Heatherwick Studio founder took home 拢1.4m last year despite practice鈥檚 bottom line falling three-quarters

Thomas Heatherwick increased his annual dividend last year despite profits at his practice Heatherwick Studio crashing by 73% following a collapse in revenue from the US.

The firm reported pre-tax profit of 拢4.7m for the year to 31 March 2024, down from the 拢17.6m earned in the previous year, with turnover during the period falling from 拢49.6m to 拢42.3m.

Heatherwick鈥檚 拢1.4m dividend was over 拢300,000 more than the 拢1.1m he received in 2023.

Thomas Heatherwick 3

Source: Tom Campbell

Thomas Heatherwick outside the firm鈥檚 new King鈥檚 Cross office, which it moved to in August 2023 following a two-year refurbishment

The bulk of the year鈥檚 fall in revenue came from a lull in the firm鈥檚 work in the US, where income fell by 87% from 拢14.4m in 2023 to 拢1.85m the following year.

All other key regions saw improved numbers, with income from Asia, the firm鈥檚 most lucrative market, increasing from 拢16.1m to 拢19.2m, and the Middle East rising to 拢16.5m from the 拢13.1m earned in the previous year.

Turnover also increased in the UK from 拢1.8m to 拢2m and in the rest of Europe from 拢1.1m to 拢1.6m, although it fell across the rest of the world, outside of the firm鈥檚 five key regions, from 拢3m to 拢1.1m.

The practice said the fall in turnover and profit was 鈥渇ully expected following an exceptional year鈥� in 2022 and 2023 when the studio won work on a string of large projects and several others that had stalled during the pandemic restarted.

Group staff numbers during the period edged up to a total of 234, from 225 the previous year, with the firm鈥檚 wage bill increasing from 拢18.9m to 拢20m.

Heatherwick Studio partner and group leader Stuart Wood said: 鈥淭he studio鈥檚 portfolio continues to grow both in terms of geography and the amazing range and scale of our projects.

鈥淲e are also bigger than ever as a team. Following a strong year after the pandemic, turnover is now on a level with previous years, as anticipated, and we expect it to continue on a gradual upward trend.鈥� 

Major jobs which the firm picked up last year included a transformation of London鈥檚 BT Tower into a hotel for US hotel chain MCR Hotels and a luxury shopping centre in Seoul, South Korea.

The firm also won its first job in South America, a seven-storey university building in Bogota, the capital of Colombia.

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