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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% | 1.55 | 1.40 | 1.70 | 1.55 | 1.55 | 1.55 | 56,847 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Architectural Services | 8.58M | -2.28M | -0.0138 | -1.12 | 2.56M |
TIDMAUK
RNS Number : 3888D
Aukett Swanke Group PLC
29 June 2021
Aukett Swanke Group Plc
Interim results
For the six months ended 31 March 2021
Aukett Swanke Group Plc (the "Group"), the international practice of architects, interior designers and engineers, is pleased to announce its interim results for the six-month period ended 31 March 2021.
Highlights
The Group's most recent 12 months of trading has occurred during the COVID-19 pandemic.
H1/2021 H2/2020 Extract GBP000 GBP000 Revenue less sub consultant costs 4,139 4,476 fall of 7.5% Operating costs 5,178 4,959 rise of 4.4% Operating loss (1,039) (483) Loss before tax (1,017) (182) Net Funds 201 837
Before management charges the UK & UAE made reported losses while Continental Europe maintained its profitability.
UK wrote GBP6.0m of new orders and Berlin EUR4.0m in H1/2021 (fees net of subconsultant costs).
Banking facilities increased from GBP500k to GBP1m in May 2021.
Commenting on the interim results, CEO Nicholas Thompson said:
"These results show the full impact of the uncertainties created by COVID-19 in the form of project delays and deferments.
Action taken during the period under review, and subsequently, has provided additional support to our business model and should improve our financial performance. However, this is unlikely to come soon enough to avoid reporting a loss for the year as a whole."
Enquiries
Aukett Swanke Group Plc - 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Antony Barkwith, Group Finance Director
Arden Partners Plc - 020 7614 5900
Corporate Finance: John Llewellyn-Lloyd; Akhil Shah
Investor/Media enquiries - Chris Steele - 07979 604687
Interim statement
Overview
Any meaningful analysis of these results needs to look behind the figures and at the impact of COVID-19.
The building process takes several years from inspiration to occupation with the result standing for decades. During the formative stage any economic or political uncertainty, and now, pandemic uncertainty, leads to decision makers waiting for such uncertainty to play itself out. This is an industry wide phenomenon and has both the inevitability of the process taking longer but also the consequential pressure on margins as fewer contracts are available to the consultant market, which remains undiminished.
It is against this backdrop that the results for the first six months need to be judged.
Having said this, we continue to win work and two of our operations have successfully written a significant amount of new business that is spread over the next three years. Our focus continues to be on maintaining a resilient and viable commercial operation at minimal cost and within our financing capability.
Group Results
Group revenues fell to GBP5.28m, some GBP2.1m lower than in the same period in 2020. However, revenue less sub consultant costs at GBP4.14m was only 7.5% (GBP337k) lower than in H2/2020. It is this reduced level that allowed us to control staff costs in anticipation of project conversions or further instructions. Although such new work did not happen in the volumes hoped in the period under review and therefore resulted in a deeper loss, the capacity of the group businesses has been preserved.
To have a value going forward it was key to preserve a critical mass in each business.
United Kingdom
Revenues were down 16% at GBP3.44m (2020: GBP4.09m) but higher than H2/2020 due to the inclusion of a larger amount of pass through income which is offset by matching sub consultant costs. Revenue net of sub consultant costs at GBP2.59m was some GBP313k lower than in H2/2020. This, along with fewer staff being put on furlough so as to support bid opportunities, and a one-off cost in respect of R&D tax credits of GBP72k, resulted in losses before tax (and before management charges) increasing from GBP97k in H2/2020 to GBP567k in H1/2021. We had a reasonable expectation of some growth in H1/2021 but that did not materialise in full and, therefore, much time was spent on bidding for new projects - some successfully - but insufficient in number.
The resulting loss of GBP567k (2020: profit GBP311k) before management charges reflects a significant reduction in revenue of GBP1.5m (GBP2.59m vs GBP4.09m in the prior year), of which just under half was mitigated by cost reductions.
