Interim Results

Aukett Fitzroy Robinson Group PLC 27 June 2006 For release 07.00am 27 June 2006 AUKETT FITZROY ROBINSON GROUP PLC 2006 INTERIM RESULTS ANNOUNCEMENT Aukett Fitzroy Robinson Group Plc ('Aukett Fitzroy Robinson'), the international group of architects and designers, announces its Interim Results for the six months ended 31 March 2006. Aukett Fitzroy Robinson provides creative design, commercial awareness and efficient delivery of high quality projects; with specific expertise in offices, retail, interiors, hotels, transportation, laboratories, residential, urban and landscape design, industrial, historic buildings, mixed-use and leisure facilities. Financial Highlights Six months ended 31 March 2006 2005 unaudited unaudited • Group turnover £6.86m £5.54m • Operating profit/(loss) £137k (£127k) • Profit/(loss) before tax £47k (£165k) • Earnings/(loss) per share 0.01p (0.26p) Key Points of Statement: * Quality and size of projects enhanced with commissions on projects in excess of £150m * 5 year business plan setting out strategy to double size of income completed * Prospects of core overseas businesses encouraging * Programme to enhance earnings by outsourcing work to overseas offices being trialled CEO Nicholas Thompson said: 'Historically the profit for the year is weighted towards the second half and this trend is likely to continue in the current year.' Enquiries: Aukett Fitzroy Robinson Group Plc www.aukettfitzroyrobinson.com Nicholas Thompson, CEO Tel: 020 7636 8033 Beaumont Cornish Roland Cornish Tel: 020 7628 3396 Adventis Financial PR Peter Binns Tel: 020 7034 4760 pbinns@adventis.co.uk Mob: 07768 392 582 Chris Steele Tel: 020 7034 4759 csteele@adventis.co.uk Mob: 07979 604 687 AUKETT FITZROY ROBINSON GROUP PLC Interim Statement for the six months ended 31 March 2006 Overview The Group made a profit before tax of £47,000 (2005 interim: Loss £165,000) Summary of results Unaudited turnover by the Group has increased from £5,543,000 to £6,860,000, an increase of 23.8%. Group operating profit has increased to £137,000 (2005 interim: loss £127,000). Net profit before tax of £47,000 is arrived at after an exceptional charge of £15,000 on the disposal of our Netherlands subsidiary (2005 interim: £22,000 profit on disposal of Italian joint venture interest) and net interest payable of £75,000 (interim 2005: £54,000). The profit after tax is £9,000 (interim 2005: loss £188,000). Corporate outlook Our strategy, as set out in the 2005 Annual Report, outlined our aim to improve both the quality and size of projects. This is now being achieved with appointments on the £150m masterplan for St Mary le Port in Bristol and a new commission for two confidential projects with a combined construction value of £200m. We also continue to receive large scale commercial commissions from our existing clients in the £20m to £50m range. We have now completed the first Business Plan review for the Group which identifies sector specific strategies to double the size of the practice income by 2010. We anticipate that the majority of this growth will be organic. However, we shall continue to take advantage of complementary opportunities should they be commercially viable and fit within our overall strategy. During March we opened a second regional office based in Southampton to focus upon high quality residential and mixed-use developments along the south coast. We continue to be active in Europe through our network of six offices. Progress is variable and generally reflects local economic conditions. However, offices in our key markets of Russia and Poland continue to give management encouragement about their longer term prospects and the value of the investment made to date. A programme to enhance earnings through the better utilisation of the existing European office network is currently being trialled. The impact of this programme will be dependent upon the adoption of internet based working practices and the related development of local expertise. Prospects Historically the profit for the year is weighted towards the second half and this trend is likely to continue in the current year. 27 June 2006 Aukett Fitzroy Robinson Group Plc 14 Devonshire Street London W1G 7AE Consolidated profit and loss account For the six months ended 31 March 2006 Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Gross turnover: Group and share of joint ventures 7,013 5,617 12,818 Less share of joint ventures (153) (74) (207) --------- --------- --------- Group turnover 6,860 5,543 12,611 --------- --------- --------- Group operating profit/(loss) 137 (127) 236 Share of operating profit/(loss) in joint ventures and - (6) 25 associate Exceptional charge: (Loss)/profit on disposal of subsidiary and joint (15) 22 23 ventures --------- --------- --------- Profit/(loss) on ordinary activities before interest 122 (111) 284 Interest receivable 5 8 19 Interest payable (80) (62) (144) --------- --------- --------- Profit/(loss) on ordinary activities before tax (note 3) 47 (165) 159 Tax charge on profit/(loss) on ordinary activities (38) (23) (136) (note 4) --------- --------- --------- Retained profit/(loss) of the Group 9 (188) 23 ========= ========= ========= Earnings/(loss) per share (note 5): Basic 0.01p (0.26)p 0.02p Diluted 0.01p (0.26)p 0.02p Summarised consolidated balance sheet At 31 March 2006 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Fixed assets Intangible assets 1,622 179 1,647 Tangible assets 339 282 350 Investment in associate 31 30 31 ---------- ---------- ---------- 1,992 491 2,028 Current assets Debtors 6,447 5,213 6,064 Cash at bank and in hand 816 303 1,158 ---------- ---------- ---------- 7,263 5,516 7,222 Creditors falling due within one year (5,475) (5,665) (5,400) ---------- ---------- ---------- Net current assets/(liabilities) 1,788 (149) 1,822 ---------- ---------- ---------- Total assets less current liabilities 3,780 342 3,850 Creditors falling due after one year (1,400) (29) (1,520) ---------- ---------- ---------- Net assets 2,380 313 2,330 ========== ========== ========== Capital and reserves 1,448 1,448 Share capital 724 Share premium account 1,385 1,794 1,385 Merger reserve 1,542 - 1,542 Profit and loss account (1,995) (2,205) (2,045) ---------- ---------- ---------- Equity shareholders' funds 2,380 313 2,330 ========== ========== ========== Summarised consolidated cash flow statement For the six months ended 31 March 2006 Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Net cash flow from operating activities 13 (78) 426 Returns on investments and servicing of finance (75) (54) (125) Tax paid - (10) (46) Capital expenditure (145) - (117) Acquisitions and disposals - 44 143 ---------- ---------- ---------- Net cash (outflow)/inflow before financing (207) (98) 281 Net cash outflow from financing (20) (52) (92) ---------- ---------- ---------- (Decrease)/increase in cash during the period (227) (150) 189 ========== ========== ========== Reconciliation of operating loss to net cash flow from operating activities Group operating profit/(loss) 137 (127) 236 Depreciation and amortisation of fixed assets 182 106 349 (Increase)/decrease in debtors (536) (688) 673 Decrease/(increase) in creditors 230 631 (832) ---------- ---------- ---------- Net cash flow from operating activities 13 (78) 426 ========== ========== ========== Statement of total recognised gains and losses for the six months ended 31 March 2006 Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Profit/(loss) for the financial period 9 (231) (220) Currency translation differences 41 23 (28) ---------- ---------- ---------- Total recognised gains and losses since last annual report 50 (208) (248) ========== ========== ========== Reconciliation of movements in shareholders' funds For six months ended 31 March 2006 31 March 2006 30 September 2005 unaudited audited £000 £000 Opening shareholders' funds 2,330 278 Foreign exchange gain 41 (28) New shares issued - 2,266 Share issue cost - (209) Profit/(loss) attributable to shareholders 9 23 ---------- ---------- Closing shareholders' funds 2,380 2,330 ========== ========== Notes 1 Amounts invoiced to clients and turnover An analysis of amounts invoiced to clients and turnover of the Group by geographical area of destination is as follows: Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Amounts invoiced to clients United Kingdom 5,545 4,235 9,969 Rest of Europe 1,340 905 2,315 ---------- ---------- ---------- Total 6,885 5,140 12,284 ========== ========== ========== Movements in amounts recoverable on contracts United Kingdom 325 299 311 Rest of Europe (350) 104 16 ---------- ---------- ---------- Total (25) 403 327 ========== ========== ========== Turnover United Kingdom 5,870 4,534 10,280 Rest of Europe 990 1,009 2,331 ---------- ---------- ---------- Total 6,860 5,543 12,611 ========== ========== ========== 2 Group operating