Aukett Swanke (LON: AUK) have forecasted strong trading figures, with an expectation to deliver annual profit following a strong end to the year.
For the year ended September 30, the London-based firm confirmed it expects to deliver a profit.
This was after the second half of the year was profitable, allowing it to recover from the loss reported in the first half of the year.
Year end cash holdings totaled to £1.1 million, up from £710,000 the year prior.
The figures give a strong outlook for shareholders, as the potential of Aukett Swanke is being realized with these recent figures.
“The recovery from the large loss in 2018 is a tribute to the perseverance of the staff in all of our operations and in the internal rigours of reducing cost during a difficult trading period,” Chief Executive Officer Nicholas Thompson said.
Aukett has sold its Moscow subsidiary Aukett Swanke after deeming it would be better managed locally. The unit will continue to operate under the Aukett Swanke brand.
“The process to find a suitable successor to carry on the Russian business in our name has taken some considerable time to realise,” Thompson added. “Critically, the sale has safeguarded the interests of our staff in Moscow, avoids a costly closure process and provides some upside for shareholders through the ongoing licence arrangement. We are pleased with the outcome”.
The recent announcement shows positive change by management at Aukett, in an attempt to prove to shareholders that there is potential for this young architecture firm.
In January this year, the share price of the firm fell when it posted a loss of £2.54 million for the year to 30 September, compared to a loss the year before of £325,000.
Additionally, the firm added that trading in the new financial year has been stable though the company.
However, Aukett said it remains vigilant regarding possible adverse impacts as a result the forthcoming General Election and prolonged Brexit negotiations.
Following this announcement, shares of Aukett jumped 18.64% to trade at 1.75p per share. 4/11/19 12:47BST.
