Aukett Fitzroy Robinson Group Plc, (“the Group”) the international practice of architects and interior design specialists, announces the following update on trading.
In February 2011, we reported that our Russian operation had successfully bid on a number of new projects. We are pleased to confirm that these projects are continuing as anticipated, and in addition we have now been successful in securing the following prestigious new commissions following international competitions:
- We have been appointed architects to 200,000 square metre resort development on the Black Sea coast by a major Russian property development company; and
- We been awarded a new five star hotel in Sochi by one of Russia’s largest companies.
These projects underpin the workload of our Russian operation for the next two years. As a result we expect our Russian operation to return to profitability, reversing the losses reported last year.
Trading conditions in other areas of the Group remain subdued and are expected to remain in a holding pattern until volumes of work improve.
Our decision to maintain a core competency in London is allowing us to respond to a sustained level of new and high quality project enquiries which we would expect would convert into a number of full instructions later in the current financial year.
Overall, and principally as a consequence of our investment in staff across our operations, we anticipate that the Group will be loss-making in the first half of the current financial year due to holding staff resources in excess of income and that trading will move back into profit in the second half of the year.
Aukett Fitzroy Robinson – 020 7636 8033
Nicholas Thompson, Chief Executive Officer
Duncan Harper, Group Finance Director
FinnCap – 020 7600 1658
Clive Carver or Rose Herbert – Corporate Finance
Stephen Norcross or Simon Starr – Corporate Broking
Hermes Financial PR
Chris Steele – 07979 604687
Trevor Phillips – 07889 153628