Architect鈥檚 international arm, which includes its UK business, reports return to profit, although its level of UK work fell
Architect HOK鈥檚 international arm, which includes its UK business, has reported a return to profit, although its level of UK work fell in 2013.
In its accounts for the year to 27 December 2013 HOK International Ltd, which includes the US-based firm鈥檚 UK arm, reported a pre-tax profit of 拢382,664, up from a pre-tax loss of 拢935,534 the previous year.
Turnover was flat at 拢21.9m in 2013, compared with 拢21.3m in 2012.
However, the firm鈥檚 UK work fell from 63% of its total workload to just 34%, with revenue in the UK down from 拢13.4m to 拢7.5m.
European revenue was flat at 拢2m, but revenue from outside of the UK and Europe rose dramatically from 拢5.9m to 拢12.5m.
The firm reported a fall in revenue from interiors and consulting work, with each shrinking 23% to 拢1.4m and 81% to 拢103,329 respectively.
But this was offset but an upturn in revenue from architecture work, which rose from 拢18.9m the previous year to 拢20.4m.
The firm designed the new Francis Crick Institute (pictured) as well as a new residential scheme above Crossrail鈥檚 Fisher Street station, both in central London.
Writing in the accounts HOK finance director Andrew Childs said that 2013 鈥渞epresented a return to consistent profitability, having delivered two years of profit and two years of loss in the preceding four years鈥�.
He said that to the end of August 2014 the company contracted 24% more work than it had at the same point in 2013 and 177% more than it had contracted at the same point in 2012.
He added that the balance sheet remained strong with 拢5.2m of cash compared to 拢3.4m at 31 December 2012.
The accounts also revealed that 拢40,000 was paid to one of the firm鈥檚 directors as 鈥渃ompensation for loss of office鈥�.
Former HOK managing principle Rob Firth, who resigned in March 2013, was the only director to leave the firm during the period the accounts cover.
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