Final Results

RNS Number : 6436W
Aukett Fitzroy Robinson Group PLC
30 January 2013
 

Embargoed until 7:00am on Wednesday 30 January 2013

 

 

 

Aukett Fitzroy Robinson Group Plc

 

Announcement of final audited results

for the year ended 30 September 2012

 

 

 

Aukett Fitzroy Robinson Group Plc, the international practice of architects and interior design specialists, announces its final audited results for the year ended 30 September 2012.

 

 

Highlights

 

·      Revenue from continuing operations increased by 6% to £9.15m

 

·      All four geographic operating segments returned to full year profitability

 

·      Pre-tax profits from continuing operations of £210,000 (2011: loss of £1,205,000)

 

·      Net cash generated from operations up 76% to £378,000

 

·      Year end net funds of £326,000

 

·      Long term pipeline of 42 larger schemes with £71m of potential future revenues

 

 

Anthony Simmonds, Chairman of Aukett Fitzroy Robinson commented:

 

"We are very pleased with this result. It is a tribute to the contribution of all our staff that the group has returned to profitability in such adverse market conditions. We look forward to further progress"

 

 

Enquiries

 

Aukett Fitzroy Robinson - 020 7843 3000

Nicholas Thompson, Chief Executive Officer

Duncan Harper, Group Finance Director

 

FinnCap - 020 7220 0500

Matt Goode or Rose Herbert - Corporate Finance

Stephen Norcross or Simon Starr - Corporate Broking

 

Hermes Financial PR

Chris Steele - 07979 604687

Trevor Phillips - 07889 153628

 

 

 

 

 


Chairman's statement

 

 

I am pleased to report, in this, my first annual report as non-executive chairman, that the group delivered a positive result for the year ended 30 September 2012, in line with our expectations and notwithstanding a challenging economic climate in the UK and European Union. Revenue grew to £9.15m (2011: £8.62m) and we achieved a pre-tax profit of £210,000 after three years of losses.

 

This turnaround has come about through the continued focus on design excellence and consistent service delivery to our clients which is evidenced by our design awards, repeat business and constant order book. Management has remained focused on maintaining the necessary skill base to lead the group at project level and thereby ensure that our clients and their projects receive the highest level of consistent and professional service. Our decision to maintain staff levels through these quieter years and our focus on opportunities in London has been rewarded.

 

There remains a general reluctance of well funded clients in the key UK and Russian markets to continue planning consents into built projects due to economic uncertainty and stagnant values. Our experience mirrors this current market characteristic. However, our forward order book has a more positive outlook, remaining constant at £71m (Interim 2012: £72m) but with 62% (Interim 2012: 41%) of the income weighted towards active projects. This, and prior experience, has in part led the board to concentrate some of its resources into those geographic areas which may produce better opportunities for greater longer term returns such as the Middle East and South America.

 

Relationships are key to our success and this is where the hard work and dedication of our staff is essential. I would therefore like to take this opportunity of thanking all of our employees and my colleagues on the board for their considerable contributions over the last twelve months. I am confident that this engagement with what we do will continue in the years ahead.

 

Not withstanding the severe downturn in the construction industry, the board believes that the group is now well placed to achieve improving profitability and as a result, in the medium term, return to the payment of dividends.

 

Looking to the future, the board, having stabilised the business, will continue its strategy of looking for opportunities to expand and diversify the services of the group and look for continuous improvement in the conversion of its planning consents into built projects so that we can deliver further growth in the year to come.

 

 

Anthony Simmonds

Non-Executive Chairman

29 January 2013

 



Chief Executive Officer's report

 

 

Overview

 

Our goal to build upon the profitable recovery that we commenced in second half of 2011 has continued with all geographic operating segments reporting a profit at the year end. This has been achieved by focusing on the quality of instructions undertaken and the inherent design value that they exhibit thereby improving our share of the market. At the same time we have focused on keeping cost levels in check and efficiently managing our balance sheet assets to avoid write downs. The combination of these features has been to reverse the loss trend of 2009 to 2011 and provide a platform within the group for future growth.

 

In architectural terms the year has seen the practice winning numerous awards including the prestigious AJ 100 International Practice of the Year, Sustainability Architect of the Year for Marks & Spencer, and three design awards for 3 St James' Court in Norwich.

 

At the end of the financial year we converted our Czech Republic operation into a joint venture structure with local management holding 50% of the continuing operation.  Therefore the comparative figures for 2011 have been re-presented to exclude these results. 

