Aukett's results are 'poorest for many years'

The firm made a pre-tax profit of £480,000 the previous year. Turnover fell 28% to £15.6m for the year to 30 September from more than £21.7m the previous year.

The figures had been expected, as Aukett's interim results revealed a loss of £1.64m. As a result of this, Aukett's management carried out a review that led to the departure of finance director Robert Warner in July. Andrew Lett was moved from chief executive to deputy chairman with responsibility for client relations, professional standards and corporate planning.

Chairman Ian Mavor said the management shake-up had led to an improved second half of the year. He said: "The year 2001/2 has given us extremely disappointing financial results … the poorest for many years.

"We conducted the management review referred to in the interim report and I am pleased to announce that the measures taken have been a significant contributory factor to the reversal in the downward trend seen in the first half of the year with the group recording a profit in the final quarter."

Aukett has submitted a planning application to Elmbridge council for an 18,500 m² heritage and technology centre for Mercedes Benz at Brooklands racing track in Weybridge, Surrey. Lett said: "This will propel new development and will help project this historic site."