Practice blamed 13% fall in revenue on timing of client billing
Heatherwick Studio has blamed a 13% fall in turnover and a 30% fall in profit this year on the timing of billing on large projects following a plunge in revenue from its two largest markets.
The King’s Cross-based firm’s income fell to £36.9m in the 12 months to 31 March 2025, down from £42.3m for the year before, while its pre-tax profit dropped from £4.7m to £3.3m.
The practice said the numbers were “largely due to timing of client billing of large projects having been completed in the previous financial year”.
It added that the studio had won multiple large projects in the final quarter of the financial year.
Heatherwick Studio design partner Mat Cash said: “Last year’s accounts reflect a period of transition. Our work in the United States and Asia continued to increase, balanced by a slowdown in the Middle East. Since then, our position has strengthened significantly.
”The studio is busier than ever, with a strong pipeline of exciting projects across East Asia and the UK, and continued growth in the US. We are recruiting more than 30 new designers and thrilled to be opening Olympia and Google Kings Cross in London.”
Income from the firm’s two largest markets fell during the period from £19.2m to £17m in Asia and from £16.5m to £10.3m in the Middle East, while it crashed in Europe from £1.6m to just £50,000.
But it more than doubled its earnings in the United States, bringing in £4.6m compared to £1.9m the year before, while its turnover rose from £2m to £2.6m in the UK and from £1.1m to £2.2m across the rest of the world.
The firm paid out £945,000 more on staff costs in 2025 compared to the previous year as its total wage bill rose to £19.5m, despite its average number of employees during the period falling from 225 to 221.
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