Broadway Malyan's profits and turnover drop
AJ100 big hitter Broadway Malyan has posted a 32 per cent drop in profit
In newly released figures for the year ending April 2013, the international practice reported a profit after tax of £580,000, down from £1.37million in the previous year.
Turnover was also down from £47.9million compared to £43.2million in 2012; a drop the practice said reflected ‘the completion of a number of major lead consultant appointments on several international projects.’
Fifty nine per cent of the firm’s work was generated from schemes outside the UK, notable examples include a new build for Dulwich College International and the Lefo Mall Shopping Centre, both in China.
The profit for the year end was a healthy £2.28million. But an ‘exceptional item’ resulting from ‘a debt incurred in Turkey and a loan to an associated company’ led to a £1.7million hit on the final profits.
Managing Director Gary Whittle said: “Overall the practice has enjoyed a very positive year, with an increase in gross margin, while continuing to invest for future growth through our international strategy, and extending the reach of our global network of 16 studios which was active in 41 countries over the period.
‘We also invested in a series of strategic appointments to further enhance the unrivalled diversity of our 500-strong team of design experts and our distinctive client-focus continues to position us as a long-term partner, with over 75 pre cent of our income from repeat business last year, testament to our commitment to deliver a ‘return on design’.”
The statement went on to say that at present the firm, which recently opened new studio in Santiago, Chile (AJ 5.12.13), had more than 400 new projects in 38 countries on its books.