Overseas work sees boost as practice recovers from loss in 2022
Hawkins Brown returned to profit last year and saw its turnover increase by 20% as its income from overseas work nearly doubled.
The practice, which became an employee ownership trust in September 2021, had posted a loss of nearly £980,000 in 2022.
But its accounts for the year to 31 March 2023 show the firm is back in the black with pre-tax profit of £2.85m on a turnover of £33.7m, up from £28.1m in 2022.
Income from the United Kingdom still accounted for the bulk of the practice’s fees, at £31.7m in 2023, up from £27m the previous year. Turnover from overseas work increased from just over £1m in 2022 to £2.1m in 2023.
Dividends of £740,000 were paid out last year, while key management personnel, employees with senior positions in the company were paid a total of £1.18m.
Despite the firm’s stronger performance, the actual number of staff fell from 288 in 2022 to 275 in 2023, although its aggregate payroll costs increased by 17%, from £14.3m to £16.8m.
Hawkins Brown’s ongoing work in the UK includes its £150m redevelopment of Elephant & Castle tube station, its work on the 4,500-home Earls Court masterplan and a seven-tower housing scheme in Ilford.
Its recent overseas work includes an extension to the Toronto subway, the firm’s first project in Canada.
Hawkins Brown has been contacted for comment.