Heatherwick Studio’s latest company accounts show profits have plummeted by 65 per cent while turnover has also dropped by 30 per cent
Figures posted by the London-based practice for the year to March 2018 recorded profits of £2.7 million after tax, down from £7.7 million in 2017.
Turnover also slumped from £27.5 million in 2017 to £19.1 million, but the firm’s accompanying statement said the decrease in both turnover and profit was ‘as anticipated’.
The statement read: ‘[The decrease] was largely due to the phasing of ongoing projects as they entered their latter stages and new projects as they entered their concept stages.’
Thomas Heatherwick’s company also added it had increased its investment in staff training, which had had an impact on its overheads.
During the 12-month period, staff headcount was reduced by 18 to 182 but the firm said recent new projects had driven growth in staff numbers.
And it said it expected to increase profitability in the next financial year after being appointed to long-term projects that will ‘span several years’.
The firm said its income was from projects in China, the US and South Africa, as well as the UK.
Heatherwick Studio declined to comment.
25102018 Heatherwick Coal Drop287 Credit Luke Hayes
Source: Luke Hayes