But income slumps in UK
Adjaye Associates鈥� turnover increased by 13% in 2022 despite slumping in five out of seven of its global markets.
The firm鈥檚 combined income increased from just over 拢18m in 2021 to 拢20.5m the following year, while its profit ticked up from 拢2.7m to 拢2.9m on a margin of 12%.
Average headcount at the practice increased from 80 to 96 during the year according to accounts for the year to 31 December 2022, which were finally posted to Companies House this week.
The increase in turnover and profit was driven entirely by the practice鈥檚 improved performance in the Middle East, where income jumped from 拢9.15m to 拢14m, and the Americas, where it rose nearly eightfold from 拢50,000 to 拢398,000.
This was in marked contrast to the firm鈥檚 performance elsewhere, with turnover plummeting in the UK from 拢2m to 拢684,000 and falling in Europe from 拢560,000 to 拢101,000.
In Asia it sunk from 拢5.8m to 拢4.8m, while in Africa it fell from 拢358,000 to 拢261,000 and from 拢200,300 to 拢107,000 in Australasia.
The results pre-date claims of sexual misconduct against practice founder David Adjaye, which he denies, made by three female colleagues in July last year which led to the practice losing a string of high profile projects.
Last week the practice announced a shake-up of its senior team which it said would amount to a 鈥渇undamental change鈥� in the way the firm is run in the wake of the allegations against its RIBA Gold Medal winning founder.
Adjaye will assume the role of executive chair of the group and will continue to lead its design direction as principal.
Kofi Bio, Lucy Tilley and Pascale Sablan have been appointed as chief executives of the group鈥檚 Accra, London and New York studios respectively.
Adjaye Associates said each CEO would have 鈥渟ole executive leadership鈥� of their studio, be in charge of all operations and continue to lead projects and business development.
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