Grimshaw has hailed a ‘golden year’ after reporting a 23 per cent growth in pre-tax profits for the 12 months to 31 March 2019, despite a drop in overseas revenue
In its last financial year before founder Nicholas Grimshaw stood down as chairman, the practice saw its group revenue edge up by 4 per cent to £73.9 million, with pre-tax profit hitting £9.6 million.
Grimshaw, whose London Bridge Station was shortlisted for this year’s RIBA Stirling Prize, saw its UK turnover jump by £7 million to £24 million as work continued on major projects such as HS2 and the Heathrow Airport expansion.
Grimshaw also saw a boost to its turnover in the United States, where it operates from offices in Los Angeles and New York. It increased by 25 per cent as it worked on schemes including an expansion of John F Kennedy Airport.
But the architect has reported a drop in income across its Europe, Australia and Rest of the World operations.
In Australia, the firm’s largest region outside of the UK, Grimshaw saw turnover fall by 5 per cent to £21.4 million as work finished on a new building for the University of Sydney and the Mernda Rail Extension in Melbourne.
Grimshaw’s turnover in Europe fell by £700,000 to £1.5 million, while its income for the Rest of the World – including work undertaken at its offices in Dubai and Kuala Lumpur – fell by 28 per cent, or £5 million, to £12.5 million.
Grimshaw chief financial officer Neil Boyde said the firm’s international business model was ‘proving resilient in the face of economic uncertainty,’ adding: ‘It is pleasing to report another year of growth and improved profitability.’
According to the latest business report and accounts, Grimshaw, which is in seventh place in this year’s AJ100 league table, employed an average of 564 people during the year – 439 of whom were architects.
Nicholas Grimshaw stepped down as chair of Grimshaw, the now global practice he set up nearly 40 years ago in June this year. He was succeeded by Andrew Whalley (pictured left), the company’s deputy chairman, who has worked alongside Grimshaw since 1986.