The main beneficiary in H1 from the rebound in activity levels was our executive architecture arm, Veretec, which won a small number of large projects and secured its financial position with two major wins and one continuing instruction. Firstly, a new 470 residential apartment block at Vulcan Wharf for London Square and the second for a major pharmaceutical refurbishment project in Surrey for UCB with Heatherwick Studio as design lead. In addition, a large West End project that had stalled, re-commenced earlier than expected in H1. The Veretec business is expected to perform better in H2 this year and into next year based on its strong order book.
The design business has seen an increase in market opportunities but has also seen an even greater incidence of price competition. There have also been continuing delays in passing through project gateways. This situation could all turn on a very small number of positive decisions in our favour, but until then we continue to hold our staffing structure and hence our cost base. This has been alleviated, to a reducing extent, through some marginal use of the government furlough scheme.
The main contract wins in the half year included De Beers and an instruction to move our GBP60m EQ building in Bristol to the site phase. We also commenced a number of hybrid building feasibilities and pre applications.
The combination of these new project wins generates GBP6m in fees of which GBP4.8m will be recognised in future periods.
As with many companies we have not fully returned to the office since March 2020, and we are now considering how we can more economically utilise this space and the available occupancy options with a view to lowering this high fixed cost.
Middle East
The impact of lockdown and consequently restrictions and a general reduction in market activity impacted revenues levels with H1 falling 50% from last year to GBP1.58m (2020: GBP3.14m). Fortunately, the ongoing re-structuring exercise, involving fewer Licenses and consequent reduced overhead costs contributed to a 45% fall in costs, which did, almost, but not quite, offset the revenue decline. The net result before management charges is a loss of GBP79k (2020: Profit GBP103k).
During the first half we saw the closing out of five major projects, and these being replaced by two school instructions (one new client) and three luxury residential villas at Jumeriah Park, three delivery projects in Saudi Arabia and a project in Cairo for a Dubai Developer, as well as a number of Dubai Expo projects. Currently the largest new project is on hold and this may impact the full year result this year. Under framework contracts we continue to roll out a programme for Etisalat which comprises 28 projects this year and a framework for Du telecom.
Continental Europe
The performance of our businesses in Continental Europe was positive in the 6 months to 31 March 2021. Our single wholly owned subsidiary increased revenues to GBP258k (2020: GBP147k). However, profit before central costs fell slightly to GBP227k (2020: GBP247k) - with all joint ventures and associates producing positive results.
The Turkish operation has continued the success of the previous year completing interior fit-out projects for significant corporate clients, several being repeat commissions to provide new COVID-19 compliant workplaces including Google, Allianz and VM Ware. New projects include interior fitouts for LC Waikiki, the HQ for Vakifbank and architectural projects for a private villa, a hotel and an office extension in Istanbul.
The associate and joint venture operations in Berlin and Frankfurt have enjoyed relatively stable market conditions. Completions by the Berlin studio include the Haus an der Dahme apartment building, the design for the refurbishment of the Bahn Tower at the Sony Centre. The Edge Tower, set to become the tallest building in Berlin and pre-let to Amazon, has started on site. The Frankfurt studio continues to complete phased refurbishments of the iconic MesseTurm building including interior fitouts for incoming and existing tenants including D&G, Tata and an American bank.
Following a significant market downturn in the Czech Republic during the latter part of 2020, and with no new opportunities forthcoming our Prague office permanently ceased trading having completed work on the Churchill Residences and projects for WPP and Exxon Mobil.
The Moscow operation completed several concept designs for mixed use projects in Moscow and the regions, including collaborations with the London studio on a significant education centre and a private residence project in Moscow.
The Moscow operation is continuing to make a positive contribution to the Group results.
Group costs
Our central costs increased by GBP73k to GBP598k (2020: GBP525k) due primarily to GBP71k of foreign exchange losses occasioned by the strengthening of sterling.