 

Also, in the prior year, our results included an exceptional cost of £835,000 relating to a claim for unpaid fees in connection with a property redevelopment project. A pre-exceptional comparison for 2011 has been highlighted to enable a better direct comparison to be made with the 2012 result.

 

Summary of results

 

We reversed last year's loss and achieved a profit before tax of £210,000 (2011: loss of £1,205,000 and pre-exceptional loss of £370,000). This has given rise to positive earnings per share of 0.08 pence from continuing operations, the first since 2008.

 

Revenues rose by 6.2% to £9.15m (2011: £8.62m) and revenues net of sub-consultants rose by 13.7% to £6.74m (2011: £5.93m). At the wider group level, the inclusion of revenues from our joint ventures and associates would add a further £6.25m (2011: £4.20m) of revenue should they have been fully consolidated as subsidiaries, increasing the total to £15.40m (2011: £12.82m).

 

With cost increases limited to 3% over 2011 we achieved an operating profit of £59,000 (2011: Loss of £1,289,000 and pre-exceptional loss of £454,000).

 

Finance costs were modest at a net £22,000 (2011: £28,000) and our share of associate and joint venture income after tax was robust at £173,000 (2011: £112,000). After accounting for corporation tax of £103,000 (2011: tax credit of £274,000) and the profit on our discontinued operations of £48,000 (2011: loss of £239,000), a total of £155,000 (2011: charge of £1,170,000) has been transferred to reserves.

 

Cash generation remains one of our stronger performance indicators with net cash generated from operations of £378,000 (2011: £215,000) and net funds rising to £326,000 (2011: £318,000).

 

Review of operations

 

The core markets in which we operate are now exhibiting different characteristics as we emerge from the economic turmoil of the past few years. The UK has a two-tier development market with London dominant against sporadic regional activity consequent to the rapid decline in public sector works and reduced availability of development funding on geared projects. UK construction output is in a medium term decline with market evidence suggesting that this will continue until 2015. 

 

Russia has a development freeze in parts of Moscow leading to a more regional development market, notably for the 2014 Winter Olympics in Sochi and the 2018 Football World Cup. In the United Arab Emirates the balance of opportunity has shifted from Abu Dhabi to Dubai, with the remodelling of existing buildings to compete with their modern day counterparts becoming a key market for us.

 

With each of these changes we have revised our business model to ensure that we are well placed by our architectural and interior design skill, our track record and location to procure part of the available market.

 

United Kingdom

 

UK revenues increased slightly to £5.16m (2011: £5.03m) returning a modest pre-tax profit of £38,000 (2011: loss of £1.19m and pre-exceptional loss of £351,000), achieved from more efficient working.

 

The year saw a number of projects progress through the planning application stage to consent, including 30 Berkeley Square in Mayfair for PRUPIM, three buildings for Imperial College in West London comprising 936,000 sq ft, a new 215,000 sq ft headquarters building in Bristol for Commercial Estates, and 125 Wood Street in the City of London for Orchard Street. A further three projects were submitted for planning: 1 Welbeck Street in Westminster for Scottish Widows; the London Metropole Hilton Hotel for Tonstate and the Fenwick store at Brent Cross all by the year end. Three major schemes completed: 123 Victoria Street in London for Land Securities, the new flagship sustainable store for Marks & Spencer at Cheshire Oaks and the post graduate accommodation for Imperial College in West London.

 

There are a number of schemes waiting to progress to planning including: a 200,000 sq ft department store in Colchester, a 250,000 sq ft business park in Norwich, and a further 45 hectare mixed-use campus development in Cambridge. Our executive architecture arm, Veretec, increased its pre tender audit work which, for the first time, accounted for over one third of its income, assisting the major UK contractors of Sir Robert McAlpine, Mace, Skanska, Wates, Kier, Osborne, and others.

 

Russia

 

Revenue remained unchanged at £3.55m (2011: £3.58m). However pre-tax profits fell to £58,000 (2011: £192,000), principally as a result of higher staffing costs and the final result was well below our expectations.

 

The Russian operation had a mixed year with only two major schemes, both of which endured variable progress. The drawing programme on our project in Sochi was prolonged due to numerous changes which reduced the anticipated profit on the project in terms of timing, and the other project in Siberia was subject to various temporary suspensions. Both these projects required an elongation of fees and thus a reversal of profit between the first and second halves of the year. We have a number of high profile replacement projects but it appears that funding is becoming more of an obstacle to early instruction. However, the office continues to receive a high volume of enquires across a wide spectrum of project types which reflects a more positive outlook for our services.

