McAslan to open new office in Riyadh as firm unveils another year of ballooning profits

John McAslan & Partners’ turnover almost doubled last year and its profit increased almost four-fold as the London-based practice completed a string of high-profile international projects.

The firm’s gross turnover was £21m in the year to 31 October 2024, up from £10.3m in the preceding 12 months, while its pre-tax profit rose from £1.1m to £4m.

It comes after the completion of schemes including Sydney Central Station, part of Australia’s largest ever transport project, and a new metro station connecting Sydney’s Waterloo suburb with the city centre.

Other significant completions included Belfast Grand Central Station and the British Museum’s archeological research centre at the University of Reading.

The practice has also announced it is opening a new office in Riyadh in early autumn to capitalise on growing workloads in the Middle East.

The firm said it was opening the studio, which adds to existing offices in London, Edinburgh, Sydney and New York, in response to “growing regional demand and a deepening commitment to cultural collaboration”.

Managing partner Fanos Panayides said the practice was “excited to build on this momentum with the launch of our proposed Riyadh studio and a strong pipeline of commissions in the UK and globally. 

“This continued growth enhances our resilience in a challenging global economy and enables us to expand our long-standing commitment to social and educational initiatives.”

The firm’s latest accounts come a year after it revealed it was moving to an employee ownership model as part of a succession plan which saw its founder John McAslan become executive chair.

McAslan said: “I’m thrilled that our collective ownership model is delivering such remarkable outcomes – both creatively and commercially. 

“This first year has laid an exciting foundation for the next generation of our practice, grounded in a shared design ethos and a deep sense of social purpose.”

The model has shared ownership of the firm between key senior leaders, including McAslan, who has remained actively involved in the practice.