Newcastle architect says increasing NIC burden blunts profit
Newcastle-headquartered Ryder Architecture has posted pre-tax profits of £1m in its latest financial results.
Group profit before tax in the financial year ending 30 April 2025 was less than half of the £2.4m reported for the financial year to 2024.
The practice, which became employee-owned last May, posted a turnover of £36m, an increase of 14% on £31.6m in the previous year.
Pre-tax profits were hit by an increase in costs of 7%, although these costs didn’t include the establishment costs of transferring the 308-strong business into Employee Ownership Trust.
The firm’s managing director, Mark Thompson described it as “a challenging period for businesses across many sectors”.
He said: “Greater employment costs brought about by increases to minimum wages and NIC, and office relocations in London and Liverpool, coupled with general uncertainty leading to the stop start nature of projects, has impacted profitability and growth.”
Thompson said the transition to an employee ownership trust “secures the future of Ryder as an independent, well funded business with an exciting range of projects and new prospects”.
Ongoing Ryder projects include the regeneration of Pilgrim Street, the National Rehabilitation Centre in Loughborough, and Sunderland Eye Infirmary.
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