Allford Hall Monaghan Morris (AHMM) has seen a rise in turnover after a year of growth but a dip in its pre-tax profits, according to its latest accounts
The practice has reported a drop in profit before taxation from £3.9 million in 2017 to £0.9 million for the year ending March 2018.
But despite this fall, the AJ100 big hitter has seen a year of continued growth, with a 13 per cent rise in turnover from £34.2 million in 2017 to £38.7 million.
According to AHMM, the reduced margin reflects a number of factors, including a larger pool of staff eligible for profit share following its move to majority employee ownership in September 2017 and investment in premises in ‘anticipation of a continued period of growth’.
The practice said the difference from last year was ‘further exaggerated’ by adjustments made to the two years’ figures to take account of accrued and deferred income.
Staff headcount increased by 38 to 374 full-time members of staff and the practice was able to offer a profit share equivalent of 9 per cent of earnings to all eligible staff.
This year, the practice completed projects including Television Centre, the reinvention of the former BBC TV Centre in White City and RIBA National Award-winner Weston Street, a complex of eight apartments in Bermondsey.