Companies: AUK   

Aukett is an international business of architects, designers and engineers with offices in 14 cities across ten countries in Europe. Its client base includes property developers, IT and media companies, in the private and public sectors. Chairman Andrew Lett explains 'disappointing' full year figures were in line with revised expectations following last March's profit warning. Although turnover increased from £18.4m to £18.8m, pre-tax profits dropped 55% to £917,000, down from £2.05m. 'Turnover increased, but we have not got the same margin on the volume', comments Lett. He adds that the slowdown and deferral of projects, and slow debt collection over 2001, resulted in 'significantly' increased borrowings. Lett also warns trading was tough in the first quarter of the current year and those conditions could continue for a while. Encouragingly, he remarks that European operations continued to progress in both turnover and profit and that the projected order book is more solid for the second half of the year. Nevertheless, the outlook is uncertain and 'the year 2001/2002 will be one of consolidation of exiting operations and close control of the debtor and cash position'. Earnings per share fell 70% to 0.64p and the shares slipped back by 1p to 5.5p in early dealings.