Firm’s investment in improving operations hits profit
Architect Jestico + Whiles has reported a 65% fall in its pre-tax profit, due in part to investment aimed at improving the operations of the firm over the longer term.
In accounts for the year to 31 August 2012, filed at Companies House, Jestico + Whiles + Associates reported a pre-tax profit of £115,799, down from £333,672 the previous year.
The firm’s revenue remained fairly stable at £7.8m, up from £7.7m the previous year.
Writing in the accounts, director John Whiles said he was “pleased” that the group had maintained its overall turnover “in an era of challenging fees”.
“The continuing growth of the practice has demanded intelligent investment in both systems and human resources, which has depressed profitability this year but will create efficiencies in the future,” he added.
The firm grew staff slightly from an average of 91 architects in 2011 to 99 architects in 2012.
The balance of the firm’s work shifted marginally towards overseas jobs. Overseas work accounted 17% of the firm’s revenue in 2012, up from 15% in 2011 - the rest of the firm’s revenue was from work in the UK.
Jestico + Whiles designed the University of Manchester’s national graphene institute (pictured).