Make Architects has said its strong cash position will help it survive through 2009 despite a 72% drop in profit from £1.27m to £351,000 last year
The practice, founded by former Foster + Partners director Ken Shuttleworth in 2004, has been hit by stalled projects, the forced closure of its Edinburgh office and a wave of redundancies.
Make had £6m in the bank on 31 December 2008, which finance director Barry Lowe said would help it through the downturn.
He said: “It’s a strong platform. We have seen a reduction in income this year, but we’ve drawn comfort from having the large sum of cash in the bank.”
Turnover remained stable during the year, rising marginally to £18.4m from £17.8m in 2007. Lowe said that the practice would have hoped for turnover to hit £20m had it not been for the collapse in the market at the end of the year.
Shuttleworth, the firm’s highest paid director, took a pay cut of more than £300,000 last year, down from £1m to £673,000.
The average monthly number of employees was 139 at the end of 2008, but Make was forced to make 30 redundancies earlier this year and is now understood to employ around half that number.
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