Aukett Swanke's net cash balance continues to improve
Architectural services outfit Aukett Swanke has seen its net cash position improve of late, with the group telling investors on Monday that it doesn't expect the progress to stop any time soon.
Following on from its annual general meeting statement in late March, Aukett Swank revealed that it will report an improved net cash balance of roughly £200,000 as at 31 March 2019 - a marked improvement on the £157,000 in cash held at 30 September 2018 and the net debt balance of £311,000 recorded on 31 March 2018.
Looking forward, the AIM-listed outfit said: "As trading continues to improve during 2019, in line with the guidance re-iterated in the AGM statement, the board expects to show further improvement in the cash position by the year-end."
Aukett Swanke still expects its first trading half to result in a loss, though it expects losses to be "much reduced from the prior year".
"The board continues to be cautious about the overall performance for the full year which remains revenue sensitive, though we are confident to repeat the guidance provided in January, namely that we expect the group overall to be in profit for the 2019 financial year," Aukett Swanke said in its AGM statement on 28 March.
As of 1210 BST, Aukett Swanke shares had tumbled 18.18% to 1.35p.