Booming overseas market hikes Grimshaw profit

Heathrow expansion architect Grimshaw reaped the benefit of its overseas work last year as the firm said a number of wins around the globe helped profit and revenue record double digit growth.

The firm opened a new office in Dubai towards the end of last year and has also opened a satellite office in Paris following its appointment to design two new Metro stations in the French capital.

Grimshaw is also designing three new stations for a rail extension scheme in the Australian state of Victoria and is also designing a new Eden Project – it was the architect behind the original scheme in Cornwall – in China.

Workloads in Australia and the rest of the world now account for two thirds of its revenue, a rise from 50% from the year before, although the amount of work it did in the US fell by nearly half from £11.9m to £6.3m.

In a note accompanying its report and accounts, the firm said: “Grimshaw continues to build its global reputation for design and client service and the members believe that this will lead to further terriotorial and financial growth.”

Work in Europe was marginally down to just over £1m but revenue from the UK, where it is set to complete its work to reconfigure London Bridge station at the beginning of next year, was up 8% to £13.8m.

Overall revenue at the firm in the year to March 2017 was up 15% to £59.3m while pre-tax profit climbed 19% to £6.2m

The number of employees at the business stands at 435 from 406 with the firm’s wage bill up more than £3m to £20.5m.

As an LLP, the firm has 18 members with profits shared between each one. The average profit share was £323,500 while the profit paid to the member with the largest share was £426,500 – a rise of 54% on the £277,500 paid last time.