Aedas blames global reshuffle for big losses
Aedas made pre-tax losses in excess of £950,000 in the 12 months to 31 December 2011, recently filed accounts have revealed.
The global practice, which has 10 studios in the UK, made losses on ordinary activities before taxation of £952,152.
This was compared with a loss of £87,935 in 2010. The 2011 loss included one-off global restructuring costs of £643,682.
Aedas posted turnover across the globe of £49.6 million in 2011, up from £45.5million the previous year.
Finance director Tony Gardiner said: ‘Despite operating in the most difficult climate, Aedas has focused on maintaining its position as a global leader in the architectural industry.
‘While the costs associated with some global restructuring initiatives have impacted on profitability in 2011, we are confident of meeting targets in 2012.’
Aedas’ UK turnover grew from £32.5million in 2010 to £36.8millioin in 2011.
The new figures come less than two months after long-standing Aedas UK deputy chair Peter Oborn announced he was leaving the AJ100 practice after nearly 29 years with the company (see AJ 25.10.2012)
Oborn, the UK deputy chair and formerly joint managing director, said it was ‘time for a new challenge.’
Meanwhile the practice has recently completed projects including the Hard Rock Hotel in Dubai, Highway 407 for the Toronto Transit Commission, and Cleveland Clinic in Abu Dhabi.