Aukett Swanke Group (AUK)

Sector:

Construction and Building Materials

Index:

FTSE AIM All-Share

 1.48p
   
  • Change Today:
      0.000p
  • 52 Week High: 2.15
  • 52 Week Low: 0.85
  • Currency: UK Pounds
  • Shares Issued: 336.07m
  • Volume: 0
  • Market Cap: £4.96m
  • RiskGrade: 194

Aukett Swanke records higher full-year profit

By Josh White

Date: Friday 02 Feb 2024

LONDON (ShareCast) - (Sharecast News) - Building, architectural and design service provider Aukett Swanke said in an update on Friday that, based on unaudited management accounts, it recorded a small pre-tax profit for the year ended 30 September, excluding exceptional items related to acquisitions.
The AIM-traded company achieved revenues of £14m, up from the previous financial year's £7.1m.

It said it anticipated that its performance for the 2024 financial year would continue to be weighted towards the second half of the year.

Aukett Swanke also announced a new 12-month funding facility for its subsidiary Torpedo Factory Group (TFG).

The facility was secured against the Old Torpedo Factory property located in West London, which had been listed for sale.

It said the new facility included a £1.4m loan, with £1.36m structured as interest-only payments and £0.04m to be repaid monthly.

That refinanced and replaced the existing mortgage on the property, which was set to expire on 7 February.

Although offers had been received for the Old Torpedo Factory, no sale agreement had been reached yet.

However, the new funding facility would enable Aukett Swanke to continue negotiations and pursue the sale of the property in an organised way.

The property was independently valued at £3.08m in July, but the company expected the sale price to be lower due to current market conditions.

TFG also had around £0.9m of CBILS-backed loan finance outstanding, with monthly repayments scheduled until July 2026.

The arrangement remained unaffected by the new funding facility.

Additionally, the company held another CBILS-backed loan of around £0.1m, which was set to be fully repaid by May, alongside an overdraft facility of £0.25m.

On 27 December, Aukett Swanke completed the disposal of its loss-making Turkish subsidiary Aukett Swanke Mimarlik to ASM's management for a nominal sum.

A name licence agreement had been established, stipulating licence fees based on revenue generated.

Given the company's size, the revenues, trading losses and assets subject to disposal were not considered to be material.

Aukett Swanke said it expected to record a loss on disposal, which would amount to less than £0.1m.

The company retained its two German architecture investments, which were continuing to generate profits and provide management fees and dividends to the group.

"We are pleased to have returned the group to full year operational profitability after several years of losses," said chief executive officer Nick Clark.

"Looking ahead to the current financial year, we expect the enlarged group to report record revenues, with the second half performance as usual stronger than the first half.

"The successful sale of our freehold property would eliminate our net debt, enabling us to accelerate our smart buildings strategy."

At 1540 GMT, shares in Aukett Swanke Group were up 20% at 1.11p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

AUK Market Data

Currency UK Pounds
Share Price 1.48p
Change Today 0.000p
% Change 0.00 %
52 Week High 2.15
52 Week Low 0.85
Volume 0
Shares Issued 336.07m
Market Cap £4.96m
RiskGrade 194

AUK Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
70.86% below the market average70.86% below the market average70.86% below the market average70.86% below the market average70.86% below the market average
60% below the sector average60% below the sector average60% below the sector average60% below the sector average60% below the sector average
Price Trend
20.21% above the market average20.21% above the market average20.21% above the market average20.21% above the market average20.21% above the market average
12.20% above the sector average12.20% above the sector average12.20% above the sector average12.20% above the sector average12.20% above the sector average
Income Not Available
Growth
27.39% above the market average27.39% above the market average27.39% above the market average27.39% above the market average27.39% above the market average
51.22% above the sector average51.22% above the sector average51.22% above the sector average51.22% above the sector average51.22% above the sector average

AUK Dividends

  Latest Previous
  Interim Final
Ex-Div 08-Sep-16 07-Apr-16
Paid 10-Oct-16 22-Apr-16
Amount 0.070p 0.11p

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

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