Grimshaw targets Middle East for growth

Grimshaw Architects is pinning its hopes on a recovering global economy and its international reputation to keep it in the black.

The firm, which recently won planning for a major revamp of London Bridge station, said pre-tax profits slipped 42% to £1.4 million in the year to March 31, 2011 – even though turnover was up 6.5% to £17.7 million.

The practice said it was looking to the Middle East and China, where it has only briefly worked, to keep its workloads up. It is working on a scheme in Hangzhou, eastern China, for the city government to turn a former heavy industry site into a cultural and commercial district which is due to complete next year.

The firm picked up its first Middle East contract in 2011 and a spokesman, who declined to name the project for commercial reasons, said it was looking at more work in the region.

The firm added: “[We] believe that the group will maintain profitability and remain optimistic that the quality of the group’s architecture will continue to attract clients globally.

“The group finds itself in a healthy position to take advantage of new opportunities as the global economy comes out of recession. The group has managed to retain key staff and clients and we are therefore in a good position to take advantage of any opportunities that arise.”

The number of staff at the business increased by 5% during the period with the number of architects up by a similar amount

Last year the firm moved to larger premises in New York and Melbourne and opened a brand new office in Sydney.