London architecture firm restores profits after £2.54m loss

An architecture, design and engineering company has confirmed that it has bounced back from a multi-million pound loss.

Aukett Swanke, which is based in London, announced today that it saw a profit before tax of £292k, bouncing back from a loss of £2.54m in 2018.

The firm also saw its revenue rise by 7.7 per cent to £15.49m, with net funds growing £663k.

This follows the sale of its Moscow operation, which it says was “loss-making”.

Nicholas Thompson, CEO of Aukette Swanke, said: “These results are a testament to the positive attitude of all our staff as we have emerged from a difficult trading environment.

“The strong second half performance augurs well for the next financial year, particularly so, given the recent resolution of electoral and Brexit related uncertainty.

“With a leaner and more stream-lined group now in place, after last year’s focus on costs and the disposal of the loss-making Moscow operation, we look forward to improving fortunes for the group in 2020.”

The chairman of the company’s board, Raúl Curiel, said that one of the next priorities for the firm is restoring dividend payments.

He commented: “In addition to a turnaround in profitability from a loss of £2.54m in 2018 to a profit of £0.29m this year, we have also improved our cash management, ending the year with a healthy balance of £0.82m in net funds.

“While it is too soon to restore dividend payments, this remains a high priority for the board.”

“While our fortunes will always be subject to market conditions, I look forward to the remainder of 2020 and beyond with renewed confidence.”

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