Aukett Swanke still expecting a full-year loss

Aukett Swanke said on Friday that it continues to expect to make a loss for the year to 30 September.

The company, which had already warned in its interim results in June that it expected to make an annual loss, said trading in the second six months of the year continued to be slow. Although the group did win new instructions in each of its geographies, the progress through the early stages of each has been intermittent, meaning revenues rose only slightly compared with the first half.

The architects, interior designers and engineers company said it has continued to reduce its operating costs, although the benefit during FY18 will be partly offset by the one-off cost of moving its London studio in the second half.

In brighter news, the company said that it had cash and cash equivalents balances of £694,000 at the end of September compared to £317,000 at the end of March. After accounting for the five-year secure bank loan balance of £552,000, net funds stood at £142,000 at the end of September versus net debt of £311,000 in March.

At 1315 BST, the shares were down 22% to 1.75p.