Firm鈥檚 UK arm grows but delays to overseas projects weigh down on group鈥檚 profitability
Architect Aukett Fitzroy Robinson has slipped 拢79,000 into the red following delays to a number of overseas projects.
In a statement to the City, the group reported a pre-tax loss of 拢79,000 for the six months to 31 March 2013, compared to a profit of 拢247,000 over the same period last year.
The firm鈥檚 UK arm reported a pre-tax profit of 拢127,000, up from 拢21,000 over the same period last year despite revenue falling by 拢426,000 to 拢2.29m.
Nicholas Thompson, chief executive of AFR, attributed this to 鈥渃lose management of our cost base鈥� resulting in less use of external consultants.
He said he continued to expect the firm to meet market expectations for the full year. He said: 鈥淲e believe the group has better momentum than the interim results might indicate at first sight.
鈥淲e were pleased to see a strong recovery in the UK operations which we believe will continue. Our overseas operations saw some project delays but we are optimistic about the future stream of enquiries.鈥�
Delays in two major projects in Russia hampered AFR鈥檚 operations in the country, which, when combined with other ex-Soviet countries in the region, is the firm鈥檚 second largest market.
Revenue in the region fell to 拢942,000 in the six months to 31 March 2013 from 拢2.3m in the six months to 31 March 2012.
The Russian arm reported a pre-tax loss of 拢245,000 down from a profit of 拢191,000 over the same period last year.
The business in the United Arab Emirates also reported a loss of 拢54,000, down from a profit of 拢37,000 because two major schemes did not progress onto site.
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