Litigation and Trading Update
Litigation update
In the announcement of its results for the year ended 30 September 2012 Aukett Fitzroy Robinson Group Plc (“the Group”) included detail of a claim that one of the Group’s subsidiaries had received in respect of former leased premises. The claim received was for £1,041,000 plus un-quantified interest and costs.
Based on professional advice that the claim was significantly inflated with the subsidiary having no liability for some elements, and the quantum of other elements being substantially overstated, a provision of £300,000 in respect of this contingent liability was included in the Group’s 2012 results.
A full and final settlement has now been agreed for £350,000 which has therefore required an increase in the amount previously provided.
Trading update
The Group is pleased to report that its UK business has started the current financial year by performing ahead of the Board’s expectations having secured a number of sizable new projects including refurbishment of the Adelphi Building in Central London for Blackstone.
However the Group’s Russian business has suffered from a project not commencing as originally anticipated causing a gap in its workload, and it has therefore started the current financial year performing below the Board’s expectations.
Having taken account of these factors, and despite the necessary increase in the property related provision referred to above, the Board still expects to meet market expectations for the current financial year.
The profile of current project work means the Board continues to expect the Group’s revenues for the current financial year to be weighted towards the second half of the year.
Enquiries
Aukett Fitzroy Robinson – 020 7843 3000
Nicholas Thompson, Chief Executive Officer
Duncan Harper, Group Finance Director
FinnCap – 020 7220 0500
Matt Goode or Rose Herbert – Corporate Finance
Stephen Norcross or Simon Starr – Corporate Broking
Hermes Financial PR
Chris Steele – 07979 604687
Trevor Phillips – 07889 153628