Architect firm Benoy has recorded a £3 million hike in profits after focussing its projects outside of Europe.
The London-based firm, which carries out more than 80 per cent of its work in the Middle East, China and India, recorded pre-tax profits of £3.5 million in 2010 – nearly seven times higher than the £512,000 banked in 2009.
Revenue amassed for projects outside the EU came to £22.8 million – compared to £18.9m in 2009 – while turnover for work in the UK fell 10 per cent to £2.3 million. Revenue from EU member states was £1.3m - down £660,000 from 2009.
The firm, which recently signed four contracts in China worth £10 million and a £1.5 million contract with Indian developer Supertech, operates three offices in China – Beijing, Shanghai, Hong Kong - and one in India’s capital Mumbai. Last month Benoy set up an India team to work out of its London office to help support its projects in Mumbai.
As well as recording a £3 million increase in profits, staffing costs at the firm also fell by £839,000 over the year. The highest paid director, Graham Cartledge, took home £605,000 last year compared to £3.7 million in 2009.