Engineer optimistic for 2013-14 after increased profitability in the last financial year
Engineer Buro Happold has reported a 57% increase in pre-tax profit, despite a dip in revenue.
In accounts filed at Companies House for the year to 30 April 2013, Happold LLP, the parent company of Buro Happold, reported 57% rise in pre-tax profit to 拢12.4m, up from 拢7.9m the previous year.
The firm鈥檚 pre-tax profit margin rose from 7% last year to 11%.
The firm also posted an operating profit of 拢13m, up from 拢8m the year before.
However, the firm also reported a 4% fall in revenue to 拢112m, down from 拢117m the year before.
Buro Happold鈥檚 chief executive Paul Westbury said the business had 鈥渁chieved its objectives of increasing profitability, providing a stronger financial performance and new financing for the business鈥�.
He added: 鈥淚ndications so far in 2013-14 are that there is an uplift in demand for the services the business offers with an increase in the level of committed work.鈥�
He said the partnership members were 鈥渙ptimistic鈥� about the results for 2013-14.
Buro Happold reported a 15% fall in revenue from projects in the UK, its largest market, to 拢57m, down from 拢67m last year.
Revenue from Europe also fell from 拢8.2m to 拢7.9m, while revenue from the rest of the world grew 13% to 拢47m, up from 拢42m.
Staff numbers at the firm fell over the period, with average staff numbers falling from 1,320 last year to 1,268.
This year the firm was appointed as engineer on the 拢100m programme of repair works on London鈥檚 iconic Battersea Power Station, ahead of the 拢700m second phase of the redevelopment.
The firm also won the international design competition for the new cultural centre and city centre landscape for Zaryadye Park in Moscow, working as engineering designers with Diller Scofidio + Renfro and Hargreaves Associates.
Buro Happold projects also won in three categories at this year鈥檚 the Institution of Structural Engineers Structural Awards, with the Emirates Air Line in London, also known as the Thames cable car, scooping the Infrastructure and Transportation award; the University of Exeter Forum winning the Education and Healthcare Structures category, while the Cutty Sark project (pictured) was recognised with the Structural Heritage accolade.
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