AJ120 practice 3DReid made a pre-tax loss of £888,000 in 2014 following a company restructure which saw it close all of its international businesses
More from: 3DReid posts loss after overseas rethink
The company said it was now concentrating ‘solely on its UK business activities’ and that its only recently released figures for the year ending 31 October 2014 were skewed by the reshuffle.
This refocus cost the company, which slipped 16 places in the AJ120 rankings, more than £1million.
However 3DReid’s head of marketing and business development Graham Hickson-Smith said the latest accounts did not reflect the sale of its Malaysian business to the local management team which had ‘resulted in a cash injection’ thought to be in the region of £1 million.
Those funds will, instead, show up in the 2015 accounts expected to be filed before the end of the year.
Meanwhile turnover for the 12 months to the end of October last year was £7.4 million - a £200,000 increase on the year ended 31 October 2013 (£7.2 million).
According to Hickson-Smith: ‘The restructuring in the last 2 years has enabled 3DReid Limited to grow in 2014/15, thus strengthening the practice’s financial standing.’
It is understood turnover for 2015 will top £8.5 million with an operating profit of ‘no less than 6 per cent’ and that the company has healthy workloads in particular in Scotland and Manchester. The practice currently employs 48 qualified architects.
Later this week 3DReid’s proposed Touchwood Shopping Centre in Solihull goes to planning committee and the outfitr hopes to win approval for a 450 home scheme in Tower Hamlets for Ballymore before Christmas.