profit/(loss) Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 Amounts invoiced to clients 6,885 5,140 12,284 Movement in amounts recoverable on contracts (25) 403 327 ---------- ---------- ---------- Group turnover 6,860 5,543 12,611 Other income 59 13 49 Staff costs (3,612) (2,825) (6,484) Amortisation of goodwill (25) (25) (51) Depreciation (157) (81) (298) Other operating charges (2,988) (2,752) (5,591) ---------- ---------- ---------- Group operating profit/(loss) 137 (127) 236 ========== ========== ========== 3 Profit/(loss) on ordinary activities before tax An analysis of profit/(loss) on ordinary activities before tax by geographical area is set out below. Corporate charges and consolidation adjustments are included under the United Kingdom. Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 United Kingdom 60 (175) 129 Rest of Europe (13) 10 30 ---------- ---------- ---------- Total 47 (165) 159 ========== ========== ========== The Company disposed of Aukett BV, a 100% owned subsidiary based in the Netherlands, during the period for €1. The impact on results is not material. 4 Tax charge on profit/(loss) on ordinary activities Six months ended Six months ended Year ended 31 March 2006 31 March 2005 30 September 2005 unaudited unaudited audited £000 £000 £000 United Kingdom corporation tax at 30% - - (61) Overseas tax (38) (21) (74) Share of tax from joint ventures and associate - (2) (1) ---------- ---------- ---------- Tax charge on profit/(loss) for period (38) (23) (136) 5 Earnings per share The earnings per share is calculated on the profit attributable to shareholders of £9,000 for the six months ended 31 March 2006 (2005 interim: loss £188,000; 2005 final: profit £23,000) and on 144,813,825 (2005 interim: 72,421,394; 2005 final: 105,940,081) ordinary shares, being the weighted average number of shares in issue during the period. The diluted loss per share attributable to shareholders is calculated on 145,413,825 ordinary shares. There is no additional dilution to the loss per share for either of the 2005 periods as a result of taking account of dilutive potential ordinary shares in accordance with FRS 22, Earnings per Share. 6 Analysis of net debt An analysis of the movement in net debt during the period is as follows: At 1 October Cash flow Non-cash At 31 March 2005 movements 2006 £000 £000 £000 £000 Cash at bank and in hand 1,158 (342) - 816 Overdrafts repayable on demand (944) 115 - (829) ---------- ---------- ---------- ---------- 214 (227) - (13) ---------- ---------- ---------- ---------- Bank loans and other loans repayable in: Less than one year (38) (112) (150) More than one year (1,512) 112 (1,400) Hire purchase and finance lease creditors (47) 20 - (27) ---------- ---------- ---------- ---------- (1,597) 20 - (1,577) ---------- ---------- ---------- ---------- Net debt (1,383) (207) - (1,590) ========== ========== ========== ========== 7 Statutory accounts The comparative figures for the year ended 30 September 2005 have been derived from the Company's statutory accounts for that financial year. Statutory accounts for that financial year have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 8 Basis of preparation The financial statements comply with relevant accounting standards and the Companies Act 1985 and have been prepared on a consistent basis using the same accounting policies as set out in the 2005 Annual Report. The Company meets its day to day working capital requirements through an overdraft facility, which is repayable on demand, and longer term finance by means of loans. The directors consider that the Company will continue to operate within its existing facilities until the expiry of the overdraft facility when it is anticipated that suitable facilities will be renewed or replaced. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. 9 Further information Further information about the Group, including copies of the 2005 annual report, additional copies of this interim report and recent press releases sent to the London Stock Exchange, may be obtained from the Company's registered office at 14 Devonshire Street, London W1G 7AE. Such information may also be obtained through the Company's website at www.aukettfitzroyrobinson.com. The interim report is expected to be mailed to shareholders on or before 15 July 2006. This information is provided by RNS The company news service from the London Stock Exchange

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