Firm says decision caused by uncertainty following UK’s decision to leave EU

Jestico & Whiles has said it is looking at overseas schemes to make up for an expected shortfall in UK workloads following Brexit.

In a note accompanying its 2016 annual results, signed by director Heinz Richardson (pictured), the firm said it was “targeting further increases in workload abroad to counteract the anticipated slowdown of UK-based work consequent upon the uncertainty created by the referendum outcome to leave the EU”.

It admitted that the result of last June’s EU referendum “has undoubtedly had an effect during the latter part of the financial year”.

In the 12 months to August 2016, the firm, which is based in London with a sister office in Prague, said turnover edged up £150,000 to £9.3 million while pre-tax profits inched up to £170,000 from £154,500 last time.

The number of staff at the business, which last autumn was given the green light to turn two disused buildings on a former US airforce base in Oxfordshire into a hotel and brasserie, stood at 123 – up from 116 – with the salary of the highest paid director, who is not named, slipping £86,000 to £212,600.