Unsupported browser

For a better experience please update your browser to its latest version.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

RMJM's profits tumble by nearly three quarters

  • Comment

Accounts lodged with Companies House last week show that RMJM’s turnover fell by a third and its pre-tax profits by nearly three quarters in 2009-2010

The financial report, which only covers the 12 months up to 30 April 2010, reveals that the RMJM Group made a profit of just £1.64 million before taxation compared with £5.7 million in 2009 - a drop of 71 per cent . The business’ turnover had also plummeted from £121.8 million in 2009 to £81.2 million in the following year.

According to the document the ‘seismic challenges facing the architectural sector worldwide in the past two and a half years’ had posed a major challenge…to maintaining a position of profitability [for virtually every firm]’.

The Group admitted having debt issues - branded ‘a lack of liquidity across its client base’ - in particular in the Middle East where it was carrying out ‘commercial negotiations in relation to the recovery of certain balances’.

In April RMJM’s controlling dynasty, the Morrison family, orchestrated an £8 million refinancing deal in an attempt to turn the company’s financial position around.

The move, it is claimed in the directors’ report, ‘significantly strengthened the balance sheet’ and ‘maintained a strong and highly valued relationship with the Bank of Scotland’.

Meanwhile John McAslan and Partners has revealed a 36 percent increase in turnover from £7.5 million in 2009 to £10.2 million for the year ending 31 October 2010.

Of that, £2.5 million worth of fees was made outside of the UK. Total staff numbers rose from 84 in 2009 to 87 in 2010.


  • Comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions.

Links may be included in your comments but HTML is not permitted.