Bruised Aukett, the international architect, designer and engineer, drafted up a return to profits for the half to March under new management, but uncertainty continues and the second half in the UK won't be as strong as the first. Pre-tax profits came in at £109,000, against a £1.6m loss last time out, on improved 'group work done' of £7.4m (£6.58m) - before interest, pre-tax profits were a higher £202,000. Projects underpinning the figures included design services for London Underground's redevelopment of Camden Town Station, and space planning and interior design for Clerical Medical Investment Group's new headquarters in Bristol. In the UK, Aukett moved into operational profits, despite uncertainty regarding Government plans for rail transport infrastructure projects and delays from corporate clients that dragged on business towards the half-end. But Aukett is talking to two loss-making joint ventures about 'limiting exposure' (the other three are profitable) and will have to crack the whip with its loss-making European subsidiaries. Although gearing has fallen to 195% against 217% at year-end, net debt still stands at a significant £2.3m, approaching the group's battered market capitalisation. Aukett expects to turn a profit, before exceptional items, for the full year. Before the figures, broker Williams de Broe forecast profits of £200,000 and EPS of 0.28p. Shares are cheap but risks abound. Avoid.