Turnover edged up in 2024 but bottom line fell to just over £200,000
Architect RSHP has said it will post a “significant” increase in profit and turnover this year thanks in part to its work on the British Library and a new 54-storey tower at 99 Bishopsgate in the City.
The firm said that an upturn in activity in the final months of 2024 had continued into the new year which, as a result, would see improved numbers when it next files its accounts.
RSHP, which said nine staff, around 5% its workforce, had taken voluntary redundancy during the year, added that clients had been cutting back on budgets for much of 2024 and juggling assets to reduce borrowing costs.
But it said: “The increase in activity noted at the end of 2024 has continued into the new year and we are currently projecting a significant increase in both turnover and profitability for the year to December 2025.
“This is a result of new projects secured together with the restart of the British Library Extension project on the Euston Road and a successful planning approval for 99 Bishopsgate.” Over the summer, work on the British Library was given the green light after Mace won the £700m deal while Multiplex is set to build 99 Bishopsgate with tenants, which include Multiplex, due to move out from the middle of next year.
In its latest accounts, the firm said turnover was up 5% to £26.6m last year – beating expectations – but pre-tax profit fell from £2.3m to just £203,000. Staff costs at the business were up 19% to £13m.
But the firm said “the UK market has remained strong for us and we have secured more work than we had previously projected”. The UK remains its single biggest market with workloads here up 18% last year to £8.4m.
Its next biggest market is China, where revenue was up two-thirds to £5.5m, and the Middle East although income was down a third to £4m. But RSHP said the figure would head back up again this year after several wins in the Gulf states.
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