Revenue up 16% at listed architect - but losses continue
An eight-fold increase in Russian work helped listed architect Aukett Fitzroy Robinson to a 16% increase in turnover in the year to 30 September 2011.
But AFR, which reported grim results in 2010, saw its pre-tax loss jump a third to 拢1.2m in 2011, from 拢787,000 the previous year.
Revenue at the firm鈥檚 Russian business rose from 拢416,000 to 拢3.6m, counteracting a drop in work for the practice鈥檚 other studios in the UK and Middle East.
Turnover across the practice as a whole rose from 拢7.9m to 拢9.2m.
AFR chief executive Nicholas Thompson said the increased loss reflected two exceptional items 鈥 a 拢215,000 loss resulting from the closure of the practice鈥檚 Warsaw studio last September and a 拢835,000 write-off of unpaid fees for a hotel scheme in Piccadilly in West London.
Thompson added that aside from these exceptional items, the architect reduced its loss last year to 拢394,000 and returned to a profit of 拢367,000 in the second half of the financial year.
AFR expects to post a full-year profit in this financial year.
The results reflect an improvement in fortunes for the architect, which saw turnover plummet 47% in 2010, from 拢14.9m in 2009 to 拢7.9m at year end 30 September 2010.
But AFR said it had restructured to adapt to lower workloads and attributed the increase in revenue last year to diversifying the business away from Moscow to the regions in Russia and robust performance for its London studio.
This week to design a major mixed-use development for Imperial College BBC鈥檚 former Wood Lane studios in west London.
No comments yet