Aviation specialist Pascall + Watson’s pre-tax profit dropped 10 per cent to £129,000 in the year to April 2015 - a fall put down to the cost of its office move in September 2014
The company saw turnover drop by a similar percentage to £14.84 million, making it the second year in a row in which both profits and output have slipped.
Accounts for the previous 12 months (year ending April 2014) showed profits falling from £958,753 in 2013 to £143,000 and global revenue dipping from £16.83 million in 2013 to £16.49 million. This decline was also partly blamed on the 60-year-old practice’s move to a central London HQ (see AJ 18.02.15).
The number of staff on Pascall + Watson’s books shrank too, falling from 156 to 133.
Despite the drops, an upbeat statement from the company said: ‘Our reputation around the world has continued to grow, most particularly in the aviation sector, and this has enabled us to continue to seek significant aviation based architectural projects from South America to the Far East.’
UK turnover dropped from £12 million to £10.8 million, and from £1.97 million to £1.35 million in Europe. However, in the rest of the world, it rose from £2.52 million to £2.65 million. The statement said that gross profit margin increased from 19.8 per cent to 20.9 per cent when compared to the previous 12 months.
However, directors’ joint remuneration rose from £770,000 to £925,000.
Long-serving managing director Phil Holden retired at the end of the period covered by the accounts, and has been replaced by Steve West.
Later in 2015, interior design company Areen bought a 60 per cent stake in the practice.
In December the practice was appointed to work on the detailed designs of phase 2 of the Manchester Airport Transformation Programme. The company said that it was looking to further develop its presence in the Middle East and grow its capability in the transport, commercial, leisure and hospitality sectors.