Grimshaw operating profits up 50%

Grimshaw’s profits rose by 50% in the last year, according to the architect’s latest accounts.

Operating profit increased to £1.8m in the 12 months to April 2014.

Turnover for the group was up 18% to nearly £30m. This excludes its US operation which contributed a further £5m in turnover.

Staff numbers also grew from 319 to more than 350, based in offices in London, Melbourne, Sydney, Doha and New York. This follows last year’s 12% slip in staff numbers.

The London office increased turnover by 16% while the international business grew by 19%.

Neil Boyde, Grimshaw’s chief financial officer, described performance as “highly satisfactory”.

“The group is in a healthy financial condition,” he said. “There is scope for further improving profitability and we are on track to achieve this in the current financial year.”

During the 2013/14 period Grimshaw was appointed to develop the Curragh Racecourse in Ireland and two projects in Istanbul: New Airport and the Koç Contemporary Art gallery. The practice also completed concourse B at Heathrow Terminal 2 and Highpoint Shopping Centre in Melbourne.

Performance in the current financial year shows further growth, said Boyde, with wins at home and abroad that would provide a “solid foundation” for the next two years.

Projects include the expansion of Lima’s Jorge Chávez international airport as well as an expanding commercial portfolio in Australia.

The practice also completed New York’s Fulton Centre transit hub in November.