Turnover in Middle East region grew more than sixfold in 2023
Turnover at Populous almost quadrupled in 2023 following a string of high profile commissions in the Middle East, according to the firm’s latest published accounts.
The international practice’s EMEA arm, based in London, posted income of £135m in the 12 months to 31 December 2023, up 288% from £34.9m which it brought in the previous year.
Its pre-tax profit has also ballooned from £731,000 in 2022 to more than £12m in 2023 in what its chairman Peter Rigby described as a “standout year” for the firm.
The Middle East contributed the bulk of the increased revenue, with income from the region soaring from £14.8m in 2022, when it was already Populous’ largest market, to £103m in 2023.
The firm’s major projects in the region include two stadiums listed as potential venues for the 2034 World Cup, Prince Mohammed bin Salman Stadium in Qiddiya and the Aramco Stadium in Khobar.
The practice also fared well in Europe, with income increasing from £8.6m to £21m on the back of several major projects including the Etihad Stadium in Manchester, the MUCcc Arena in Munich and a new stadium for AS Roma in Rome.
However, in the UK, where the firm’s plans for a London version of the MSG Sphere was called in by former communities secretary Michael Gove during the year, income dipped from £11.1m to £10.7m.
The Sphere project was pulled in January 2024 by its US backer, MSG Entertainment, which said the 21,500-seat venue had become a “political football”.
Staff numbers have also jumped by more than 100, from 166 employed in 2022 to 288 in 2023, as the practice opened new regional offices in Madrid and Germany and expanded its Middle East base in Riyadh.
The accounts show that the firm was owed nearly £49m from debtors during the year, up from £12.1m in 2022.
Populous EMEA managing director Chris Lee said the results reflect the firm’s “deliberate strategic expansion across Europe and the Middle East, emphasizing the establishment of practices in key locations led by strong local leadership with deep expertise”.
He added: ”This approach underscores the company’s commitment to delivering the highest-quality architectural and design services in sports, entertainment, transportation, and major events. By appointing leaders from each country, Populous aims to integrate local knowledge with its global expertise, ensuring culturally and regionally relevant solutions for clients across the EMEA region.”
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