Aukett Swanke losses deepen amid Brexit uncertainty, UAE slowdown

Writer, Stock Market Wire
Wednesday, January 30, 2019 - 14:44

Architecture and interior design firm Aukett Swanke Group posted a deeper annual loss after Brexit uncertainty and a slowdown in the United Arab Emeriates crimped revenue.

The company booked a pre-tax loss for the year through September of £2.5m, compared to a £0.3m loss on-year.

Revenue slid 22% to £14.4m.

'The burden of the ongoing hiatus in the UK market, combined with a slowdown in the UAE and resultant provisioning, has hit us hard in reporting terms,' chief executive Nicholas Thompson said.

'Although the outlook in the UAE remains negative, we can however take some comfort from the success of our continuing focus on realigning the cost base to lower levels of activity.'

'This is leading us towards a UK breakeven allied with good trading and a positive contribution from our European hub.'

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