Firm says jobs have been stalled and uncertainty may last longer than expected
The country’s only listed architect has warned that projects stalled by the upcoming referendum on the EU could take longer to get going again than predicted.
A decision on whether the UK leaves or remains in the EU is expected to be announced by the morning of June 24 – the day after the referendum.
But in its latest interim results, Aukett Swanke said: “We approach H2 with a certain degree of caution as the post planning order book in the UK may take longer to unwind following the EU referendum than expected.”
The firm, which is headed by chief executive Nicholas Thompson, said revenues and profits in the UK were both down with the practice seeing revenue fall 11% to £6.7 million and pre-tax profits slipping to £498,000 from £927,000.
It said the results had in part been impacted by this month’s referendum with work slowing down as clients waited for an outcome and a number of Brexit clauses inserted into contracts.
Overall turnover at the group in the six months to the end of March was up 9% to £10 million but pre-tax profits fell from £815,000 to £417,000.
Its Middle East returned to profit but problems at its Russia business continue to dog the business with losses at the arm widening more than £100,000 to £118,000.