PRP sees revenue and profit jump
PRP Architects’ profits haved jumped by 18 per cent to £5.1million from £4.3million on the back of an increasing workload.
The practice, ranked sixth in this year’s AJ100 league table, also saw its profit margin rise from 5.9 per cent to 7 per cent.
According to the latest accounts filed at Companies House, group turnover rose 10 per cent to £21.9million from £19.8million in the twelve months to March 2014, with gross profit rising to £10.6million from £9.7million.
The housing specialist is working on a number of high-profile projects including the first of five neighbourhoods at the Queen Elizabeth Olympic Park and a 200-plus home scheme at Bell School south of Cambridge.
The practice has also recently been working with the UK charity Shelter on a final proposal for the Wolfson Economics Prize 2014 to investigate the potential for new garden cities in the UK (AJ 28.08.2014).
Commenting on the figures PRP Chairman Andy von Bradsky said: ‘Our turnover increased year on year by 10 per cent and profitability improved marginally, reflecting improvements in the UK residential market.
‘Fee levels remain constrained despite the increase in UK activity but we expect this will change in the year ahead as the residential sector continues to improve’.
Despite the rise in turnover and profit PRP shed staff during the year, with headcount falling to 239 from 273 in March 2013.
The drop in staff numbers follows prediction by PRP chairman Andy von Bradsky earlier this year that despite a predicted rise in work, the company did not expect a big growth spurt. Despite the company shedding staff the wage bill rose to £9.5million from £8.9million.