 Cash and cash equivalents and bank overdraft at start of year 1,343 739 Currency translation differences (31) 3 Cash, cash equivalents and bank overdraft at end of year 1,891 1,343
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