The firm had already warned the market that trading in the first half of the year to the end of September had been slow and this continued in the second half, resulting in the group, as expected, making a loss.
Congratulations to @AukettSwanke and the whole project team on this award winning project! QODA are proud to have played a part in the development and completion of Ten Trinity Square #awardwinning #hoteloftheyear #Engineering #fourseasonshotel https://t.co/DMbHobuCpB— QODA Consulting (@qodaconsulting) October 4, 2018
While the group has won new instructions in each region in which it operates, progress through the early stages of each has been intermittent, resulting in revenues increasing only slightly compared with the first half of the year.
The firm has continued to reduce its operating costs, but said the benefits of this cost-cutting will be offset in part by the one-off cost of moving its London studio in the second half of the fiscal year.
On the plus side, cash and cash equivalents at the end of September had risen to £694,000 from £317,000 at the end of March. After accounting for the group’s bank loan, the group now has a positive balance of £142,000, compared to net debt of £311,000 at the end of March.
Shares in Aukett were down 8.1% at 2.05p.