Goodwill and other intangible assets
Management have reviewed and considered performance of all aspects of the business. Materially, the loss in the period has been caused by short-term trading volatility and slow development of the pipeline for the FY21 due to COVID-19 uncertainty.
Management have considered the long-term cash flows and prospects of the Group, and as a result of this have concluded that the value in use models prepared as at 30 September 2020 in support of goodwill and intangible asset valuation remain viable and therefore that no impairment is considered to be required as a result.
Funding and Going Concern
At times of uncertainty cash management is key.
Cash balances at the period end were GBP76k greater than the corresponding period in 2020 despite repaying more than GBP100k of the term loan taken out to fund the purchase of our UAE businesses in 2016, which will be paid in full in July 2021. Net funds of GBP201k were therefore GBP212k higher than in March 2020.
Since the period end, we have secured additional funding by way of GBP500k from the Coronavirus Business Interruption Loan Scheme ("CBILS"), which is in addition to the current bank overdraft facility of GBP500,000.
This CBILS facility provides additional headroom whilst we navigate our way through the payments that were deferred from 2020 (VAT, rent and some other overheads costs). The arrangement fees for this loan and the first year of interest is paid for by the UK Government and the funds will mainly be used instead of the current bank overdraft facility as and when it is necessary. The loan has a duration of three years with interest at 4.05% over the Coutts base rate (currently 0.1%) in years two and three. We expect to repay the CBILS loan before the expiry of the term.
The cash management actions taken to date, plus the extended facilities, allow the Board to continue to use the going concern basis of accounting for these interim results.
Prospects
Not all of the group's issues can be attributed to COVID-19, however it is our number one concern.
While we cannot predict with any confidence when things will improve, we firmly believe that they will, and we now have the funding in place to help us bridge the time frame between today's market activity levels and the levels that we expect to return in the period ahead.
Nicholas Thompson
Chief Executive Officer
28 June 2021
Consolidated income statement
For the six months ended 31 March 2021
Note Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 Revenue 3 5,280 7,375 12,166 Sub consultant costs (1,141) (515) (830) ---------------------------------- ----- ------------- ------------- -------------- Revenue less sub consultant costs 4,139 6,860 11,336 Personnel related costs (3,997) (5,430) (9,600) Property related costs (639) (650) (1,295) Other operating expenses (732) (867) (1,324) Other operating income 4 190 142 455 ---------------------------------- ----- ------------- ------------- -------------- Operating (loss) / profit (1,039) 55 (428) Finance costs (49) (78) (112) ---------------------------------- ----- ------------- ------------- -------------- Loss after finance costs (1,088) (23) (540) Gain on disposal of subsidiary - 53 52 Share of results of associate and joint ventures 71 106 442 ---------------------------------- ----- ------------- ------------- -------------- (Loss) / profit before tax 3 (1,017) 136 (46) Tax credit / (charge) 409 (34) 26 ---------------------------------- ----- ------------- ------------- -------------- (Loss) / profit for the period (608) 102 (20) ---------------------------------- ----- ------------- ------------- -------------- (Loss) / profit attributable to: Owners of Aukett Swanke Group Plc (603) 96 5 Non-controlling interests (5) 6 (25) ---------------------------------- ----- ------------- ------------- -------------- (Loss) / profit for the period (608) 102 (20) ---------------------------------- ----- ------------- ------------- -------------- Basic and diluted earnings per share for profit/(loss) attributable to the ordinary equity holders of the Company: From continuing operations (0.36p) 0.06p 0.00p ---------------------------------- ----- ------------- ------------- -------------- Total (loss) / profit per share 5 (0.36p) 0.06p 0.00p ---------------------------------- ----- ------------- ------------- --------------
