Profits have fallen by more than 50 per cent at Zaha Hadid Architects, following a series of project cancellations in North Africa last year
In the wake of the Arab Spring uprisings, after-tax profits dropped from £2.9 million in 2010, to £1.19 million in the year ending 30 April 2011.
Turnover also dipped from £44.6 million in 2010 to £43 million last year - a drop of 3.6 per cent. According to the company’s most recent accounts, ‘events in North Africa and the Middle East’ and the number of projects being stopped, the practice had to undertake a redundancy programme that saw the loss of 76 staff.
However, the company maintained it had achieved ‘another profitable year’ despite the ‘global economic downturn being felt heavily within the architectural industry’.
In recent weeks it has emerged that Zaha Hadid Architects has been shortlisted to design a £650 million parliament complex in Baghdad, Iraq and has been asked to take forward initial feasibility studies through to detailed design for a new Central Bank of Iraq on the shores of the Tigris river in Baghdad.