Final Results

12.01.12

AukettFitzroyRobinson – Press Release

Aukett Fitzroy Robinson Group Plc

Thursday, January 12th 2012

Announcement of final audited results for the year ended 30 September 2011

Aukett Fitzroy Robinson Group Plc, the international practice of architects and interior design specialists, announces its final audited results for the year ended 30 September 2011.

Key points

·      Return to profitability in the second half of the year with pre-tax profits from continuing operations, before exceptional item, of £367,000.

·      Full year revenues up 20% to £9.1m following growth of Russian business back to pre-recession levels

·      Full year pre tax losses from continuing operations, before exceptional item, down 50% to £394,000

·      Further net cash inflows increase net funds to £318,000.

·      Forward order book remains above £80m

Tim Hodgson, Chairman of Aukett Fitzroy Robinson commented:

“Our need to maintain a skilled and committed workforce at a level that would enable us to win projects in a contracted market resulted in a first half loss. This decision was vindicated by new contracts that have contributed to our return to profitability in the second half of the year. We maintained a solid foundation throughout a difficult trading period and, as and when volumes recover, the quality of our business should enable us to restore earnings to previous levels.”

Enquiries

Aukett Fitzroy Robinson – 020 7843 3000

Nicholas Thompson, Chief Executive Officer

Duncan Harper, Group Finance Director

FinnCap – 020 7600 1658

Sam Smith, Ed Frisby or Rose Herbert – Corporate Finance

Stephen Norcross or Simon Starr – Corporate Broking

Hermes Financial PR

Chris Steele – 07979 604687

Trevor Phillips – 07889 153628

Summary income statement

For the year ended 30 September 2011

Continuing operations

(excluding exceptional item)

 

First Half

£’000

Second Half

£’000

Total

£’000

Revenue 3,007 6,068 9,075
       
Sub consultant costs (295) (2,473) (2,768)
Revenue less sub consultant costs 2,712 3,595 6,307
       
Operating costs (3,552) (3,261) (6,813)
Share of associate & joint venture 79 33 112
Result before tax from continuing operations excluding exceptional item  

(761)

 

367

 

(394)

Five year summary

Years ending 30 September

Continuing operations

 

2011

£’000

2010

£’000

2009

£’000

2008

£’000

2007

£’000

Revenue

 

9,075 7,556 14,492 22,101 19,221
(Loss) / profit before tax and exceptional item

 

 

(394)

 

(787)

 

(1,797)

 

2,473

 

2,440

(Loss) / profit after tax and exceptional item

 

 

(955)

 

(577)

 

(1,338)

 

1,786

 

1,641

Basic (losses) / earnings per share (pence)

 

 

(0.65)

 

(0.40)

 

(0.92)

 

1.23

 

1.13

Dividends per share (pence)

 

0.11 0.10 0.20
Net assets

 

2,689 3,804 4,389 5,913 4,241
Net funds / (debt)

 

318 139 (1,393) 410 1,694

 

Chairman’s statement

 

In my last report I stated that in times of uncertainty there is a flight to quality. In many respects our experience and performance this year reflects that sentiment. Our order book across the group is populated by clients and their projects covering the upper echelons of the commercial development and investment market place, and is testament to the inherent value of our people and the service that is provided.

Our drive to maintain our quality of service, in the limited market place in which we now find ourselves, is reflected in our results – which are very much a tale of two halves.

As we have previously explained, we felt it important to maintain the levels of core competencies and capacity, insofar as we were able, in order to win projects from the limited number of available opportunities in various property markets. The resultant mismatch led to a loss before tax from continuing operations in the first half of £761,000 (2010: Loss of £306,000).

However, we were pleased to report a significant strengthening of our order book as we gained market share and, as a result, the second half was characterised by continuing instructions from these project wins and resulted in a turnaround in our fortunes with a pre-tax profit, before exceptional item, from continuing operations of £367,000 (2010: Loss of £481,000).

Our revenue rose from last year’s £7,556,000 by 20% to £9,075,000 this year. At the same time our cash inflows improved with year end net funds rising to £318,000 (2010: £139,000) thereby maintaining the sound financial base established last year.

