Architect reports pre-tax profit of just under 拢1m
Architect Aedas has returned to profit in 2012 after it made a loss of just under 拢1m the previous year.
In accounts filed at Companies House, Aedas Group Limited - which owns the majority of Aedas鈥� UK businesses - reported a pre-tax profit of 拢958,994 for the year to 31 December 2012, up from a pre-tax loss of 拢952,192 the previous year.
The group also reported a 23% fall in revenue to 拢38m, down from 拢49m the previous year.
Malcolm Ellis, director of Aedas Group, said the group鈥檚 performance was 鈥渟atisfactory鈥�.
He added that the architecture business had 鈥渟truggled in the face of ongoing difficult market conditions鈥�.
鈥淗owever, the directors remain focussed on developing new business opportunities in domestic and international markets by entering into strategic partnerships with overseas organisations that share the Aedas brand,鈥� he added.
Ellis said the group鈥檚 assets, valued at 拢10.5m, would enable the group to 鈥渞espond to opportunities鈥� that arose.
He said the firm was now seeing the benefit of investing in developing its capacity in the field of sustainability throughout 2012.
The company received a considerable boost from increased international work, with work in Europe, the Middle East and the rest of the world accounting for 13% of the group鈥檚 revenue in 2012. It received no revenue from those regions in 2011.
That helped to mitigate a 23% decline in revenue from UK work which fell to 拢28m from 拢37m over the period.
But Aedas鈥� international arm Aedas Group International (AGI), which Aedas Group has a 50% share in, saw its revenue halve over the year.
AGI reported revenue of 拢12.1m in 2012, down from 拢25m the previous year.
AGI also reported a 32% fall in its pre-tax loss for the year, which was 拢581,004, down from 拢857,539 the previous year.
Martin Wright, director of AGI described the company鈥檚 performances as 鈥渟atisfactory鈥� in the current market conditions.
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