 

Middle East

 

With only £8,000 revenue in 2011 the bar was set very low. Revenue actually achieved, at £446,000, fully repaid our confidence in maintaining our position in this strategically important market and the operation returned a healthy 10% margin with a pre-tax profit of £44,000 (2011: loss £216,000).

 

The impact of the Arab Spring can now be seen in the direction and location of projects that arise. This shift has taken us from Abu Dhabi to the more buoyant market of Dubai but now projects are less iconic and require innate architectural building skill to re-model and refurbish the older stock to compete with the buildings of the last boom.

 

Continental Europe

 

We have taken a strategic view that Continental Europe will take some considerable time to recover volumes in development terms and during that period fee levels and opportunities will be at the lower end of our business model expectations. Accordingly we decided to transfer a 50% share in our Czech Republic operation to local management. This brings the structure in line with our German operations, both of which are only partly owned.

 

Berlin has continued to prosper with a full order book in 2012 and well into 2013. With incentivised local management, a post-tax profit share of £185,000 (2011: £73,000) was achieved. Our share of Frankfurt's post-tax loss for the year was £12,000 (2011: profit of £39,000) due to the reduced number of projects in progress.

 

The Czech operation eventually recorded a small loss of £8,000 (2011: loss of £24,000) but only at the expense of substantial salary waivers by its staff and by using a minimal cost model to operate.

 

The Berlin office has an excellent local track record in both hotel and retail shopping architecture whilst Prague and Frankfurt are more focused in interior design and smaller architectural commissions.

 

People

 

Staff and their skills are at the very heart of a design based practice. Maintaining these skills, motivating the individuals that have them and retaining these staff in the firm are especially challenging tasks that we face in times of economic difficulty. Whilst exciting projects to work on and good comradeship play their part, mere thanks in a published report will always be insufficient gratitude, and management can but reflect upon the loyalty and dedication that our staff provides to the company and what may be possible with future rewards when circumstances allow.

 

The board has reduced in number following several retirements over recent years and currently only one member is an architect. The intention of the board is to broaden the skill set and re-balance the architect to non-architect ratio when future appointments are made.

 

Strategy

 

Our core strategy is to maintain and improve our three hubs of London, Moscow, and the UAE. These are the areas where we can maximise our skill set, track record and market position. Whilst we do not see any large increases in market activity, we remain confident in our ability to maintain and build up our current position. In this regard we believe that some form of non-organic growth is required to compliment that generated internally. Our short term aim is to lift revenues to over £10m in 2013 and towards £15m by 2014. With this two year target we should be able to start to restore historic profit levels and with it we hope to return to dividend payments.

 

We shall continue to operate as an international network (we are ranked 91st in the WA100 2013 listings, which places us in the top 20 UK practices by architects employed) but outside our three hubs this will be based more on a joint venture and licensing strategy rather than outright ownership. This format enables us to maintain an international presence with our brand, but not at a cost that is unaffordable in these more austere times.

 

Order book

 

Over the past six months the structure of our order book has changed quite radically, and we see this as an encouraging sign of future development activity. Our order book of forty-two projects (Interim 2012: forty-six) comprises future fees of £71.19m (Interim 2012: £72.50m).

 

During the second half of the year, a total of thirteen projects were either put up for sale, did not progress beyond the stage reached or completed. This is encouraging on a number of fronts. Firstly, projects that were on hold and have been sold, at market clearing values, reflects real development potential with the new owners, and secondly, those that are abandoned or are not viable even at current levels allows development capital to transfer to more viable schemes.

 

Additionally, of our forty-two projects, those on hold have reduced to ten (Interim 2012:  fifteen), covering fees of £27.11m (2011: £42.20m), and the balance of active projects increased by one to thirty-two, which has seen their future fee value rise to £44.08m (Interim 2012: £30.30m). A step in the right direction.

 

Outlook

 

Having returned to profitability and by making the best use of the assets and resources of the group we expect to both maintain and grow our bottom line profitability in 2013.

