Employee-owned practice pays off debt ahead of schedule, as directors’ remuneration soars
Hopkins Architects has reported an increase in turnover in its latest financial results, although pre-tax profit declined compared to the previous year.
According to accounts filed for the financial year ending 31 March 2024, the practice recorded turnover of £35.5 million, up from £27.9 million the previous year. Pre-tax profit for the year was £5.2 million, down from £6.9 million in 2023.
Turnover from the UK business fell sharply from £13.7 million to £9.2 million, while international turnover rose significantly from £14.2 million to £26.2 million.
The practice, which converted to an Employee Ownership Trust (EOT) in 2019, also confirmed that it has now repaid the debt owed to its former shareholders ahead of schedule. The directors described this as a “significant milestone” achieved earlier than anticipated.
Directors’ remuneration for the year totalled £2.94 million, a substantial increase from £699,307 in 2023. The highest-paid director received £614,788, up from £145,802 the previous year.
Hopkins Architects, which has its headquarters in Marylebone and an office in Dubai, continues to work on projects in the UK and internationally. Recently completed schemes include work for Haileybury School and the University of Virginia.
>> Also read: Profit up at Hopkins Architects
No comments yet