The directors of 黑洞社区 Design Partnership, the UK鈥檚 largest architect, have taken an average 9% pay cut to help triple the company's bottom line
Pre-tax profit in the year to 30 June 2009 rose from 拢1.1m to 拢3.3m thanks to the lower staff costs. The company鈥檚 33 directors took home a combined 拢6.5m compared with the 拢7.4m paid to 34 directors in 2008. This represents a drop in average pay from 拢216,625 to 拢198,068.
Wages for all 1,225 staff (2008: 1,223) fell an average of 5% from 拢41,786 to 拢39,569 but the company said this was the result of taking on more young employees rather than cutting pay.
Turnover remained flat at 拢102m and the contribution from the UK (where its projects include the masterplan for Liverpool One, pictured) fell 5% from 拢86.8m to 拢82.7m.
The company ended the period with net cash of 拢15.9m compared with 拢19.25m in 2008.
Chief executive Peter Drummond said: 鈥淭here have been some cost efficiencies but we got back to a more normal profit position in 2009.鈥�
No comments yet