UK business received £3.8m in furlough grant last year

The holding company of Arcadis’s UK business sank £25m into the firm at the end of last year, the firm’s latest LLP report and accounts reveal.

The LLP, or limited liability partnership, said Arcadis (BAC) Ltd, which is a holding company for a number of Arcadis companies in the UK and overseas, pumped £25m to the business last December.

arcadis index

Arcadis moved into its new City office last month

In accounts for the year to December 2020, the LLP said its net assets stood at £48m at the year-end, up from £1m the year before, with the “balance sheet further strengthened by the injection of an additional £25m of capital” on 7 December.

The accounts said turnover fell from £174m to £145m, mainly down to its airports work nosediving as the covid-19 pandemic sent airline passenger numbers through the floor while some of its building markets were also affected, including work in the finance sector and education markets amid uncertainty in the latter about the number of overseas students allowed into the UK as well as the clampdown on face-to-face teaching at universities because of the pandemic.

But it said its work in both the healthcare and energy sectors continued to head north.

It said profit for the year before members’ remuneration and profit share was £18.9m, down from £20m in 2019.

The company, which last month swapped its King’s Cross home for a new office at 80 Fenchurch Street in the City of London, pays its near 4,000-stromg staff through a business called Arcadis Human Resources which showed Arcadis was handed £3.8m through the government’s Coronavirus Job Retention Scheme.

It did not say how many staff were furloughed but said those employees who were were brought off the initiative at the end of October, with the firm not using the scheme in subsequent lockdowns last November and earlier this year.

The firm’s total wage bill for the year was £233m, up from £211m. Pre-tax profit at the business was £5.7m, £100,000 up from the year before.

In its group accounts filed earlier this year, Dutch firm Arcadis which is listed on the Euronext exchange, said revenue fell to €3.3bn last year from €3.47bn. But group earnings before interest tax and amortization rose to €229m from €213m.