Architect agrees with bank to renew banking facilities after debt is cut
Profit at design and architecture firm Archial Group was up in unaudited 2008 results. Profit before taxation was £1.53 million, compared to a loss of £5.19 million in the previous year.The firm was known as SMC Alsop until December last year, when it cut 10% of staff.
Preliminary results showed that pre-exceptional costs for the firm also increased by 25% to £6.5m.
The practice said its banking facilities had been renewed with improved terms following the reduction of debt.
"CEO Chris Littlemore said the business had been transformed in the last 12 months by: "achieving increased EBITDA, achieving a positive profit before tax, delivering significant cost savings and revenue diversification against the backdrop of difficult market conditions in the second half of the year."
Turnover remained stable at £42.5m against £44.2m the previous year. It said 71% of pipeline of work was in place for 2009 against 70% in 2008.