Make back in profit as revenue balloons
Ken Shuttleworth’s practice Make has witnessed a 34 per cent increase in turnover just 12 months after posting huge losses
Make’s accounts for the year ending 2010 reflect a net worth of £2.8 million for the company and a pre-tax profit of £14,450.
The turnaround follows a dramatic 47 per cent fall in revenue experienced in 2009 due to the recession. The company revealed a £666,810 post-tax loss that year.
The outfit, which was ranked 45th in last year’s AJ100 league table of the UK’s largest practices, has pinned its recovery on a surge in commercial projects in the capital.
New additions to the company’s books include a £460 million headquarters scheme for Swiss-bank UBS at Broadgate in the City and a 46,450m² project to redevelop St Alphage House at nearby London Wall.
Barry Cooke, Make’s financial director, said: ‘[Our] 2010 financial results show a promising recovery from the recession, with revenues up by 34 [per cent] on the previous year.
‘Early indications show a strong start to 2011.’
The company’s total turnover was £13.1 million. Staffing levels also increased from 108 to 116 in the period.
The salary of the highest paid director, thought to be practice founder Ken Shuttleworth, increased by £12,940 to £656,903.
Despite the increase in turnover Make still lost £18,005 after taxes.