Pre-tax profits at Terry Farrell’s practice fell by 14 per cent to £1.09 million in the year to the end of March 2017, according to annual accounts
The company, which was appointed in November to masterplan Manchester’s £1 billion Northern Gateway, saw a drop in fee income of 9 per cent to £7.23 million during the accounting period.
A statement accompanying the figures posted by Terry Farrell Holdings blamed financial turbulence at home and abroad for the drop in performance compared with the previous year.
A statement from the company said: ’Directors consider the results for the year to 31 March 2017 to be satisfactory given the commercial uncertainties in both the UK and Asia markets during the financial period.’
The firm said reduced profitability had arisen due to its decision to maintain headcount in anticipation of stalled projects restarting.
It added that the firm has a ’sound order book of clients’ and was optimistic about 2018.
Last year, the AJ reported that two of three senior hires left the firm shortly after joining.
The practice’s projects are based mainly in Asia and the UK, where it is working on a 471-home scheme in west London that will also create new headquarters for Ealing Council.