Consolidated statement of comprehensive income
For the six months ended 31 March 2021
Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 (Loss) / profit for the period (608) 102 (20) Other comprehensive income: Currency translation differences (163) 4 (38) ----------------------------------- ------------- Other comprehensive income for the period (163) 4 (38) Total comprehensive (loss) / profit for the period (771) 106 (58) ----------------------------------- ------------- ------------- -------------- Total comprehensive profit / (loss) is attributable to: Owners of Aukett Swanke Group Plc (762) 100 (33) Non-controlling interests (9) 6 (25) ----------------------------------- ------------- ------------- -------------- Total comprehensive (loss) / profit for the period (771) 106 (58) ----------------------------------- ------------- ------------- --------------
Consolidated statement of financial position
At 31 March 2021
Note Unaudited Unaudited Audited at 31 at 31 at 30 March March September 2021 2020 2020 GBP'000 GBP'000 GBP'000 Non current assets Goodwill 2,349 2,403 2,392 Other intangible assets 593 714 653 Property, plant and equipment 205 314 272 Right-of-use assets 2,737 2,882 2,929 Investment in associate and joint ventures 779 1,009 1,244 Deferred tax 259 155 214 -------------------------------- ----- ---------- ---------- ----------- Total non current assets 6,922 7,477 7,704 Current assets Trade and other receivables 4,303 5,157 3,527 Contract assets 911 716 628 Current tax 362 - - Cash at bank and in hand 7 591 315 992 -------------------------------- ----- ---------- ---------- ----------- Total current assets 6,167 6,188 5,147 Total assets 13,089 13,665 12,851 Current liabilities Trade and other payables (4,249) (3,194) (3,333) Contract liabilities (797) (1,012) (606) Borrowings 7 (390) (326) (155) Lease liabilities (539) (537) (539) Total current liabilities (5,975) (5,069) (4,633) Non current liabilities Lease liabilities (2,578) (3,099) (2,805) Deferred tax (44) (48) (47) Provisions (889) (865) (992) Total non current liabilities (3,511) (4,012) (3,844) Total liabilities (9,486) (9,081) (8,477) Net assets 3,603 4,584 4,374 -------------------------------- ----- ---------- ---------- ----------- Capital and reserves Share capital 1,652 1,652 1,652 Merger reserve 1,176 1,176 1,176 Foreign currency translation
reserve (175) 26 (16) Retained earnings (562) 97 41 Other distributable reserve 1,494 1,494 1,494 -------------------------------- ----- ---------- ---------- ----------- Total equity attributable to equity holders of the Company 3,585 4,445 4,347 -------------------------------- ----- ---------- ---------- ----------- Non-controlling interests 18 139 27 -------------------------------- ----- ---------- Total equity 3,603 4,584 4,374 -------------------------------- ----- ---------- ---------- -----------
Consolidated statement of cash flows
For the six months ended 31 March 2021
Note Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash (expended by) / generated from operations 6 (659) (836) 151 Interest paid (49) (15) (9) Income taxes credits (paid) / received (1) 218 218 ---------------------------------- ----- ------------- ------------- -------------- Net cash (outflow) / inflow from operating activities (709) (633) 360 Cash flows from investing activities Purchase of property, plant and equipment (2) (214) (245) Sale of property, plant and equipment - - 16 Payment for acquisition of subsidiary (100) - - Dividends received 472 86 211 ---------------------------------- ----- ------------- ------------- -------------- Net cash received / (paid) in investing activities 370 (128) (18) Net cash (outflow) / inflow before financing activities (339) (761) 342 Cash flows from financing activities Payments of lease liabilities (226) (34) (314) Repayment of bank loans (97) (123) (154) Net cash outflow from financing activities (323) (157) (468) Net change in cash and cash equivalents (662) (918) (126) Cash and cash equivalents at start of period 992 1,145 1,145 Currency translation differences (71) (44) (27) ---------------------------------- ----- ------------- ------------- -------------- Cash and cash equivalents at end of period 7 259 183 992 ---------------------------------- ----- ------------- ------------- -------------- Cash and cash equivalents are comprised of: Cash at bank and in hand 591 315 992 Secured bank overdrafts (332) (132) - Cash and cash equivalents at end of year 259 183 992 ----------------------------------------- ------ ------ ----
