Broadway Malyan is back in the black after posting a £1.56 million loss in the 2009-2010 financial year
Interim figures show the global giant made a £1 million profit from April 2010 to October 2010, marking a significant recovery from ‘difficult times’ in 2009 which had seen the company’s turnover plummet from £43.8 million to £25.2 million.
The AJ100 giant also shed more than 130 staff as its workforce dropped in numbers to 341. The pay of the top directors also fell by almost half from £338,950 in 2009 to £154,456 in 2010
However according to managing director Gary Whittle, the practice was now operating at a profit, had started to recruit again and had just opened up an office in Sao Paulo.
He said: ‘We were in a difficult place as indeed was most of our profession. We’ve had to make some difficult decisions.
‘But we believe we are over the worst. Our strategy means that we now undertake most of our work outside the UK and Europe and we have a robust and healthy business that has been trading profitably since September 2009.
‘We boast a strong project pipeline, are actively targeting emerging countries and new markets to continue to grow the business, such as education in China, and are on track to achieve our target operating profit for the year end 2011.’