I have referred in previous statements to the importance of four key qualities of Aukett Fitzroy Robinson: a quality brand, a skilled and committed workforce, a sound financial base and a consequent strong order book. Each of these ingredients is firmly in place. Our historic focus on the private development sector has limited our exposure to the downturn in government sponsored projects and although the cost reduction process has been painful we believe the company has a sustainable base from which it can look to expand.

Whilst we do not see any general improvement in the trading environment in our key markets of the United Kingdom, Continental Europe and Russia until at least 2014, some two years later than previously anticipated, we do remain confident in our ability to maintain the level of performance recently achieved.

Tim Hodgson

Chairman

11 January 2012

 

Chief Executive Officer’s report

Overview

Against a background of a continuing decline in construction activity in the markets in which we operate, it is pleasing to be able to report that we have returned to underlying profitability in the second half of the year as anticipated at the interim report stage and in our recent trading update.

We achieved a second half pre-tax profit of £367,000 from continuing operations before the exceptional item (2010: Loss of £481,000) which reduced the year end loss from continuing operations before tax and exceptional item to £394,000 (2010: Loss of £787,000) an improvement of 50% over the prior year result.

This improving performance has been under-pinned by the conversion into planning applications of a number of high profile projects that were won in 2010 and in early 2011, initially by the Russian operation and latterly by the United Kingdom. Conversion of projects from the feasibility stage, where the revenue flow is quite small, to the planning stage is an essential ingredient in our business model as it provides not only for continuity in our current workload but tangentially creates a better and more positive environment for projects on hold to be re-considered as development prospects.

During the period we considerably reduced our exposure to the Middle East to a base cost in part as a result of the Arab Spring but more as a result of the reduction in state funding of projects in the United Arab Emirates.

Our focus in the regional city market of Russia with an emphasis on new hotel development, and on the London commercial refurbishment market in the United Kingdom, has proven to be a beneficial decision as our revenues have risen during the year.

Our order book remains above £82m (2010: £85m) as some schemes are now converting to instructed projects. Of the forty-two schemes identified, fifteen are expected to generate revenue in 2012 and a further seven are at their feasibility stage, providing an element of certainty in our near term revenue visibility. Whilst a large number of projects remain on hold this does provide some robustness to our forward projections.

Summary of results

Revenues increased to £9,075,000 (2010: £7,556,000) due to a larger proportion of general designer commissions which require us to engage other consultants on the project team and record their fees within revenue. After adjusting for this sub consultant cost, group net revenues were marginally down at £6,307,000 (2010: £6,544,000).

In addition to the pre-tax and pre-exceptional loss of £394,000 our discontinued Polish office lost £215,000 (including closure costs) and we recognised an exceptional item of £835,000 relating to the provision against the probable non-recovery of a debt secured by charges over the properties to which it related as their sale did not realise enough to cover the prior mortgage charge.

In light of this we performed strongly in generating cash from our operations and ended the year with net funds of £318,000 (2010: £139,000) which represents a major turnaround during the second half from the net debt of £409,000 reported at the interim stage. Cash balances around the group at the year end amounted to £912,000 (2010: £946,000).

Review of operations

Generally the markets in which we operate have all contracted during the current period such that new commissions arise from us increasing our market share rather than from increased market activity. Our stance on previously retaining an excess of core staff skill in both architecture and interior design has been borne out by the level of our order pipeline and conversion of that pipeline into real commissions. A key element in client decision-making when appointing a consultant is that consultant’s ability to provide a full service to the project requirements, and in situ staff resources, which are critical to this decision.

United Kingdom revenues declined to £5,027,000 (2010: £5,746,000) as much of the new work came in the second half resulting in a loss of £351,000 (2010: Profit of £695,000). However, the second half returned a profit, before exceptional item, of £216,000 (2010: £78,000) on revenues of £2,686,000 (2010: £2,996,000) highlighting the return to profitability at these lower levels of activity as work loads returns.

In the face of a declining regional commercial property development market in the United Kingdom both offices outside London were closed and the business consolidated into a single studio in London. This has proven to have been a successful strategy as new projects have been commissioned by PruPim, Scottish Widows, Great Portland Estates, Orchard Street Investments, The Mercers’ Company and the Grosvenor Estate in the City and West End. We won a limited competition for a new £70m School of Public Health for Imperial College and are working in conjunction with other architects to submit a planning application to Hammersmith and Fulham Council on the Imperial Woodlands campus for a total of 1 million sq ft of commercial and residential development. Our Interior Design team continued on fit-out projects for GE: on the Ark in Hammersmith and in their Stockholm, Frankfurt and Moscow offices. Our hotel team has a long term commission to refurbish the London Metropole Hilton hotel on the Edgware Road which is one of Europe’s largest hotels. More recently we have been commissioned on a new retail department store development of 130,000 sq ft and a hotel-led scheme of almost 1m sq ft – both outside of London.