 

 

Nicholas Thompson

Chief Executive Officer

29 January 2013

 

 

 

 

 

 



Consolidated income statement

 

For the year ended 30 September 2012

 

 

Note

2012

£'000

2011

excluding

exceptional

item

£'000

2011

exceptional

item

(note 3)

£'000

Total

2011

£'000

Revenue

2

9,150

8,617

-

8,617







Sub consultant costs


(2,406)

(2,683)

-

(2,683)

Revenue less sub consultant costs


 

6,744

 

5,934

 

-

 

5,934







Personnel related costs


(4,596)

(4,409)

-

(4,409)

Property related costs


(1,342)

(1,150)

-

(1,150)

Other operating expenses


(842)

(889)

(835)

(1,724)

Other operating income


95

60

-

60

Operating profit / (loss)


59

(454)

(835)

(1,289)







Finance income


-

2

-

2

Finance costs


(22)

(30)

-

(30)

Profit / (Loss) after

finance costs


 

37

 

(482)

 

(835)

 

(1,317)







Share of results of associate and joint ventures


 

173

 

112

 

-

 

112

Profit / (Loss) before tax

2

210

(370)

(835)

(1,205)







Tax (charge) / credit


(103)



274

Result from continuing operations


 

107



 

(931)







Result from discontinued operations

 

4

 

48



 

(239)

Profit / (Loss) for the year attributable to equity holders of the company


 

 

155



 

 

(1,170)







Basic and diluted earnings / (losses) per share






From continuing operations

0.08p



(0.64)p

From discontinued operations

0.03p



(0.16)p

Total earnings /

(losses) per share

 

5

 

0.11p



 

(0.80)p

 

 



Consolidated statement of comprehensive income

 

For the year ended 30 September 2012

 



2012

£'000

2011

£'000

Profit / (Loss) for the year


155

(1,170)





Other comprehensive income:




Currency translation differences


(27)

(2)

Currency translation differences

recycled on discontinued operations


 

(172)

 

54

Other comprehensive income for the year


(199)

52





Total comprehensive income for the year

attributable to equity holders of the company


 

(44)

 

(1,118)

 

 



Consolidated statement of financial position

 

At 30 September 2012

 

 


Note

2012

£'000

2011

£'000

Non current assets




Goodwill


1,494

1,596

Property, plant and equipment


319

311

Investment in associate


157

118

Investments in joint ventures


9

20

Deferred tax


674

711

Total non current assets


2,653

2,756





Current assets




Trade and other receivables


2,502

3,271

Current tax


152

26

Cash and cash equivalents

8

739

912

Total current assets


3,393

4,209





Total assets


6,046

6,965





Current liabilities




Trade and other payables


(2,641)

(3,485)

Short term borrowings

8

(150)

(181)

Provisions

6

(321)

(165)

Total current liabilities


(3,112)

(3,831)





Non current liabilities




Long term borrowings

8

(263)

(413)

Deferred tax


(19)

(32)

Total non current liabilities


(282)

(445)





Total liabilities


(3,394)

(4,276)





Net assets


2,652

2,689





Capital and reserves




Share capital


1,456

1,456

Foreign currency translation reserve


30

229

Retained earnings


(1,276)

(1,438)

Other distributable reserve


2,442

2,442

Total equity attributable to

equity holders of the company


 

2,652

 

2,689

 

 


Consolidated statement of cash flows

 

For the year ended 30 September 2012

 


Note

2012

£'000

2011

£'000

Cash flows from operating activities




Cash generated from operations

7

378

215

Interest paid


(22)

(30)

Income taxes paid


(223)

(45)

Net cash inflow from operating activities


133

140





Cash flows from investing activities




Purchase of property, plant and equipment


(153)

(51)

Sale of property, plant and equipment


1

3

Disposal of subsidiary, net of cash disposed


(95)

-

Interest received


-

6

Dividends received


134

109

Net cash (used in) / generated from investing activities


 

(113)

 

67





Net cash flow before financing activities


20

207





Cash flows from financing activities




Repayment of bank loans


(150)

(150)

Payment of asset finance liabilities


(31)

(63)

Dividends paid


-

-

Net cash used in financing activities


(181)

(213)





Net change in cash, cash equivalents and

bank overdraft


 

(161)

 

(6)





Cash and cash equivalents and bank

overdraft at start of year


 

912

 

946

Currency translation differences


(12)

(28)

Cash, cash equivalents and bank

overdraft at end of year

 

8

 

739

 

912

 

 



 Consolidated statement of changes in equity

 

For the year ended 30 September 2012

 


Share capital

£'000

Foreign

currency

translation

reserve

£'000

Retained

 earnings

£'000

Other

distributable

reserve

£'000

Total

£'000

At 30 September 2010

1,456

177

(271)

