John McAslan + Partners (JMP) saw a large rise in profits during 2016, although turnover at the practice continued to slide
According to accounts filed with Companies House for the year ending 31 October 2016, profits after tax jumped from £85,995 in 2015 to £470,739 in 2016.
But the company’s turnover dropped again – at £6.98 million the practice’s fees have fallen by almost half from the £11.9 million posted in 2013. Work in the UK accounts for three-quarters of all the practice’s income.
The number of staff has also dipped, from 85 in 2015 to 70 in 2016.
In recent months, McAslans has picked up a number of major jobs, including the proposed £75 million low-energy archive for The National Galleries of Scotland (NGS) in Edinburgh, while it is still in contention for the new UK Holocaust Memorial.
The practice is also continuing to work on contentious plans to overhaul Glasgow’s Category A-listed Burrell Collection.
Commenting on the figures, a spokesperson for McAslans said: ’The practice has a strong pipeline of UK and international work, for a wide range of prestigious clients, across multiple sectors.
’From a financial perspective, the business continues to be profitable with decent margins, and the balance sheet remains robust with cash balances of £1.2 million at the financial year end.
’This expertise and financial strength of John McAslan + Partners means that it is well placed to capitalise on an improving UK economy, despite the uncertainties of Brexit.’
They added: ‘In addition, the practice has a growing portfolio of international clients, and is currently working on a wide range of assignments in Russia and the Middle East. This provides a good mix of projects for the business and its staff.’