The group loss was greater than the hit it suffered during the financial crisis a decade ago and has seen the board call off its acquisition strategy and streamline headcount.<\/p>\n
As a result, average staff levels fell 13% to 330 throughout the group.<\/p>\n
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<\/a><\/div>\n<\/div>\nChairman Anthony Simmonds\u00a0said :\u00a0“Our company endured a perfect storm during the year ended 30 September 2018.<\/p>\n
“Its architecture design operation in the United Kingdom suffered from a series of delayed projects and significant fee competition as a result of the continuing uncertainty of Brexit, while its business in the United Arab Emirates, although it started the year well, ended with a series of intermittent instructions, a reduced order book and debtor provisions taking their toll.<\/p>\n
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<\/a><\/div>\n<\/div>\n“Revenue for the year fell by 22% to \u00a314.38m, which was too far and too rapid for us to address by cost reductions so that the year-end loss extended to \u00a32.54m (2017: loss \u00a3325k).<\/p>\n
“However, the recent relocation of the UK office to Bonhill Street and property consolidation in the UAE will achieve considerable reductions in excess of \u00a3400k per annum in our fixed costs in future periods.”<\/p>\n
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