2,442

3,804

Loss for the year

-

-

(1,170)

-

(1,170)

Other comprehensive income

 

-

 

52

 

-

 

-

 

52

Share based payment value of employee services

 

 

-

 

 

-

 

 

3

 

 

-

 

 

3

At 30 September 2011

1,456

229

(1,438)

2,442

2,689







Profit for the year

-

-

155

-

155

Other comprehensive income

 

-

 

(199)

 

-

 

-

 

(199)

Share based payment value of employee services

 

 

-

 

 

-

 

 

7

 

 

-

 

 

7

At 30 September 2012

1,456

30

(1,276)

2,442

2,652

 



Notes to the audited final results

 

 

1          Basis of preparation

 

The financial information presented in this announcement has been prepared in accordance with the recognition and measurement principals of International Financial Reporting Standards as adopted by the European Union ('IFRS').

 

 

2          Operating segments

 

The group comprises a single business segment and four separately reportable geographical segments (together with a group costs segment). Geographical segments are based on the location of the operation undertaking each project.

 

The group's associate and joint ventures are all based in Continental Europe.

 

Segment revenue

 

2012 Segment revenue

Continuing

operations

£'000

Discontinued

operations

£'000

Total

£'000

United Kingdom

5,157

-

5,157

Russia and Former CIS

3,547

-

3,547

Middle East

446

-

446

Continental Europe

-

545

545

Revenue

9,150

545

9,695

 

2011 Segment revenue

 

Continuing

operations

£'000

Discontinued

operations

£'000

Total

£'000

United Kingdom

5,027

-

5,027

Russia and Former CIS

3,582

-

3,582

Middle East

8

-

8

Continental Europe

-

628

628

Revenue

8,617

628

9,245

 

Segment result

 

2012 Segment result

 



Continuing

operations

£'000

Discontinued

operations

£'000

Total

£'000

United Kingdom



38

-

38

Russia & Former CIS



58

-

58

Middle East



44

-

44

Continental Europe



168

60

228

Group costs



(98)

-

(98)

Profit before tax



210

60

270

 



 

2011 Segment result

 

Continuing operations excluding

exceptional

item

£'000

Continuing operations

exceptional

item

(note 3)

£'000

Continuing

operations

£'000

Discontinued

operations

£'000

Total

£'000

United Kingdom

(351)

(835)

(1,186)

-

(1,186)

Russia & Former CIS

192

-

192

-

192

Middle East

(216)

-

(216)

-

(216)

Continental Europe

110

-

110

(239)

(129)

Group costs

(105)

-

(105)

-

(105)

Loss before tax

(370)

(835)

(1,205)

(239)

(1,444)

 

Revenue by project site

 

The geographical split of revenue based on the location of project sites was:

 



2012

£'000

2011

£'000

United Kingdom


4,979

4,748

Russia and Former CIS


3,537

3,627

Middle East


587

6

Continental Europe


559

859

Rest of the World


33

5

Revenue including discontinued operations


9,695

9,245

 

 

3          Prior year exceptional item

 

The group had been pursuing a significant claim for unpaid fees in connection with a former property redevelopment project in Central London.

 

In December 2009 the group obtained a favourable judgment awarding the group fees for work performed together with interest, and in January 2010 the group obtained a further favourable judgment regarding the costs of the litigation. The group also obtained a security charge over the properties ranking below the bank who were the first charge holder.

 

Following the bank's appointment of a receiver, the properties were sold in July 2011, and the group was then unexpectedly informed that the amount claimed by the bank was higher than the sale price achieved.

 

In these circumstances the group believed that it was unlikely to recover the amount it is owed, and accordingly all amounts due in respect of fees, costs and interest were fully provided against. The group continues to investigate other possible avenues to pursue recovery.



