Stirling Prize winner says growth of recent years has ‘levelled out’
Profits at Stirling Prize winner AHMM slumped in the 12 months to March as the firm said the growth of recent years which has seen turnover more than double since 2012 levelled out.
Pre-tax profits dropped to £1.9 million in the year to March 2015 ending a run of profit hikes which saw the practice post profits of £844,000 in 2012, rising to £2.2 million the following year and doubling to £4.5 million in 2014.
Turnover edged up to £29 million in 2015, from £27 million the year before and in a statement the firm said: “The practice has remained very busy in 2014/15, whilst benefitting from a levelling out of the previous rapid pace of growth. The consequent stability in turnover and staff numbers has enabled the practice to consolidate its position while supporting its aim to be ever more selective in the projects it takes on.”
AHMM, which won this year’s Stirling prize with Burntwood School in south-west London, said this year’s profit share had been set at 8% of salary with the firm employing 328 staff at the year end, an increase of more than 50. This sent its wage bill up by more than £3.5 million to £15.7 million. The firm’s four directors, who include Simon Allford (pictured), split close to £1.2 million between them.
The firm said it spent money expanding its existing office at Old Street in London and on new premises for its team in Bristol.