The Middle East has been separated out from the UK operation (where the London office previously provided design and drawing services). The costs of operation, resulting in the losses generated in prior years, have been reduced to a base running cost of £224,000 in anticipation of a return of pre-recession activity levels last seen in 2008/09.

In Russia we successfully bid on a number of projects in 2010 and progressed with the planning application and building regulation stages in the second quarter of the financial year. This has significantly lifted revenues to £3,582,000 including sub consultant costs (2010: £430,000). Here too the operation was only able to capitalise on this new work as a result of the previous decision to retain our core skills in the office. As a result, a pre-tax profit of £192,000 (2010: Loss of £830,000) was achieved in the year.

The re-emergence of project work in Russia has been in regions of Krasnodar, Kazan and Krasnoyarsk. Our largest scheme is a 3,600 bed development to be operated by Radisson under their Park Inn brand in Sochi for the 2014 Winter Olympics. We have carried out a feasibility study for Gazprom on the Black Sea coast and building regulations work for London & Regional in Kazan, whilst our scheme in Krasnoyarsk has progressed through planning and into working drawings and should be on site in 2012. We see the regional hotel market being strong for the next few years as international branded operators continue to establish themselves in the local markets.

We have previously reported on the difficulties facing our two continental European offices in Prague and Warsaw. A decision was taken to close the Warsaw office following a long period with little project activity and revenues and certainly insufficient to support a team of architects. The £215,000 loss from discontinued operations includes both the losses incurred prior to closure and the closure costs.

The Prague office has been successful in winning new commissions in areas outside of its core sector skills and still has two large commissions in its order pipeline. The fifty percent decline in revenues to £458,000 (2010: £938,000) confirms the reduced market opportunities and in that respect the containment of the losses to £26,000 (2010: loss of £3,000) is considered a fair performance. The Prague office has a wide range of international clients including: Google, Exxon Mobil, Schenker, Microsoft, First Data, and RoBiN Oil.

Finally our two part owned operations in Germany have enjoyed a far more buoyant level of market activity than in the rest of Europe, and our share of the post tax results of the Berlin and Frankfurt operations has increased to £112,000 (2010: £94,000).

People

In order to retain our core skills we have had to ask some of our staff to waive their entitlement to their full remuneration. We have been able to return some of the staff to full remuneration levels during the year but for some, however, this represents a third year of restraint.  We extend our considerable thanks to those staff who have endured another year of hardship. We are aware that this stricture is a significant burden on both the individuals and their families, and will endeavour to return to full contractual entitlement as soon as it is possible to do so.

Our non-executive chairman, Tim Hodgson, has indicated his wish to retire from the board at the next annual general meeting in March 2012. Tim joined the board in 2008 and brought with him a wealth of commercial property experience from a major consulting practice. His tenure has presided over a period of unprecedented economic turbulence, and our continued viability and underlying strength has been due, in part, to his ability to provide a sound evaluation of strategic imperatives when it was needed most.

I am also delighted to announce that Anthony Simmonds, who joined the board as a non-executive director in 2009 has agreed to take over the chairmanship at the annual general meeting. His wide strategic outlook, with experience covering a range of business types and services, will greatly enhance our ability to emerge and then grow from our current base.

Corporate strategy

We have committed ourselves to the London and Russian markets both of which have yielded a number of new commissions.

We foresee that the London market will fare better than its regional counterparts in the UK over the next few years. There will be pressure on the amount of new space coming onto the market as potential tenants become less visible. This market phenomenon should lead to the refurbishment of more of the existing stock (rather than re-development to entirely new buildings) which is a particular skill set that the London team has.

The Russian market will be impacted by political leadership issues and a drive to improve the regional capitals. This is likely to provide more commissions in the Russian regions and former CIS countries (than Moscow in the short term) which favours a large, locally based practice – we have 35 staff in Moscow. Projects in the capital will re-commence once there is a clear decision on political leadership such that development can resume.

