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Thu February 20 2020

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Architect firm blames Brexit for shrinking profits

12 Jan 17 Publicly quoted architect Aukett Swanke Group is blaming the EU referendum for a 22% fall in UK revenues between April and September 2016.

Aukett Swanke Group’s financial results for the year to 30th September 2016 also show group profits down by a half.

“The operation was impacted by a general slowdown in construction activity in the first half but more so in the second half as a result of Brexit, the directors said. “Looking forward the UK is likely to see a further reduction in revenues in the first part of the new year before the position stabilises. Therefore we do not expect any contribution in profit terms from the UK until the second half.”

Thanks to overseas business and an acquisition in the Middles East, the firm achieved its revenue target of £20.8m (2015: £18.7m) although profit before tax was below target at £900,000 (2015: £1.9m).

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