Practice behind redevelopment of IBM building cut close to 130 jobs in latest financial year
Redundancy costs of more than 拢3m helped keep AHMM in the red last year, its latest annual numbers have revealed.
The architect said it spent 拢1.1m on redundancy payments while it also racked up a further 拢2.1m on underlying payroll costs of those made redundant.
The firm said it cut 129 jobs during the year, a fall of 23%, to end up with 422 staff.
Accounts filed at Companies House for the year to March 2024 show that the practice behind a revamp of the IBM building on London鈥檚 South Bank also had to fork out 拢800,000 as one-off cost for an early break clause on 13,500 sq ft of space it no longer needed at its White Collar Factory studio which it gave up last year.
AHMM, whose directors include former RIBA president Simon Allford, said that 鈥渂usiness activity continued to be characterised by fluctuations in project programmes鈥� which had forced it to respond 鈥渂y significantly restructuring its UK operations鈥�.
Turnover for the year was down 5% to 拢47m while pre-tax losses narrowed from 拢1.8m in 2023 to 拢1.4m.
The majority of its workload is from the UK with revenue of 拢41m while the rest of the world, which includes a newly opened office in Sydney, Australia, saw income fall 14% to 拢5m.
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