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Sat June 15 2024

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Aukett on turnaround path

20 Sep 11 Loss-making architects Aukett Fitzroy Robinson Group finally expects to return to profit for the second half of the year, to make significantly reduced overall losses for the year.

Aukett made a pre-tax loss of £1.9m in 2009, a loss £789,000 in the year to September 2010 and a loss of £633,000 in the first half of 2011.

However, the company said that there had now been “a marked improvement in the number and size of new enquiries both in the UK and in our Russian business”.

The company told the stock exchange this morning: "We are pleased to announce that a stronger end to the current financial year will return the group to profit in the second half before an exceptional item relating to the previously announced litigation costs. For the year as a whole therefore, we expect to make a much reduced operating loss.”

The litigation concerns £835,000 that it is owed in respect fees, VAT, costs and interest resulting from legal judgments connected with a formerly proposed redevelopment in Piccadilly, London.

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New projects taken on that are driving the turnaround are mainly prestige projects that will be built in 2013 and beyond, the firm said.  As architects, much of Aukett Fitzroy Robinson's input on these projects will occur before the construction phase over the next 18 to 24 months.

The company has been instructed on the feasibility and planning phases of a total of 24 new projects in the UK and Russia, which provide some 6.8 million sq ft of development space with a combined construction value of £891m.

Group order book currently stands at 42 schemes or projects with a combined construction value of £2.2bn.  Should all these schemes proceed to completion, the balance of fees due would be £82m.

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