Practice credits increased international activity and sector diversification for 9.4% income rise
BDP has recorded a 9.4% increase in turnover to £148.6 million for the financial year ending June 2024, up from £135.8 million the previous year, according to newly published accounts.
Pre-tax profit rose by 5.9% to £9.8 million, while profit after tax increased to £6.8 million. The firm has approved a dividend payment of £5.8 million to Nippon Koei, its parent company since 2016.
The accounts highlight BDP’s continued international expansion, with 38% of group revenue now generated outside the UK.
The firm said that its acquisition of Pattern Architects in 2021 has supported growth in the sports and stadia sector, while its studios in Canada, India and the Middle East have contributed to wider diversification.
The practice now operates 19 studios worldwide and has outlined plans to increase this to 23 by 2030 as part of a long-term strategy targeting £200 million in annual income.
BDP’s latest financial results follow its recent ascent to the top of the UK rankings in the WA100, BD’s annual survey of the world’s largest architectural firms. The practice has overtaken Foster & Partners as the UK’s largest firm by the number of architects employed, increasing its headcount by 90 to 554. In the global rankings, BDP moved up two places to 21st, reflecting its continued expansion both in the UK and internationally.
A strategic report accompanying the accounts describes BDP’s sector-based approach as a driver of growth, with new projects secured in North America, Europe and the Asia-Pacific region. The firm also states that its “Good City” initiative seeks to provide an integrated design service with an emphasis on urbanism and infrastructure, developed in collaboration with Nippon Koei.
The latest financial statement also records an increase in staffing levels, with total employees and contractors rising to 1,350 from 1,326 the previous year. The firm’s leadership team has been expanded, with four new principals, 24 associate directors and 12 associates promoted across multiple disciplines and locations.
BDP’s report notes that inflationary pressures and high interest rates have impacted financial performance, with net cash balances falling from £19.9 million in 2023 to £18 million in 2024. The firm attributes this decrease to inflation-related IT and office fit-out costs, including investment in a new Glasgow studio.
The report outlines a three-year business plan, ‘Investing in Ideas,’ which sets out strategic goals focusing on growth, sustainability and technology. It states that further expansion in North America is a priority, supported by BDP Quadrangle, its Canadian studio network. The firm also expects demand for patient-centred healthcare design to increase, citing new project wins in Dubai, Dublin, Canada and Australia.
Recent projects completed by BDP include the Zhejiang Energy Group headquarters in China, the Oak Cancer Centre in London and the Coventry University College of Arts and Society building. The practice has also secured new commissions at Nottingham’s Broadmarsh Centre and Liverpool’s waterfront, while work continues on the Palace of Westminster restoration.
BDP states that its financial performance supports ongoing investment in design research and development. The firm says it intends to expand its engineering capabilities, enhance data-led design processes and integrate artificial intelligence into its workflow.
BDP’s latest financial report confirms its integration into a new corporate structure under its Japanese parent company. On 1 October 2023, BDP Holdings Limited became a direct subsidiary of Integrated Design & Engineering Holdings Co. Ltd, a newly established holding company formed by Nippon Koei.
The board approved the latest dividend payment at its October 2024 meeting, following a £5.5 million distribution the previous year.
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