Aukett Fitzroy predicts "significantly worse" result

21st Jul 2009 08:11

Architect Aukett Fitzroy Robinson believes it will report a "significantly worse" result for the year to 30 September 2009 than previously anticipated. The extent of the difference will depend on the length of suspension at its Russian project, where the developer of the project has asked Aukett to temporarily cease its work due to funding issues. "Whilst it is hoped these funding issues will be resolved swiftly, it is possible that the project will be suspended for a lengthy period. Continued suspension of this project will cause a significant shortfall in projected group revenues for the current year," said the group.The group said it has also continued to experience some slippage in UK projects and is undertaking a consultation process regarding a number of senior practice staff in the UK. If the group reduces further senior practice staff, then it would incur additional restructuring charges in the year.The group said it will take action to reduce costs where necessary."The board remains confident of the Group's ability to trade through the current very difficult circumstances affecting the economy as a whole and the property industry in particular," it said.