Trading Update, Contract Wins and Awards
In advance of the interim results for the six months to 31 March 2010, to be published in June 2010, Aukett Fitzroy Robinson Group Plc (the “Group”), the international practice of architects and interior design specialists, is pleased to advise that it expects first half losses to 31 March 2010 to be down 75 per cent on the prior half year loss of £1.2million (31 March 2009) at just over £300,000. This result is a smaller loss than management had budgeted for in this period.
More encouraging is that the Group has generated cash of circa £500,000 in the six months to 31 March 2010, thereby reducing net debt to below £1 million (net debt at 30 September 2009 £1.4 million). The monies due from the successful litigation of approximately £1.2 million are still to be collected and the timing of any collection is likely to be dependent upon the sale of the UK properties upon which the monies are secured.
The Group is committed to maintaining its skill base across its network of international offices during the current economic slowdown which continues to have a short term impact on financial performance.
The Group has won a number of new projects in London including the re-development of a residential and retail block in Covent Garden, the master-planning of a 1.2 acre site in Kensington, a West London site comprising up to 1.2 million square feet of future development space, and is currently bidding or working on a number of other significant sites in the capital.
We have also built upon our hotel success in the Middle East with new Marriott schemes in Russia, a fit out for Radisson Edwardian in Scotland and a new Sheraton in Germany. We have a number of other hotel schemes at the bid stage.
We are also pleased to announce that the £100 million office refurbishment at Queens Anne’s Gate in the West End for Land Securities has received a coveted Breeam “Excellent” rating for environmental standards and won this year’s British Council for Offices Award (London and South East region) for Regeneration and Refurbishment. Also at the British Council for Offices Awards the Head Office building and Fit-Out (£33 million) for NAPP Pharmaceuticals at the Cambridge Science Park won the Midland and Eastern region award in the Corporate and Workplace category.
Aukett Fitzroy Robinson – 020 7636 8033
Nicholas Thompson, Chief Executive Officer
Duncan Harper, Group Finance Director
FinnCap – 020 7600 1658
Corporate Finance Clive Carver / Rose Herbert
Corporate Broking Simon Starr / Stephen Norcross
Hermes Financial PR
Chris Steele – 07979 604687
Trevor Phillips – 07889 153628