Firm’s UK arm grows but delays to overseas projects weigh down on group’s profitability
Architect Aukett Fitzroy Robinson has slipped £79,000 into the red following delays to a number of overseas projects.
In a statement to the City, the group reported a pre-tax loss of £79,000 for the six months to 31 March 2013, compared to a profit of £247,000 over the same period last year.
The firm’s UK arm reported a pre-tax profit of £127,000, up from £21,000 over the same period last year despite revenue falling by £426,000 to £2.29m.
Nicholas Thompson, chief executive of AFR, attributed this to “close management of our cost base” resulting in less use of external consultants.
He said he continued to expect the firm to meet market expectations for the full year. He said: “We believe the group has better momentum than the interim results might indicate at first sight.
“We were pleased to see a strong recovery in the UK operations which we believe will continue. Our overseas operations saw some project delays but we are optimistic about the future stream of enquiries.”
Delays in two major projects in Russia hampered AFR’s operations in the country, which, when combined with other ex-Soviet countries in the region, is the firm’s second largest market.
Revenue in the region fell to £942,000 in the six months to 31 March 2013 from £2.3m in the six months to 31 March 2012.
The Russian arm reported a pre-tax loss of £245,000 down from a profit of £191,000 over the same period last year.
The business in the United Arab Emirates also reported a loss of £54,000, down from a profit of £37,000 because two major schemes did not progress onto site.