But income falls in five out of the firm’s seven global regions including 66% slump in the UK
Adjaye Associates’ turnover increased by 13% in 2022 despite slumping in five out of seven of its global markets.
The firm’s combined income increased from just over £18m in 2021 to £20.5m the following year, while its profit ticked up from £2.7m to £2.9m on a margin of 12%.
Average headcount at the practice increased from 80 to 96 during the year according to accounts for the year to 31 December 2022, which were finally posted to Companies House yesterday.
The increase in turnover and profit was driven entirely by the practice’s improved performance in the Middle East, where income jumped from £9.15m to £14m, and the Americas, where it rose nearly eightfold from £50,000 to £398,000.
This was in marked contrast to the firm’s performance elsewhere, with turnover plummeting in the UK from £2m to £684,000 and falling in Europe from £560,000 to £101,000.
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In Asia it sunk from £5.8m to £4.8m, while in Africa it fell from £358,000 to £261,000 and from £200,300 to £107,000 in Australasia.
The results pre-date claims of sexual misconduct against practice founder David Adjaye, which he denies, made by three female colleagues in July last year which led to the practice losing a string of high profile projects.
Last week the practice announced a shake-up of its senior team which it said would amount to a “fundamental change” in the way the firm is run in the wake of the allegations against its RIBA Gold Medal winning founder.
Adjaye will assume the role of executive chair of the group and will continue to lead its design direction as principal.
Kofi Bio, Lucy Tilley and Pascale Sablan have been appointed as chief executives of the group’s Accra, London and New York studios respectively.
Adjaye Associates said each CEO would have “sole executive leadership” of their studio, be in charge of all operations, and continue to lead projects and business-development.
In the wake of last summer’s claims, Adjaye Associates was dropped from the Liverpool Slavery Museum project, the design of a library in Oregon and work on a new campus for the Africa Institute in Sharjah, United Arab Emirates.
Adjaye also personally stepped back from work on the UK Holocaust Memorial and from his role as a design advocate for Mayor of London Sadiq Khan.
Projects completed by the practice in 2022 include the Abrahamic Family House interfaith complex in Abu Dhabi and the George Street Plaza and Community Building in Sydney.
Adjaye Associates has been contacted for comment.
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