John McAslan + Partners saw pre-tax profit drop by 89 per cent last year
The AJ100 practice, which opened a Sydney office this year to sit alongside its bases in London and Edinburgh, posted profit before taxation of £65,246 for the 12 months to 31 October 2017, a significant drop from £616,715 in the previous year.
Turnover dropped from £7 million to £6.2 million over the same period. But directors insisted performance was improving since a strategic review in 2015.
‘Over the past 24 months we have focused on empowerment of the senior team and stronger financial and operational governance and have begun to see improvements as a result of the changes implemented in 2016,’ they said in a statement accompanying the results.
‘We have a strong pipeline of both UK and international work for 2018 and beyond, having already exceeded our target income for 2018.’
The firm opened its Sydney studio in April and has registered in New York.
Average architect head count grew slightly from 52 to 55 in the year to 31 October 2017 while overall staff numbers remained steady at 70.
While wages and salaries dipped slightly, pension costs grew by more than a third.
John McAslan + Partners earlier this year won a key role in the overhaul of Sydney’s Central Station (pictured).