Consolidated statement of changes in equity
For the six months ended 31 March 2021
Share Foreign Retained Other Merger Total Non Total capital currency earnings distributable reserve controlling equity translation reserve interests reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- --------- At 1 October 2020 1,652 (16) 41 1,494 1,176 4,347 27 4,374 Loss for the period - - (603) - - (603) (5) (608) Other comprehensive income - (159) - - - (159) (4) (163) --------------- --------- ------------- ---------- -------------- --------- --------- -------------- --------- Total comprehensive loss - (159) (603) - - (762) (9) (771) At 31 March 2021 1,652 (175) (562) 1,494 1,176 3,585 18 3,603 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
For the six months ended 31 March 2020
Share Foreign Retained Other Merger Total Non Total capital currency earnings distributable reserve controlling equity translation reserve interests reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- --------- Balance at 30 September 2019 as originally presented 1,652 22 37 1,494 1,176 4,381 133 4,514 Effect of adoption of IFRS16 * - - (36) - - (36) - (36) Restated total equity at 1 October 2019 1,652 22 1 1,494 1,176 4,345 133 4,478 Profit for the period - - 96 - - 96 6 102 Other comprehensive income - 4 - - - 4 - 4 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- --------- Total comprehensive profit - 4 96 - - 100 6 106 At 31 March 2020 1,652 26 97 1,494 1,176 4,445 139 4,584 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
Consolidated statement of changes in equity (continued)
For the year ended 30 September 2020
Share Foreign Retained Other Merger Total Non Total capital currency earnings distributable reserve controlling equity translation reserve interests reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- --------- Balance at 30 September 2019 as originally presented 1,652 22 37 1,494 1,176 4,381 133 4,514 Effect of adoption of IFRS16 * - - (1) - - (1) - (1) Restated total equity at 1 October 2019 1,652 22 36 1,494 1,176 4,380 133 4,513 Profit for the period - - 5 - - 5 (25) (20) Acquisition of minority interest - - - - - - (81) (81) Other comprehensive income - (38) - - - (38) - (38) --------------- --------- ------------- ---------- -------------- --------- --------- -------------- --------- Total comprehensive profit - (38) 5 - - (33) (106) (139) At 30 September 2020 1,652 (16) 41 1,494 1,176 4,347 27 4,374 --------------- --------- ------------- ---------- -------------- --------- --------- -------------- ---------
* Effect of adoption of IFRS16: The restatement of retained earnings on adoption of IFRS16 being (GBP36k) per the interim statements as at 31 March 2020 was revised down to (GBP1k) on completion of the 30 September 2020 audited financial statements. This was due to a change in the assumption of the Groups' incremental borrowing rate at the date of initial application.
Notes to the Interim Report
1 Basis of preparation
The financial information presented in this Interim Report has been prepared in accordance with the recognition and measurement principles of international accounting standards in conformity with the requirements of the Companies Act 2006 that are expected to be applicable to the financial statements for the year ending 30 September 2021 and on the basis of the accounting policies expected to be used in those financial statements.
2 New accounting standards, amendments and interpretations applied
A number of new or amended standards and interpretations to existing standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.
3 Operating segments
The Group comprises a single business segment and three separately reportable geographical segments (together with a Group costs segment). Geographical segments are based on the location of the operation undertaking each project. Turkey (and Russia in the comparative periods) are included within Continental Europe together with Germany and the Czech Republic.
