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Make blames Brexit for 12% drop in turnover

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Ken Shuttleworth’s practice Make has blamed Brexit uncertainty for a 12 per cent fall in turnover in 2017

In its annual financial statement, released on Friday, the firm said that its turnover fell from £20.1million in 2016 to £17.8 million last year.

With a strong performance in Australia, this meant that the UK’s contribution to overall revenue fell from 78 per cent to 72 per cent.

A statement released with the figures said: ‘Make’s performance in 2017 reflected industry-wide uncertainty.

‘Revenue, at [nearly] £18 million, was our third highest since incorporation in 2004, and the balance sheet remained strong; growing year on year, with £7 million of net assets by year end.

‘However, revenue decreased by 12 per cent from 2016 due to the fallout from the EU referendum.’

Make said that its overheads had also increased, mainly due to a bad debt in the London office, ‘reflecting the changing economic environment’.

The firm attributed a decrease in sales from £14.1 million to £11.5 million to reduced sub-consultant costs and bonus payments.

However, the practice said that it had maintained a steady workforce despite the fall in revenue, diversifying into animation and virtual reality.

In Australia, turnover rose from £1.7 million to £2.1 million during the year, with the office’s headcount rising from four to 18, prompting a move to a new studio.

The firm said that it would renew its focus on hotels and higher education this year.

During 2017, Make resigned from a controversial Manchester skyscraper scheme backed by footballers-turned-developers Gary Neville and Ryan Giggs.

In December the practice succeeded in getting the go-ahead for the revamp of Hornsey Town Hall in Crouch End – the latest in a long line of schemes proposed by various firms for the north London landmark.

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