Pascall+Watson grew its turnover by more than a third last year, its latest accounts have revealed
The Blackfriars-based AJ100 practice, which specialises in airport schemes, posted revenue of £30.7 million for the 12 months to 31 December 2018 – up from £22.6 million the prior year.
UK turnover increased by 61 per cent to £28 million in 2018, while European revenue was up from £1.1 million to £1.5 million.
Global pretax profit soared by 17 per cent to £2.7 million over the same timeframe. Removing the effect of an exceptional insurance receipt in 2017, pretax profit actually increased by a whopping 53 per cent last year.
But income from outside Europe dropped by 71 per cent to £1.2 million as the practice reacted to ‘significantly more volatile’ trading conditions in the Middle East by closing its Doha office and scaling down operation in Abu Dhabi.
‘A number of projects [in the Middle East] have either stalled or been shelved,’ said the practice in a statement alongside its financial results. ‘We do not anticipate any significant uplift in the market any time soon.’
However in China, Pascall+Watson is working with Zaha Hadid Architects in Daxing, Beijing, on the world’s largest single-building airport terminal.
In the UK, the practice was working at Heathrow, Gatwick, Stansted, Birmingham, Manchester, London City and Glasgow airports at the end of 2018. It had also secured planning approval for a student residential scheme at the University of Creative Arts in Farnham, Surrey where it recently completed a new film and media centre (pictured) and won its first secondary school scheme.
Pascall+Watson’s technical headcount grew from an average of 177 to an average of 187 last year. Its UK studios were full, the practice said, with any further expansion requiring ‘additional office space’.
Earlier this month the company was named among the finalists for the AJ100 Fastest Growing Practice of the Year award, alongside AHMM and Zaha Hadid Architects.