AHR has seen a profit spike following its ‘conscious uncoupling’ with Aedas this summer
According to the company’s first accounts since its split with its Hong Kong-based business arm, AHR Global reported that its pre-tax profit had gone up to £3.9 million for the year ending January 1 2014.
This marks a huge hike on the £929,000 profit made in the previous 12 months.
The size of the increase is due to a £3.1million windfall made from ‘the restructure of shareholdings between the AHR Group and Aedas HK’.
However the company, which has 12 studios in the UK, Russia, Poland and Kazakhstan, saw its turnover drop for a second year in a row.
In 2011 the outfit - then the Aedas Group - posted revenue of £49.56million. That fell to £38.35million the following year and turnover has dropped again, to just below £35million, in the 12 months to 31 December 2013.
The company’s workforce has also shrunk, from 369 employees in 2013 to 330.
Even so the practice has set out plans to increase its overseas work ‘in excess’ of 25 per cent in the coming years.
This week AHR announced it had won planning permission for the first phase of its £370 million Green Block scheme - the 2017 Expo Village project in Astana, Kazakhstan.
Work on the 15 block, 24ha project is due to start on site in spring 2015.
Previous story (AJ 07.10.13)
Aedas returns to profit but sees revenue drop £11.2m
Aedas Group has posted a profit after taxation of £929,000 despite seeing its turnover plummet by more than 22 per cent
According to the trading figures for this ‘umbrella company’, which effectively covers the accounts for the global practice’s UK work and the international ‘stakes’ of the UK businesses, the outfit’s revenue dropped from £49.56 million to £38.35 million in the 12 months to 31 December 2012.
Last year the practice, now ranked fifth in the AJ100 table, made losses in excess of £950,000 including a one-off global restructuring costs of £643,682 (see below). During the last 12 months its workforce has also fallen from 421 staff to 369 and turnover for its UK business, Aedas Architects, fell from £30 million to just short of £19 million.
However Aedas’ return to profitability was branded ‘satisfactory in light of the existing market conditions’ by directors.
Brian Johnson, UK chairman of Aedas, said: ‘While trading conditions remain challenging for a number of Aedas’ operating companies, we are pleased to have reported a profit for 2012 and believe that our diversified services and strong pipeline of business point towards positive performance in 2013 and 2014.’
The latest figures do not include any revenues from Aedas’ burgeoning Asia businesses which cover predominantly Hong Kong and China. It is understood the Asia arm alone has a turnover of around £100 million.