Zaha Hadid Architects has posted a record £57 million revenue despite seeing its income tumble across most parts of the world outside Asia
According to the accounts for the year ending 30 April 2019, submitted by Zaha Hadid Limited (ZHL) – which trades as Zaha Hadid Architects – the practice earned £13 million more than the previous year (£43.5 million), after tripling its turnover in Asia to £37 million.
Chinese premier Xi Jinping praised the practice’s £8.8 billion Beijing Daxing International Airport as an architectural marvel at its opening last September. The architect also finished the Nanjing International Youth Cultural Centre, in the east of the country and worked on designs for the 40-storey Morpheus hotel in Macau and the Danjiang bridge in Taiwan, as well as masterplans for the Tencent Innovation City, Xian and Unicorn Island in Chengdu.
But the practice’s revenue dropped by more than half in the UK, the USA, South America and Australia, while it also fell in the Middle East and Europe.
The company also saw its pre-tax profit fall from £4.3 million to £1.9 million over the same time, in part due to a ‘one-off’ £2.2 million sum being paid for legal and consulting fees.
An annual report for ZHA, filed at Companies House, does not say what the money was spent on but confirms it was not project related.
Last year ZHA principal Patrik Schumacher was involved in a headline-grabbing High Court bid to oust and replace the late Zaha Hadid’s friends Peter Palumbo and Brian Clarke and her niece Rana Hadid as executors of the architect’s £67.2 million estate.
In his strategic report accompanying the accounts, Schumacher admitted the practice found ‘competition in the UK for architectural contracts currently very challenging’.
The practice earned just £700,000, or 1.3 per cent of its total revenue, from the UK. The figure is the smallest annual amount it has earned in its home territory since the 2014-5 financial year.
ZHA employed an average of 426 staff during the year to 30 April 2019, up on 363 in 2018.
In January 2020, Zaha Hadid Architects (ZHA) was selected ahead of BIG, Rogers Stirk Harbour + Partners and others in an international competition for a new headquarters for Chinese mobile phone manufacturer OPPO in Shenzhe