Devereux says workload 'strong' despite plunging to £1.9m loss
London-headquartered Devereux Architects made a pre-tax loss of £1.9 million in 2011, recently published accounts have revealed.
This followed a pre-tax profit for the healthcare and education specialist of £183,813 in the previous year. Ranked 49 in last year’s AJ100, Devereux also saw UK turnover drop 12 per cent in the financial year ending 31 December 2011 having posted turnover of £5.1 million, down from £5.8million in 2010.
The practice incurred restructuring costs of almost £780,000 in 2011 following the closure of the company’s ofices in the North East England (see Devereux to merge with Dewjo’c Architects AJ 24.04.2009) and the reduction in staff from 110 to 88.
The company also confirmed it had ‘scaled back [its] programme of International development’ and that these ‘one-off actions’ had resulted in ‘a significant cost impact on the accounts published 2011 results.’
However Darius Umrigar, managing director of Devereux Architects, said the practice was beginning 2013 with a stronger order book ‘than any of the past three years’ and was ‘positive about this year and beyond.’
He said: ‘Like many architect practices in the UK and elsewhere in 2011 Devereux had a tough trading year with market uncertainty leading to many private sector projects being put on hold and public sector spend also being severely curtailed. A number of firms have radically downsized or sadly disappeared altogether this year but we have remained competitive and managed to retain market share in our areas of expertise.’
The actions taken during 2011 have positioned the business to return to profit in 2012
He added :’The actions taken during 2011 have positioned the business to return to profit in 2012 and to build on that in 2013 and beyond in line with Devereux Architects’ strong trend of historical trading and profitability’.
In 2007 the practice was bought by Republic of Ireland-based PM Group as part of an aggressive expansion by the multi-disciplinary outfit into the UK health and education markets. Last year the group posted an annual turnover of €175.8million.
Three years later the company bagged the award for the Fastest-growing Practice in the AJ100, 2010, having witnessed a 50 per cent increase in its staff numbers, propelling it to an impressive 25th in the rankings of the country’s largest architectural firms.
In June 2011 Devereux Architects announced a partnership with Emirates-based practice TNQ Architects.