Our commitment to the Middle East has been tempered by the fallout from the Arab Spring, the lack of direct and timely funding for many commercial schemes in the United Arab Emirates and the potential instability that may ensue from any changes to regimes in the region. We shall review our operational viability on a regular basis during which time we are holding our base cost position.

We continue to be open to the possibility of an acquisition of or merger with other practices. However, the lack of market liquidity and service sector debt coupled with the plight of many competitors due to reduced work both in the public and private sectors leads us to retain our status quo position for the time-being. With many firms fragmenting in these difficult times any M&A activity is likely to be opportunity driven.

We are continuing to seek opportunities in new international markets. As part of this ambition we have moved our expansion platform from one of direct or full ownership to one that is more flexible, expansive and capable of early entry without the direct investment that is typical of previous ventures. On this basis we are currently exploring the option of partnering practices in South America through a licensing structure which provides for a low cost entry whilst maximising our brand development.

Summary

Our recent performance supports the more restricted strategy that we have adopted to accommodate industry contraction. Whilst the management of costs and associated cash flows will continue to be central to our operational procedures, our wider remit will be to re-grow the practice through gains in market share thus building on the profitable recovery seen in our recent performance.

Nicholas Thompson

Chief Executive Officer

11 January 2012

 

Consolidated income statement

For the year ended 30 September 2011

  Note Excluding

exceptional

item

£’000

Exceptional

item

(note 3)

£’000

2011

£’000

2010

(as restated)

£’000

Revenue 2 9,075 9,075 7,556
           
Sub consultant costs   (2,768) (2,768) (1,012)
Revenue less sub consultant costs    

6,307

 

 

6,307

 

6,544

           
Personnel related costs   (4,711) (4,711) (5,211)
Office related costs   (1,204) (1,204) (1,091)
Other operating expenses   (934) (835) (1,769) (1,256)
Other operating income   60 60 78
Operating loss   (482) (835) (1,317) (936)
           
Finance income   6 6 106
Finance costs   (30) (30) (51)
Loss after finance costs   (506) (835) (1,341) (881)
           
Share of results of associate and joint venture    

112

 

 

112

 

94

Loss before tax 2 (394) (835) (1,229) (787)
           
Tax credit       274 210
Result from continuing operations        

(955)

 

(577)

           
Result from discontinued operation        

(215)

 

(2)

Loss for the year attributable to equity holders of the company        

 

(1,170)

 

 

(579)

           
Basic and diluted losses per share        
From continuing operations       (0.65)p (0.40)p
From discontinued operation     (0.15)p (0.0)p
Total losses per share 5     (0.80)p (0.40)p

The prior year comparatives have been restated to reflect the discontinuance of the Polish operation as explained in note 4.

Consolidated statement of comprehensive income

For the year ended 30 September 2011

 

    2011

£’000

2010

£’000

Loss for the year   (1,170) (579)
       
Other comprehensive income:      
Currency translation differences   (2) (6)
Currency translation differences

recycled on discontinued operation

   

54

 

Other comprehensive income for the year   52 (6)
       
Total comprehensive income for the year

attributable to equity holders of the company

   

(1,118)

 

(585)

 

Consolidated statement of financial position

At 30 September 2011

  Note 2011

£’000

2010

£’000

Non current assets      
Goodwill   1,596 1,596
Property, plant and equipment   311 375
Investment in associate   118 152
Investment in joint venture   20
Deferred tax   711 329
Total non current assets   2,756 2,452
       
Current assets      
Trade and other receivables   3,271 3,955
Current tax   26 109
Cash and cash equivalents 7 912 946
Total current assets   4,209 5,010
       
Total assets   6,965 7,462
       
Current liabilities      
Trade and other payables   (3,485) (2,561)
Short term borrowings 7 (181) (213)
Provisions   (165) (220)
Total current liabilities   (3,831) (2,994)
       
Non current liabilities      
Investment in joint venture   (19)
Long term borrowings 7 (413) (594)
Deferred tax   (32) (51)
Total non current liabilities   (445) (664)
       
Total liabilities   (4,276) (3,658)
       
