Aviation specialist Pascall + Watson has said its slump in profits was caused by the cost of entering competitions and moving its HQ to central London
Figures for the year ending April 2014 show that the company’s profit fell from £958,753 in 2013 to just over £143,000. However its global revenue remained steady, dipping only slightly from the £16.83million made in 2013 to £16.49million last year.
The practice claims it spent significant money entering competitions, including the contest for the proposed £1.8billion airport expansion of Mexico City airport - a project won by Foster + Partners (see AJ 03.09.14).
The company did have more luck in China, eventually bagging work as part of the Zaha Hadid Architects-led team on the largest airport scheme in the world at Daxing, outside Beijing (see AJ 05.02.15)
In September last year the practice, currently ranked 30th in the AJ100, also relocated its headquarters from south west London to Black Friars Lane in the heart of the capital.
Company director Alan Lamond told the AJ: ‘We recorded a reduced profit, in large part, because of our investment in some major architectural competitions and in the preparatory work for our new office in Blackfriars.
He added: ‘We are [now] firmly ensconced in, and thoroughly enjoying, our new offices. It has made a real difference to be somewhere our clients and collaborators are keen to visit.’
During the 12 month period covered by the accounts, the practice’s workforce dropped in numbers from 175 to 156 people.