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Grimshaw’s profits up but staff numbers down 12%

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Grimshaw’s pre-tax profits have increased 37 per cent despite a small drop in turnover

In its financial report for the year ending 31 March 2012 the group declared pre-tax profits of £1.9 million compared to £1.4 million the previous year.

The increase came despite a 2.7 per cent dip in revenue from £17.7m to £17.2m.

Total architects employed by the company fell 12 per cent from 177 to 150, while administrative staff remained constant at 44.

The average revenue from each employee was £88,800 up from £80,000 the year before. Staff turnover in the period increased from 2.26 per cent to 14.98 per cent.

The group’s overall salary bill fell 16 per cent from £9.9 million to £8.3 million.

In the report, the group said it had increased its overseas workload and expected further growth in its core geographical areas and sectors.

It added that investment in new offices and marketing had reduced profit margins but helped win new work and potential future profits.

Postscript

The report covered the group’s London and Australian offices but excluded the New York office which has its accounts filed seperately in the United States.

Taking into account the New York office, overall turnover for the period was £24.2 million with profit at £2.55 million. Staff numbers were 258 comprising 200 architects and 58 administrative staff.

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