Populous' turnover drops 13% amid European downturn
Turnover at Populous, which designed the London 2012 Olympic stadium, dropped 13 per cent last year, following the economic downturn in Europe
Revenue for the group was £16.5 million for the twelve months to the end of December 2012, down from £19 million the previous year.
Profit before tax was £173,000 compared to £948,000 the previous year.
The directors’ report filed at Companies House said: ‘The group continues to develop new markets and to invest the appropriate marketing efforts to secure them.
‘The revenue has reduced by 13 [per cent] at the previous year’s level, a reflection of the very difficult economic situation of Europe.’
Turnover from the UK was down to £7.8 million from £8.7 million the previous year, but turnover from Russia, Australia, India and Argentina increased.
The company added that expansion and investment into Russia, Middle East and the Far East was showing positive signs of yielding significant growth in fees.
A subsidiary of US firm Populous Holdings, it specialises in the design and planning of sports and events facilities, operating in Europe, the Middle East, Far East, Africa and Australasia.