AJ120 practice PLP Architecture saw its pre-tax profits almost triple in 2014 from the previous year, accroding to its latest company accounts
The practice saw 2013 profits of £1.1 million rise to £4.1 million in the year to 31 December 2014, according to documents lodged with Companies House.
The outfit’s turnover during 2014 was £21.7 million, almost doubling the 2013 figure of £12.3 million. The bulk of turnover - £17.7 million – came from the UK, with £4million coming from overseas projects.
The practice said: ‘The company enjoyed a period of great success and is involved in a range of iconic projects globally, but with a particularly good performance in the London market.’
The accounts also revealed that the highest paid director received £1.3 million during 2014, up from £307,000 in 2013. The practice increased its headcount from 108 to 148 over the period, it said.
Looking forward to the next year, the firm said it wanted to focus on maintaining a strong presence in the London market, and to ensure all of its major projects were profitable.
However, risks include fluctuations in the pipeline of work, competition from other practices and treasury risks including foreign exchange, interest and cash flow risks
In addition, it said that the London architectural market is enjoying a period of high activity, meaning that high quality staff are in demand.
‘Market conditions are expected to remain favourable in the short to medium term in the markets in which the business operates for both ongoing and emerging projects,’ PLP said.
‘The board is highly aware of the cyclical nature of the architecture space. However growth is expected to continue in the coming year.’
In December London mayor Boris Johnson gave the green light for the practice’s replacement for KPF’s half-built Pinnacle Tower at 22 Bishopsgate (see AJ 08.12.15).
PLP’s designs for 22 Bishopsgate