Profit at consultant Davis Langdon fell by half in the Europe and the Middle East region last year as the recession took hold, despite an increase in turnover
The firm鈥檚 profit in the region, which includes the UK, dropped 55% to 拢16.5m on an increase in revenue of 6% to 拢208.3m.
The rise in turnover includes the boost given by the acquisition of architect and commercial space planner DEGW last July.
Senior partner Rob Smith said the drop in profit was in part down to the collapse in the commercial and retail development industry in the UK, which previously together accounted for over a third of Davis Langdon鈥檚 UK fees.
Smith said winning work in Europe and the Middle East, would continue to be very difficult. He said: 鈥淟ooking ahead it will be quite a tough year, and anyone that says not is ignoring reality. Our competitors are cutting fees markedly, but we鈥檙e not going to go down the route of buying work.鈥�
Davis Langdon has not yet finalised its global results, but Smith said these would, in contrast, show a 20% growth in turnover to 拢326m.
He said he was looking to expand the consultant鈥檚 offering in programme management, working alongside engineers on projects in the rail sector.
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