Aukett Swanke has revealed huge losses amid Brexit uncertainty and a slowdown in the Middle East
The listed practice, which has UK studios in London, Southampton and Bristol, posted a £2.54 million pre-tax loss for the 12 months to 30 September 2018.
This represents a major escalation from a loss of £325,000 in the previous 12 months, and follows a loss of £1.22 million in the six months to the end of March last year.
Revenue fell by more than a fifth at the practice, ranked 52nd in the AJ100 league table, in the latest full-year to £14.38 million.
Chief executive Nicholas Thompson said: ‘The burden of the ongoing hiatus in the UK market, combined with a slowdown in the UAE and resultant provisioning, has hit us hard in reporting terms.
‘Although the outlook in the UAE remains negative, we can however take some comfort from the success of our continuing focus on realigning the cost base to lower levels of activity.
‘This is leading us towards a UK break-even allied with good trading and a positive contribution from our European hub.’
Aukett Swanke, which has outposts in the Middle East, South America and mainland Europe, this year won a 117,000m2 retail mall scheme in the UAE for a Chinese client.
The practice’s curved Bradfield Centre opened at Cambridge Science Park last January.