Five-fold decrease in pre-tax profit and 30% cut in turnover for Garden Bridge practice
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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