AJ100 practice WilkinsonEyre has blamed a 10 per cent drop in its turnover on the completion of projects in North America
According to the company’s accounts for the year ending 31 March 2016, income fell from £21.98 million to £20.1 million, with revenue in the United States and Canada more than halving from £4.6 million to £2.2 million.
Profits after tax have also dipped – from £5.2 million in 2015 to £4.8 million.
The practice said the fall in profits was partly a result of the company spending money on increasing the size of its headquarters at Bowling Green Lane, Clerkenwell; the company’s workforce grew marginally from 179 to 181 over the last year.
The firm, whose Weston Library in Oxford is shortlisted for the 2016 RIBA Stirling Prize, said it wasn’t predicting further falls with ‘a number of international commercial and infrastructure opportunities expected to come to fruition in the coming months’.
The company, which slipped down the AJ100 rankings to 23rd this year, added that it was planning to mitigate any ‘political and economic risk’ from the Brexit vote by spreading its fee base ‘across several regions’.
In recent weeks WilkinsonEyre has won permission for its 275m-tall Crown Resort tower in Sydney, is understood to have secured a place on a new framework for bridges across Dublin, and has been instructed ‘on an additional phase of the St Lazare Road Bridge in Paris’.
Commenting on the results, a spokesperson for the practice said: ‘Revenue remains above £20 million, but has fallen 10 per cent from the prior year. This fall has mainly come from the completion of our North American projects. Revenue derived from UK projects has remained broadly consistent at above £14 million, and there has been a growth in revenue from projects in Asia Pacific.
‘Profit before tax is down on the previous year. This is in part due to a slight decline in revenue, but also to costs associated with increasing the size of the office by taking on and refurbishing a new floor in the building.
We expect revenue for 2016/2017 to be similar to 2015/16
’Trading remains positive at the start of 2016/17 and we expect revenue for the full year to be similar to 2015/16. Key projects over the next year include Battersea Power Station, Crown Resort Sydney and the Dyson Campus in Malmesbury.’
Source: james Brittain