Bottom line hit despite increase in global revenue

Aerial view of HS2's London Euston Station site_1 (1)

Aerial view of the stalled HS2 Euston site in north London

The decision to halt work on the HS2 station at Euston last March sent pre-tax profit into reverse at architect Grimshaw last year.

The firm was one of several firms affected by transport secretary Mark Harper’s order to pause the project with other firms hit including WSP, part of the design team with Grimshaw, and main contractor, the joint venture of Mace and Spanish firm Dragados.

The job has been mothballed until next spring, leaving just a skeleton workforce on the site.

hs2 pic

Source: HS2 Ltd

The HS2 station scheme at Esuton has been mothballed until next year

In its latest accounts for the year to September 2023, Grimshaw said “profitability was restricted, mainly because of the suspension of certain major projects during the year”.

> Also read: ‘We can always weather local challenges’ – why Grimshaw is unfazed by HS2’s Euston delay

Pre-tax profit was down 20% to £6.5m although booming workloads in the rest of the world – the region Grimshaw defines as not being in the UK, US, Australia and Europe – meant turnover was up a third to £98m.

UK revenue was down 4% to £21m but income from the rest of the world more than doubled from £19m to £43.5m.

Despite the firm having to cut jobs as a result of the Euston standstill, the firm, which is also working on the HS2 station at Curzon Street in Birmingham and the line’s Colne Valley viaduct, said the number of staff at the year end was up 12% to 598.