Net assets   2,689 3,804
       
Capital and reserves      
Share capital   1,456 1,456
Foreign currency translation reserve   229 177
Retained earnings   (1,438) (271)
Other distributable reserve   2,442 2,442
Total equity attributable to

equity holders of the company

   

2,689

 

3,804

 

Consolidated statement of cash flows

For the year ended 30 September 2011

 

  Note 2011

£’000

2010

£’000

Cash flows from operating activities      
Cash generated from operations 6 215 977
Interest paid   (30) (51)
Income taxes (paid) / received   (45) 410
Net cash inflow from operating activities   140 1,336
       
Cash flows from investing activities      
Purchase of property, plant and equipment   (51) (20)
Sale of property, plant and equipment   3 5
Interest received   6 104
Dividends received   109 119
Net cash generated from investing activities   67 208
       
Net cash flow before financing activities   207 1,544
       
Cash flows from financing activities      
Repayment of bank loans   (150) (150)
Payment of asset finance liabilities   (63) (63)
Dividends paid  
Net cash used in financing activities   (213) (213)
       
Net change in cash, cash equivalents and

bank overdraft

   

(6)

 

1,331

       
Cash and cash equivalents and bank

overdraft at start of year

   

946

 

(373)

Currency translation differences   (28) (12)
Cash, cash equivalents and bank

overdraft at end of year

 

7

 

912

 

946

 

Consolidated statement of changes in equity

For the year ended 30 September 2011

 

  Share capital

£’000

Foreign currency

translation

reserve

£’000

Retained

earnings

£’000

Other

distributable

reserve

£’000

Total

£’000

At 30 September 2009 1,456 183 308 2,442 4,389
Loss for the year (579) (579)
Other comprehensive income  

 

(6)

 

 

 

(6)

At 30 September 2010 1,456 177 (271) 2,442 3,804
           
Loss for the year (1,170) (1,170)
Other comprehensive income  

 

52

 

 

 

52

Share based payment value of employee services  

 

 

 

 

 

3

 

 

 

 

3

At 30 September 2011 1,456 229 (1,438) 2,442 2,689

Notes to the audited final results

1          Basis of preparation

The financial information presented in this announcement has been prepared in accordance with the recognition and measurement principals of International Financial Reporting Standards as adopted by the European Union (‘IFRS’).

2          Operating segments

On 1 October 2010 changes were made to the presentation of segmental financial information which group management uses to make decisions about operating matters, and therefore in accordance with IFRS 8 “Operating segments” these changes have been reflected in the information presented below (and prior period comparatives appropriately restated). The principal changes made were:

·      To separate the group’s Middle East operation from the United Kingdom operation reflecting the implementation of separate management and reporting structures;

 

·      To separate group costs relating to the AIM listing such as nominated advisor and non executive director costs, from the United Kingdom operation; and

 

·      To attribute revenues and costs between segments in line with the group’s management structure.

 

The group now comprises a single business segment and four separately reportable geographical segments (together with a group costs segment).

Segment revenue

2011 Continuing

operations

£’000

Discontinued

operation

£’000

Total

£’000

United Kingdom 5,027 5,027
Russia and Former CIS 3,582 3,582
Continental Europe 458 170 628
Middle East 8 8
Revenue 9,075 170 9,245

 

2010 (as restated) Continuing

operations

£’000

Discontinued

operation

£’000

Total

£’000

United Kingdom 5,746 5,746
Russia and Former CIS 430 430
Continental Europe 938 364 1,302
Middle East 442 442
Revenue 7,556 364 7,920


Segment result

 

2011 Continuing operations excluding

exceptional

item

£’000

Continuing operations

exceptional

item

(note 3)

£’000

Continuing

operations

£’000

Discontinued

operation

£’000

Total

£’000

United Kingdom (351) (835) (1,186) (1,186)
Russia & Former CIS 192 192 192
Continental Europe 86 86 (215) (129)
Middle East (216) (216) (216)
Group costs (105) (105) (105)
Loss before tax (394) (835) (1,229) (215) (1,444)

 

2010 (as restated)     Continuing

operations

£’000

Discontinued

operation

£’000

Total

£’000

United Kingdom     695 695
Russia & Former CIS     (830) (830)
Continental Europe     91 (2) 89
Middle East     (618) (618)
Group costs     (125) (125)
Loss before tax     (787) (2) (789)

Revenue by project site

The geographical split of revenue based on the location of project sites was:

    2011

£’000

2010

(as restated)

£’000

United Kingdom   4,748 5,675
Russia and Former CIS   3,627 416
Continental Europe   859 1,365
Middle East   6 442
Rest of the World   5 22
Revenue (including discontinued operation)   9,245 7,920

 

3          Exceptional item

The group has been pursuing a significant claim for unpaid fees in connection with a former project at 90-95 / 100 Piccadilly in Central London.

