Make posts huge loss as turnover tumbles 47 per cent
Ken Shuttleworth’s practice Make posted a £666,810 loss (after taxation) in 2009, according to the latest accounts posted at Companies House
The outfit, which was ranked 45th in the AJ100 league table of the UK’s largest practices, saw turnover plummet by 47 per cent in the financial year ending 31 December 2009 - dropping from £18.4million in 2008 to £9.7million.
Make’s wage bill also fell by more than 60 per cent - down to £4.4million from £11.1million in 2008 - with the company admitting its average number of employees was down by 31 people compared to the previous 12 months.
The highest paid director, presumed to be Shuttleworth himself, received a pay packet of £643,963 - a fall of £30,000 on the year before.
According to the directors’ reports and financial statements ‘the economic recession had adversely affected the company’s trading performance’ resulting in the large drop compared to 2008 when the practice had made a £351,000 profit (after taxation).
A spokesperson for Make confessed 2009 had been tough but claimed workloads were now looking much healthier: ‘The turnover drop is a result of the recession and lack of activity in the commercial and residential market in the UK. However the first nine months of 2010 have been significantly more positive for the practice with new projects and staff coming on board and the final quarter looks to remain the same
They added: ‘The wage bill reduction is misleading because the figures have to be reported in a particular way to accord with Standard Accounting Practice. They represent a mix of salaries and profit distribution which is paid out to everyone in the practice. In fact the redundancies were minimal and there were no wage cuts.’
Among the Make projects to complete last year was the Weymouth Street flats, behind the RIBA in central London (pictured).