The highest paid director at Rogers Stirk Harbour + Partners had their remuneration cut by more than half last year as profit at the practice plunged
The accounts of the firm revealed that the director, who is presumed to be Lord Rogers, was paid £1,219,513 for the year ended June 2009, down 52% on the £2,474,328 he earned during the same period a year earlier.
The sharp fall in his pay packet came as pre-tax profit fell 55% to £1.45m on the back of a 25% fall in turnover to £25.5m. Profit for the year was £951,211, compared with £1.8m a year earlier.
Although the top pay packet more than halved, total pay for the practice’s 10 directors was down just 38% to £5,563,625, compared with £8,718,623 for the same period the previous year.
Andrew Morris, a director at the practice, said pay was related to profit under the constitution of the company and had fallen accordingly.
The practice said it had been badly hit by “the collapse of the UK market”, and added that the economic slowdown had continued for the first six months of the current year. But it added it was “more optimistic about the future” following “careful cash management and the securing of a number of new projects”.
In a statement it said: “The directors remain optimistic that the quality and creativeness of the company’s output will continue to attract clients globally and that the work generated will see the company through the current economic downturn.”
Following a review of the practice last spring it cut 20% of its 160 UK staff.
Last year the practice was also removed from the high profile Chelsea Barracks redevelopment by developer Qatari Diar, the property arm of the Qatari Royal Family investment vehicle QIA, and replaced with Dixon Jones, Squire and Partners and Kim Wilkie Associate following criticism of its design proposals from local residents and the Prince of Wales.
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