Heatherwick Studio has reported dramatic drops in both turnover and profits in the practice’s latest annual accounts.

The business, founded by Thomas Heatherwick, said turnover was down 30% to £19.05m in the year to March 2018 – a massive drop from the previous year’s £26.47m.

Pre-tax profit was £1.72m, down by a whopping 82% from 2017’s £9.50m – but a £984,466 tax rebate made profit after tax for both years look slightly better: just a 65% drop from 2017’s £7.66m. Part of the tax boost was a £432,250 break for research and development expenditure.

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