Architect says impact of covid and planning delays keep business in red
Losses at AHMM widened last year after the practice of RIBA president Simon Allford said it was struggling to shake off the impact of the covid-19 pandemic.
The firm, which is behind the 拢120m makeover of the IBM building due to be carried out by Multiplex, said pre-tax losses in the year to March were up 90% to 拢960,000. Operating losses at the business topped 拢1m from 拢587,000 last time.
Revenue was flat at 拢43.8m with the firm, also behind Stanhope鈥檚 Royal Street life sciences scheme at Waterloo that was apporoved last week, adding that income had also been hit by delays to planning decision and client jitters over funding. 鈥淭he practice redeployed design capacity in search of new work which is now being reflected in the project pipeline,鈥� it added.
Several jobs it is on started during the period with Sir Robert McAlpine beginning work on 1 Broadgate in the City of London for British Land while Galliford Try started on a residential scheme called North Island at Tottenham Hale for Argent.
The practice, which has 500 staff, has increased its space at the White Collar Factory site at Old Street on the City fringe while it is also opening new space in Bristol. During the year, it opened its first European base in Madrid.
The accounts also show that cash at the bank and in hand fell to 拢1.9m from 拢6.8m although so-called liquid investments were up to 拢4m from 拢3.7m.
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