Heatherwick Studio tripled its pre-tax profit last year, according to its latest accounts
The high-profile London architecture and design firm – currently working on new offices for Google in King’s Cross – posted profit before taxation of £5.2 million for the 12 months to the end of March this year.
This was up from £1.7 million in the prior year as the firm won new work and cracked down on costs. Turnover was up 39 per cent to £26.5 million.
‘These increases in income and profit were as anticipated due to securing new projects and progressing on long-term projects, with effective management of costs while investing in the studio for long-term sustainability,’ said the practice in a report accompanying the figures.
Employee numbers were stable at a monthly average of 208 for the latest year, broadly similar to the previous period. Staff costs were up marginally to £12.7 million.
UK income at Thomas Heatherwick’s practice – famed for its design of the 2012 Olympic Cauldron – fell from £5.2 million to £3.3 million.
However, revenue rose in all its four other geographic divisions: the rest of Europe, Asia, the US and the rest of the world.
The US remained the practice’s biggest source of income, with £8.8 million in the latest year. Heatherwick’s 45m-high Vessel structure – described as both ’centrepiece and meeting place’ – completed in New York recently.
Asian income more than doubled last year to reach £8.0 million. Non-British European turnover almost doubled to £1.3 million. Revenue from the rest of the world more than doubled to £5.1 million.
Heatherwick Studio’s Coal Drops Yard scheme at King’s Cross in London was this summer shortlisted for an AJ Retrofit Award and is also shortlisted in the leisure category for this year’s AJ Architecture Awards.