In December 2009 the group obtained a favourable judgment awarding the company fees for work performed together with interest, and in January 2010 the group obtained a further favourable judgment regarding the costs of the litigation.

The group had a security charge over the properties ranking below the mortgage charge holder which was one of the UK’s biggest banks. The mortgage charge holder appointed one of the UK’s leading property consultancies as receiver to sell the properties.

The receiver has now sold the properties and the group has been informed by the receivers and the mortgage charge holder that the sale price was less than the amount which the bank as first charge holder claims they are owed. In these circumstances the directors believe that the group is unlikely to recover the amount it is owed, but are continuing to consider the remaining options for pursing recovery.

Accordingly the £389,000 (net of VAT) of fees and the £446,000 of costs and interest owed to the group have been fully provided against.

4          Discontinued operation

In September 2011 the group discontinued its Polish operation. Analysis of the result of the discontinued operation is:

    2011

£’000

2010

£’000

Revenue   170 364
Expenses   (331) (366)
Loss before tax of discontinued operation   (161) (2)
       
Tax  
Loss after tax of discontinued operation   (161) (2)
       
Currency translation differences recycled on discontinued operation    

(54)

 

Result from discontinued operation   (215) (2)

5          Losses per share

The calculations of basic and diluted losses per share are based on the following data:

Losses 2011

£’000

2010

£’000

Loss for the year (1,170) (579)

 

Number of shares 2011

Number

2010

Number

Weighted average of ordinary shares in issue 145,618,693 145,618,693
Effect of dilutive options
Diluted weighted average of ordinary shares in issue 145,618,693 145,618,693

6          Cash generated from operations

    2011

£’000

2010

£’000

Loss before income tax – continuing operations   (1,229) (787)
Loss before income tax – discontinued operation   (215) (2)
Currency translation differences

recycled on discontinued operation

   

54

 

Share based payment value of employee services   3
Finance income   (6) (106)
Finance costs   30 51
Share of results of associate and joint ventures   (112) (94)
Depreciation   114 118
Profit on disposal of property, plant and equipment   (2) (5)
Change in trade and other receivables   639 5,661
Change in trade and other payables   994 (3,644)
Change in provisions   (55) (215)
Net cash generated from operations   215 977

7          Analysis of net funds

    2011

£’000

2010

£’000

Cash and cash equivalents   912 946
Secured bank overdraft  
Cash, cash equivalents and bank overdraft   912 946
       
Secured bank loan   (563) (713)
Asset finance liabilities   (31) (94)
Net funds   318 139

 

    2011

£’000

2010

£’000

Cash and cash equivalents   912 946
Short term borrowings   (181) (213)
Long term borrowings   (413) (594)
Net funds   318 139

8          Status of final audited results

This announcement of final audited results was approved by the board of directors on 11 January 2012.

The financial information presented in this announcement has been extracted from the group’s audited statutory accounts for the year ended 30 September 2011 which will be delivered to the Registrar of Companies following the company’s annual general meeting. The auditor’s report on these accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under either Section 498 (2) or (3) of the Companies Act 2006.

Statutory accounts for the year ended 30 September 2010 have been delivered to the registrar of companies and the auditors’ report on these accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under either Section 498 (2) or (3) of the Companies Act 2006.

The financial information presented in this announcement of final audited results does not constitute the group’s statutory accounts for the year ended 30 September 2011.

9          Annual general meeting

The annual general meeting of the company will be held at 10:30am on Tuesday 27 March 2012 at 36-40 York Way, London, N1 9AB.

10        Annual report and accounts

Copies of the annual report and accounts will be dispatched to shareholders in due course. Copies will also be available on the company’s website (www.aukettfitzroyrobinson.com) and from the registered office of the company (36-40 York Way, London, N1 9AB).