David Chipperfield Architects has suffered a massive slump in pre-tax profit according to new accounts filed at Companies House
In the year to 31 December 2012 the Stirling Prize-winning practice reported a pre-tax profit of just under £58,000; down from £1.2 million the year before.
The fall comes despite a less dramatic drop in turnover which went from £10.2 million in 2011 to £9.8 million in the latest tax year.
On the plus side the practice boosted staff from an average of 113 in 2011 to 120 in 2012 and Chipperfield himself pocketed a dividend of £280,000, although this was substantially down on 2011’s whopping £520,000 payout.
Ongoing schemes for the practice include a £1 billion mixed-use project at Cambridge University and the controversial development of Elizabeth House by Waterloo station in London.
No one from the practice was available for comment at the time of writing.