John McAslan + Partners (JMP) has seen its turnover fall by 11 per cent amid a slowdown in UK work
Total revenue at the AJ100 practice fell from £11.9 million to £10.6 million in the 12 months to 31 October 2014 – according to accounts filed with Companies House.
The overall decrease came as turnover from UK projects fell by around 25 per cent from £7.7 million to £5.8 million.
Meanwhile the number of employees – including architectural and administrative staff – dropped from 98 to 87 during the period with employment costs decreasing by around £10,000.
The decision by communities secretary Eric Pickles to veto the practice’s £160 million regeneration of Smithfield Market was a set back during the year, although a retail-led alternative for the same client is now in the pipeline. It is understood the practice is also working with the Museum of London on future plans which, coincidentally, could see it relocate to Smithfield Market.
Completing an overhaul of the Museum of Methodism in London and winning a masterplanning job for Chelsea’s Sloane Street were more positive highlights of 2014 in the UK sector.
JMP’s income from overseas work increased by around 14 per cent from £4.2 million to £4.8 million in the same period. Key overseas achievements included winning a huge botanical gardens project for leading Chinese developer VANKE in Dongguan.
Profit before tax was meanwhile however reported as £294,040 up from a loss of £218,044 the preceding year. Board director Natasha Manzaroli said the increase was ‘a result of rebalancing our cost base so we can focus on areas where we excel.’
In the company’s strategic report, she said: ‘We have a strong pipeline of UK and international work and are expecting to consolidate on the profitability of the company in 2015 further to the results recorded in 2014.’
She continued: ‘We anticipate significant improvement though 2015 as we finalise our restructure proposals to bring a more financially sustainable structure with increased cash headroom. We believe this will increase profitability through 2015 and beyond providing a solid foundation for future generations of the business.’
Work in Russia and the cultural, residential and commercial sectors grew during the year to October 2014 – according to the statement.
The next twelve months could bring new opportunities in the Far East, South America and Canada – JMP predicted. An upsurge in the UK’s cultural, education, commercial and residential sectors was also predicted.
JMP said it expected its new ‘N17’ teaching practice studio in Tottenham would ‘further promote our business and cement our financil recovery’ by creating new opportunities for the firm to expand into urban regeneration.