Firm hopes to overturn 88% turonver loss last year
Aukett Fitzroy Robinson has said that it expects to return to profit in Russia after reporting a disastrous 88% slump in revenues in its latest financial results to 30 September 2010.
In a trading update released last week the architectural practice said it had won two new projects that would return the firm to profit in the country.
Aukett Fitzroy Robinson (AFR) said it had been appointed on a 200,000m2 resort on the Black Sea coast, and on a five-star hotel in Sochi, near Georgia.
“These projects underpin the workload of our Russian operation for the next two years. As a result we expect our Russian operation to return to profitability, reversing the losses reported last year,” it said.
In the last financial year its turnover in Russia fell by 88% resulting in a £669,000 loss. Overall the company made a pre-tax loss of £789,000.
Nicholas Thompson, chief executive, said that development had been thrown into turmoil by the mass replacement of mayors across the country by the Kremlin. But AFR said in February it was bidding on a number of projects in the country, and last week confirmed it was continuing.
“In February 2011, we reported that our Russian operation had successfully bid on a number of projects. We are pleased to confirm that these projects are continuing”, AFR said.