Eric Parry Architects narrowly avoided making a third consecutive loss in 2019 after reducing its staff by almost a quarter
The AJ100 practice made a £4,097 profit before tax in the year to 31 July 2019, up from losses of £1.5 million and £43,000 in the previous two years.
In the same year, its revenue increased by 5 per cent to £5.7 million, far short of record incomes of more than £9 million in 2015 and 2016.
In accounts lodged at Companies House this week, the practice also revealed its staff count for the year had dropped from 80 to 62, reducing staff costs by £840,000 from the previous year.
The cuts were concentrated among ‘professional staff’, whose numbers tumbled from 60 to 38, while the practice maintained 10 ‘management staff’ and increased ‘support staff’ to 14 people.
The cuts come on top of a 15 per cent staff reduction in the previous financial year, when the practice’s headcount fell from 94 people.
In a strategic report alongside company accounts, director Eric Parry said the company had had a ‘successful year of consolidation’, adding that he was ‘happy to report a balanced financial position at the end of the year’.
Parry also revealed that his company would focus on increasing its workload abroad.
‘Notable possible commissions have emerged from Beijing, Tokyo, Shanghai and Singapore and we are confident some of these will move from possible to real projects,’ he said.
Eric Parry Architects already has a studio in Singapore, its only office beside its London base, and earned £375,000 outside of the UK and EU in the last financial year.