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Profits soar 50% at Grimshaw

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Grimshaw has reported a 50 per cent increase in profits as revenue growth ballooned both in the UK and abroad

Operating profits were £1.8million for the year ending 31 March 2014 compared to £1.2 million in 2013 – accounts filed with companies house revealed.

The figures – which relate to the high-profile outfit’s London, Australia and Doha studios only – showed an 18 per cent increase in turnover to nearly £30 million.

Revenue grew 16 per cent in Grimshaw’s London office while the firm’s international workload rose by 19 per cent.

The AJ100 studio’s US operations – excluded from the trading figures – contributed a further £5 million towards the company’s overall turnover.

The figures mark a second year of revenue growth for the outfit which reported a 2.7 per cent dip in turnover in 2012 when it was forced to let 12 per cent of its architects go.  

Key projects won during the period include a £6 billion airport project in Istanbul and the new Koç Contemporary Art gallery in the same city.

Grimshaw also won a design contest for redevelopment of Curragh Racecourse in Ireland and completed work on the Highpoint Shopping Centre in Melbourne and a new concourse for Heathrow’s £2.5 billion Terminal 2. Last month the company also won permission for a new office headquarters scheme within its wider City Quays masterplan for the city’s Clarendon Dock.

Grimshaw’s chief financial officer, Neil Boyde said: ‘Performance for the year ended 31 March 2014 was highly satisfactory and the group is in a healthy financial condition.

‘There is scope for further improving profitability and we are on track to achieve this in the current financial year.’

According to a statement from the company further recent UK and international wins will provide ‘solid foundation for the next two years’.

These projects include a major expansion of Jorge Chávez international airport in Lima and new commercial work in Australia.

Grimshaw completed New York’s £900 million Fulton Center transit hub in November.

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