Hopkins' profit falls by half

Olympic velodrome architect Hopkins has seen its profit and turnover fall by almost a half over the year ending 31 March 2011.

Pre-tax profit dropped 47% from £2.4m in 2010, to £1.3m, while turnover fell 41% over the period, from £14.8m to £8.7m.

Overall staff numbers also reduced from 130 to 76, to reflect the drop in work.

In its annual accounts filed at Companies House, Hopkins said it was targeting global expansion to overcome UK stagnation.

The firm added: “Our work in India continues and we are seeking commissions in China. Our Dubai office continues with established projects and has secured a number of new projects in that region.”

Hopkins added it also had potential work in Turkey, Cyprus and Germany.