Aukett Swanke profits below target

Aukett Swanke Group the international group of architects and interior designers, reports below target pre-tax profits of £0.9m for the year to the end of September.

This is down from £1.9m but the group says the result reflects a solid performance after taking account of the challenges it faced including volatility in the UK market, particularly in the light of Brexit vote; the geopolitical challenges in Russia; and integration in the Middle East following its second acquisition there in eight months.

Other highlights:

- Achieved revenue target of £20.8m (2015: £18.7m)

- EPS 0.47p (2015: 1.00p) per share

- Cash maintained at £1.8m (2015: £1.9m) with net funds £0.8m after new acquisition loan

- Net assets grew to £7.2m (2015: £6.3m)

Chief executive Nicholas Thompson said: "We have made considerable progress with our strategic growth plans for the Group by making a further acquisition in the Middle East. 2017 will see a period of consolidation of our recent additions in order to benefit the Group over the longer term."

At 8:07am: (LON:AUK) Aukett Swanke Group PLC share price was -0.5p at 3p