RMJM reports big losses
RMJM London made a pre-tax loss of £2.5 million in the year to the end of April 2011, recently filed accounts have revealed
Though the troubled global practice’s London arm saw turnover grow by 11 per cent from the previous year to £8.1m in 2010/11, it made an operating loss of £1.8m and incurred exceptional losses of £600,000, largely from closing an office in Cambridge and making staff redundancies.
The firm’s directors said: ‘The year to 30 April 2011 has been one of significant change for RMJM as a whole and the company, as we have continued to react to an extended downturn in the global market for architecture.’
They added: ‘Difficult times required difficult decisions, particularly where they involve people, and we are very conscious that the changes we have implemented in response to current market conditions have not been without pain.’
The group’s majority shareholder, thought to be chairman Sir Fraser Morrison, took on the RMJM Group’s bank debt on 19 March 2012, the report revealed.
‘This move has further strengthened the business and is welcomed by the board as a further demonstration of the level of support provided to the group by Sir Fraser Morrison and close family members.’
RMJM has lost a number of high-profile designers this year, including long-serving architects Tony Kettle and Colin Bone.
The practice also parted ways with its PR agency, the BIG Partnership, and risks losing out on further development of the Sizewell nuclear plant after French energy company EDF launched a search for a new lead architect in May.
The project was one of several key nuclear jobs that RMJM inherited following the aquisition of YRM in December last year.