Firm returns to profit as it tightens its grip on costs
A focus on controlling costs has helped Terry Farrell and Partners return to profit.
In accounts filed at Companies House the firm reported a pre-tax profit of 拢261,020 in the year to 31 March 2013, up from a pre-tax loss of 拢108,078 the year before.
The practice also reported a 10% rise in revenue to 拢5.4m, up from 拢4.9m from the previous year.
Writing in the accounts founder of the firm Sir Terry Farrell said a 鈥渃ontinued focus on controlling operational costs鈥� combined with rising revenue had returned the firm to profit.
He added: 鈥淭he 2013 financial year has begun positively. The practice has a healthy order book of committed work and continues to attract opportunities for new and existing clients in a competitive market.
鈥淭he directors have adopted a strategy of consolidating the positive position established in 2012, and with careful management of the business cost base, are optimistic of continued profitability for the foreseeable future.鈥�
He also said the firm had invested 拢103,690 in new IT systems to 鈥渆nable the continued provision of a high calibre of service to our clients鈥�.
During the year the firm鈥檚 overseas work shrunk 97% to just 拢5,481, but the UK business grew 15% to 拢5.39m.
The firm also hired an additional five architects pushing the average number of architects in the year up to 45 from 40.
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