Architect says impact of covid and planning delays keep business in red
Losses at AHMM widened last year after the practice of RIBA president Simon Allford said it was struggling to shake off the impact of the covid-19 pandemic.
The firm, which is behind the huge life sciences complex in Waterloo which was approved last week, said pre-tax losses in the year to March were up 90% to £960,000. Operating losses at the business topped £1m from £587,000 last time.
Revenue was flat at £43.8m with the firm adding that income had also been hit by delays to planning decision and client jitters over funding. “The practice redeployed design capacity in search of new work which is now being reflected in the project pipeline,” it added.
Several jobs it is on started during the period with Sir Robert McAlpine beginning work on 1 Broadgate in the City of London for British Land while Galliford Try started on a residential scheme called North Island at Tottenham Hale for Argent.
The firm, which has 500 staff, has increased its space at the White Collar Factory at Old Street on the City fringe while it is also opening new space in Bristol. During the year, it opened its first European base in Madrid.
The accounts also show that cash at the bank and in hand fell to £1.9m from £6.8m although so-called liquid investments were up to £4m from £3.7m.
The practice is also behind the makeover of the IBM building on London’s South Bank.