Segment revenue Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 United Kingdom 3,441 4,093 7,106 Middle East 1,581 3,135 4,823 Continental Europe 258 147 237 --------------------- ------------- Total 5,280 7,375 12,166 --------------------- ------------- ------------- -------------- Segment revenue less sub consultant Unaudited Unaudited Audited costs six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 United Kingdom 2,591 4,086 6,990 Middle East 1,352 2,627 4,122 Continental Europe 196 147 224 -------------------------------------- ------------- Total 4,139 6,860 11,336 -------------------------------------- ------------- ------------- -------------- Segment result before tax Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 United Kingdom (837) 41 (282) Middle East (280) (165) (472) Continental Europe 121 179 511 Group costs (21) 81 197 ---------------------------- ------------- ------------- -------------- Total (loss)/profit (1,017) 136 (46) ---------------------------- ------------- ------------- -------------- Segment result before tax Unaudited Unaudited Audited (before reallocation of group six months six months year to management charges) to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 United Kingdom (567) 311 214 Middle East (79) 103 (23) Continental Europe 227 247 657 Group costs (598) (525) (894) --------------------------------- ------------- ------------- -------------- Total (loss)/profit (1,017) 136 (46) --------------------------------- ------------- ------------- -------------- 4 Other operating income Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 Property rental income 79 78 148 Management charges to associate and joint ventures 65 54 122 Government grants (UK furlough scheme) 42 - 158 Licence fee income 2 1 - Other sundry income 2 9 27 Total other operating income 190 142 455 ---------------------------------- ------------- ------------- -------------- 5 Earnings per share
The calculations of basic and diluted earnings per share are based on the following data:
Earnings Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 (Loss) / profit for the period (603) 96 5 --------------------------------- ------------- ------------- -------------- Number of shares Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 '000 '000 '000 Weighted average number of shares 165,214 165,214 165,214 Effect of dilutive options - - - ----------------------------------- ------------- ------------- -------------- Diluted weighted average number of shares 165,214 165,214 165,214 ------------------------------------ ------------- ------------- -------------- 6 Reconciliation of profit before tax to net cash from operations Unaudited Unaudited Audited six months six months year to to 31 March to 31 March 30 September 2021 2020 2020 GBP'000 GBP'000 GBP'000 (Loss) / profit before tax - continuing operations (1,017) 136 (46) Finance costs 49 78 112 Share of results of associate and joint ventures (71) (106) (442) Intangible amortisation 32 40 79 Depreciation 63 24 74 Amortisation of right-of-use assets 192 135 340 Profit on disposal of property, plant and equipment (1) (2) - (Increase) / decrease in trade and other receivables (976) (500) 989 Increase / (decrease) in trade and other payables 1,207 (605) (794) Change in provisions (52) (38) (79) Unrealised foreign exchange differences (85) 2 (82) ------------------------------------- ------------- ------------- -------------- Net cash (expended by) / generated from operations (659) (836) 151 ------------------------------------- ------------- ------------- -------------- 7 Analysis of net funds Unaudited Unaudited Audited at 31 March at 31 March at 2021 2020 30 September GBP'000 GBP'000 2020
GBP'000 Cash at bank and in hand 591 315 992 Secured bank overdrafts (332) (132) - ---------------------------- ------------- ------------- -------------- Cash and cash equivalents 259 183 992 Secured bank loan (58) (194) (155) ---------------------------- ------------- Net funds/(debt) 201 (11) 837 ---------------------------- ------------- ------------- -------------- 8 Status of Interim Report
The Interim Report covers the six months ended 31 March 2021 and was approved by the Board of Directors on 28 June 2021. The Interim Report is unaudited.
The interim condensed set of consolidated financial statements in the Interim Report are not statutory accounts as defined by Section 434 of the Companies Act 2006.
Comparative figures for the year ended 30 September 2020 have been extracted from the statutory accounts of the Group for that period.
The statutory accounts for the year ended 30 September 2020 have been reported on by the Group's auditors and delivered to the Registrar of Companies. The audit report thereon was unqualified, did not include references to matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain a statement under Section 498 of the Companies Act 2006. The audit report did draw attention to the Directors' assessment of going concern, indicating that a material uncertainty exists that may cast significant doubt on the Group's and parent company's ability to continue as a going concern. The audit report was not modified in respect of this matter.
9 Further information
An electronic version of the Interim Report will be available on the Group's website (www.aukettswankeplc.com).
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