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Profits back on track at AHMM

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Allford Hall Monaghan Morris saw its pre-tax profits rise 20 per cent to £2.26 million during the last tax year, after a sharp fall in 2014

The practice, which won the Stirling Prize for its Burntwood School in Wandsworth during the reporting period, recovered from a drop of 57 per cent between 2014 and 2015, when, despite an increase in turnover from £27 million to £28.6 million, net profit before tax fell from £4.5 million to just £1.9 million.

However, profits after tax fell from £2.3 million to £2 million, as last year’s figure was boosted by tax credits due to UK research and development activities, which have now ended.

The practice said the results, covering the year to 31 March 2016, reflected ‘steady but modest growth overall, in line with the company’s decision to stabilise its numbers and turnover by being ever more selective in the work it takes on’.

The company’s financial statement showed that gross margins reduced from 50 per cent to 48 per cent over the year, which it attributed ‘principally due to the proportion of projects in the year which were at the later, more labour-intensive stages’.

Turnover rose 3 per cent from £28.6 million to £29.5 million, and the headcount grew by 18 full-time equivalents to 317.

In addition to its Stirling Prize victory, in 2015 AHMM picked up the AJ120 Client’s Choice award, presented to the architect clients would most like to work with.

In June 2015, the firm was appointed as one of the practices chosen to work on penthouses as part of the redevelopment of the BBC Television Centre in West London.

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