Shares digital

Architectural firm Aukett Fitzroy Robinson (AUK:AIM) is planning a return to the Middle East, ceo Nicholas Thompson tells Shares. The firm was active in the region in the 80s, but left when cheaper services from elsewhere came to the region. Thompson points out that the oil-driven Middle Eastern economies are less exposed to the credit crunch and its effects, and that they still look to invest in prestigious developments.

Aukett got a new commission in the Middle East last August, and Thompson adds that a regional office will be set up this year. He says: ‘The Middle East could be our next Russia,’ a region where Aukett has a strong presence. ‘UK architects have a track record in the Middle East. Clients need quality and ability to deliver expensive projects, and are less sensitive about pricing.’ The company delivered an impressive 200% surge in taxable profits to £2.4 million at its latest finals but shares have dropped 31% to 10.75p over the last six months.

Shares says: The move should add a fat income stream.

by: Carlo Svaluto