Pascall & Watson forced to book 拢2.1m hit
Bad debts blunted profit at transport architect Pascall & Watson last year, the firm said in its latest accounts filed at Companies House.
The practice, which is carrying out design work at several major UK airports including Heathrow, Gatwick and Manchester, said it was forced to book a 拢2.1m provision because of bad debts.
Pre-tax profit in 2023 slipped to 拢481,000 from 拢2.2m last time and in a note accompanying the accounts, which were signed off last month, the firm said: 鈥淧rofit levels have been hampered by some legacy project challenges in the face of planned phased growth.
鈥淭hese isolated circumstances have been resolved in the first half of 2024 with no further impacts foreseen.鈥�
Income during the year was up a third to 拢32m which the firm said was down to rising work at its regional office in the UAE, an increase in hospitality jobs and more airports schemes coming back on stream following the pandemic.
Revenue at its UK business was up 10% to 拢21.5m while work from the rest of the world, which includes the Middle East, rose to 拢9m from 拢2.6m last time. Cash in hand was down 17% to 拢4.9m.
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