Architect posts 7% rise in pre-tax profit after cutting jobs
Staff cuts at architect Zaha Hadid helped boost pre-tax profit by 7% in its last financial year, the firm鈥檚 accounts reveal.
In accounts filed at Companies House, Zaha Hadid Limited reported a pre-tax profit of 拢1.8m for the year to 30 April 2012, up from 拢1.7m the year before.
In the accounts the firm鈥檚 founder and director Zaha Hadid said staff cuts of 15% had helped reduce costs. 鈥淭his [profit rise] has been achieved by the cost saving in reducing the staffing levels of the company,鈥� she said.
However, she also went on to say one of the principal risks to the firm was recruiting and retaining staff 鈥渙f the appropriate experience and calibre鈥�.
The firm reported an average of 304 staff for the year, down from 357 the year before.
The architect also reported a 20% drop in turnover from 拢43m in its 2011 financial year to 拢34m in 2012.
The firm saw a dramatic downturn in work from the Middle East falling from 拢20.6m in 2011 to 拢7.7m in 2012. However, it did win its first contract for work in Iraq, Hadid鈥檚 country of birth, to design the CBI Headquarters 黑洞社区 in Baghdad.
Revenue from the UK also fell from 拢5.6m in 2011 to 拢4m in 2012.
But revenue in Asia grew from 拢6m to 拢13m over the period.
Hadid was optimistic about the firm鈥檚 future. She said: 鈥淢anaging its resources in line with clients requirements and continued assessment of skills has placed Zaha Hadid Limited in a very competitive position.鈥�
She added that she expected there would be further growth in new markets in future.
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