4          Discontinued operations

 

In September 2012 the group sold 50% of its formerly wholly owned Czech Republic operation and accordingly it is now treated as joint venture. The results of this discontinued operation were:

 



2012

£'000

2011

£'000

Revenue


545

458

Expenses


(553)

(482)

Loss before tax


(8)

(24)





Tax


(12)

-

Loss after tax


(20)

(24)





Loss on re-measurement to fair value


(104)

-

Currency translation differences recycled


172

-

Result from discontinued operation


48

(24)

 

In September 2011 the group discontinued its Polish operation. The results of this discontinued operation were:

 



2012

£'000

2011

£'000

Revenue


-

170

Expenses


-

(331)

Loss before tax


-

(161)





Tax


-

-

Loss after tax


-

(161)





Currency translation differences recycled


-

(54)

Result from discontinued operation


-

(215)

 

 

5          Earnings / (Losses) per share

 

The calculations of basic and diluted earnings / (losses) per share are based on the following data:

 

Earnings / (Losses)

2012

£'000

2011

£'000

Continuing operations

107

(931)

Discontinued operations

48

(239)

Profit / (Loss) for the year

155

(1,170)

 

 

Number of shares

2012

Number

2011

Number

Weighted average of ordinary shares in issue

145,618,693

145,618,693

Effect of dilutive options

-

-

Diluted weighted average of ordinary shares in issue

145,618,693

145,618,693

 

 



6          Provisions

 

Group


Redundancy

provision

£'000

Property

lease

provision

£'000

Total

£'000

At 1 October 2010


70

150

220

Utilised


(70)

-

(70)

Released


-

-

-

Provided


15

-

15

Exchange differences


-

-

-

At 30 September 2011


15

150

165






Utilised


(15)

-

(15)

Released


-

-

-

Provided


21

150

171

Exchange differences


-

-

-

At 30 September 2012


21

300

321

 

One of the group's subsidiaries has received a claim from its former landlord in respect of former leased premises.

 

This claim comprises a number of separate, but related and potentially interdependent elements, including various repairs and replacements (dilapidations), professional fees, loss of rent, interest, and costs. The claim received is for £1,041,000 plus un-quantified interest and costs.

 

Based on professional advice, the group believes that the claim is significantly inflated with the subsidiary having no liability for some elements, and the quantum of other elements being substantially overstated. The best current estimate, based upon that professional advice, is a likely maximum liability of £300,000 and provision has been made accordingly.

 

The subsidiary is attempting to negotiate a settlement and if this is successful then the matter may be resolved quickly. However if a negotiated settlement cannot be achieved, then any court process may take much longer to be completed.

 

The liability in respect of the claim is ring-fenced within the subsidiary and the group is under no obligation to support the subsidiary.

 

 

7          Cash generated from operations

 



2012

£'000

2011

£'000

Profit / (Loss) before tax - continuing operations


210

(1,205)

Profit / (Loss) before tax - discontinued operations


60

(239)

Currency translation differences recycled


(172)

54

Share based payment value of employee services


7

3

Finance income


-

(6)

Finance costs


22

30

Share of results of associate and joint ventures


(173)

(112)

Goodwill written off


102

-

Depreciation      


144

114

Profit on disposal of property, plant and equipment


(1)

(2)

Change in trade and other receivables


591

639

Change in trade and other payables


(568)

994

Change in provisions


156

(55)

Net cash generated from operations


378

215

 

8          Analysis of net funds

 



2012

£'000

2011

£'000

Cash and cash equivalents


739

912

Secured bank overdraft


-

-

Cash, cash equivalents and bank overdraft


739

912





Secured bank loan


(413)

(563)

Asset finance liabilities


-

(31)

Net funds


326

318

 



2012

£'000

2011

£'000

Cash and cash equivalents


739

912

Short term borrowings


(150)

(181)

Long term borrowings


(263)

(413)

Net funds


326

318

 

 

9          Status of final audited results

 

This announcement of final audited results was approved by the board of directors on 29 January 2013.

 

The financial information presented in this announcement has been extracted from the group's audited statutory accounts for the year ended 30 September 2012 which will be delivered to the Registrar of Companies following the company's annual general meeting. The auditor's report on these accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under either Section 498 (2) or (3) of the Companies Act 2006.

 

Statutory accounts for the year ended 30 September 2011 have been delivered to the registrar of companies and the auditors' report on these accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under either Section 498 (2) or (3) of the Companies Act 2006.

 

The financial information presented in this announcement of final audited results does not constitute the group's statutory accounts for the year ended 30 September 2012.

 

 

10        Annual general meeting

 

The annual general meeting of the company will be held at 2:00pm on 2:00pm on Monday 25 March 2013 at 36-40 York Way, London, N1 9AB.

 

 

11        Annual report and accounts

 

Copies of the annual report and accounts will be dispatched to shareholders in due course. Copies will also be available on the company's website (www.aukettfitzroyrobinson.com) and from the registered office of the company (36-40 York Way, London, N1 9AB).

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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