I feel that I must correct certain claims made in Sam Webb's letter (AJ 7.12.00) On no occasion during the past decade has RIBA Companies made losses. In 1993, during the depth of the early '90s recession when many architects lost their jobs, a decision was taken to close down the volatile conference business and streamline the production of other products and services. This involved some redundancies, but even in that year RIBA Companies returned profits to the institute in excess of £360,000.
The problem at the time was that the RIBA was spending the profits before they had been earned. Alex Reid must be given some of the credit for steering the institute away from that practice.
Since the low point of the 1993/94 restructuring, the profits of RIBA Companies has grown strongly and very nearly £1 million was covenanted last year.
Michael Wildblood, vice chairman, RIBA Companies