Ken Shuttleworth’s practice Make has more than doubled its profits and seen its turnover increase by 28 per cent, according to its latest accounts
The company, which celebrated its 10th anniversary this week, posted a hike in profits after tax from £356,426 to £703,537 for the year ending 31 December 2013.
Owned entirely by its 133 staff, the practice also saw its turnover rise from £14.6million in 2012 to £18.6million during 2013.
Almost half of its £4.1million growth in fee income came from new work in London.
However, with the exception of Australia and Canada, the outfit’s overseas workload fell. Revenues dropped by two thirds in Europe and the Middle East and its income in India and China also dipped.
In the trading report posted this week at Companies House, the directors also highlighted a 40 per cent increase in overheads ‘mainly due to the move of our London office to bigger premises’ and the closure of its Birmingham office ‘due to the slowdown of regional work’.
Barry Cooke, financial director at Make said: ‘Our income is now at a similar level to that pre-recession.
‘We remain committed to our people as we expanded our headcount by 10 per cent and augmented training expenditure by 74 per cent in the year.’
On Wednesday more than 400 people joined the practice in its soon-to-be new studio in central London - a former basement car park in Cleveland Street (pictured below).
Previous story (AJ 09.04.13)
A bumper 2012 for Make as profits more than double
Ken Shuttleworth’s practice Make has seen a 166 per cent rise in its pre-tax profits, rocketing from £181,000 in 2011 to nearly £482,000 in the last financial year
The company, which is again predicting steady growth for the year ahead, also saw its staff numbers increase from 108 to 121 people.
Though turnover dipped from £14.6 million in 2011 to £14.5 million in the year ending 31 December 2012, the practice made big strides in India where the amount of fees billed ballooned from £60,000 to £778,100.
Workloads in the UK also rose by nearly £1 million to £11.5 million. In one week in January the practice bagged planning permission for three major schemes in central London, including projects in Leicester Square and Hanover Square.
However there was a drop in turnover in Europe, the Middle East and China with the amount billed in the Asian market falling from £2.7 million to £1.4
The highest earning director was paid £705,000, down from £756,000 in 2011.
Barry Cooke, Make’s financial director said: ‘Make’s 2012 financial results are indicative of the business continuing to successfully navigate the economic downturn, with turnover holding steady for the third consecutive year and a positive forecast for 2013.
‘Profits were distributed to partners as part of the 100 per cent employee owned company structure, leaving a pre-tax profit of £482,000 and net worth of £3.3 million.’
Previous story (AJ 05.04.2012)
Make’s turnover up and profits rocket
Ken Shuttleworth’s practice Make has seen a 12 per cent increase in its turnover and a huge 37 per cent hike in its gross profits
The company, which predicts further growth this year after netting a raft of new work, generated revenue of £14.6 million in the year ending 31 December 2011 - up from £13.1 million the year before.
According to Make’s latest annual accounts, the company bagged gross profits of £5.5 million, marking an increase of nearly £1.5 million on the previous 12 months.
However, after administrative expenses, the company only posted a pre-tax profit of £181,190 - albeit a significant rise on the £14,450 pre-tax profit made in 2010.
The last couple of years have witnessed an impressive turnaround for the AJ100 big hitter following a dramatic 47 per cent fall in revenue experienced in 2009 due to the recession. The company revealed a £666,810 post-tax loss that year.
Barry Cooke, financial director at Make said: ‘It has been another good year for Make, with income and profit continuing to grow despite the impact of the recession on the architectural profession as a whole.
‘The financial results for 2011 show an overall increase in revenue of 12 per cent. Fee income in Asia increased to £2.7m compared to £80,000 the previous year.’
Make now has 11 staff in its China and Hong Kong studios with its Asian work now accounting for 19 per cent of the company’s total turnover. Among the schemes on the practice’s drawing board is a 105,300m² masterplan in Hongqiao, Shanghai.
He added: ‘After distributing the profit to all partners in line with Make’s 100 per cent employee owned company structure, the net worth increased by £149,000 to £3million.
‘This growth is expected to continue in 2012 after securing significant new work in the last quarter of 2011.’