Bottom line down by one fifth
The decision to halt work on the HS2 station at Euston last March sent pre-tax profit into reverse at architect Grimshaw last year.
The firm was one of several firms affected by transport secretary Mark Harper鈥檚 order to pause the project with other firms hit including WSP, part of the design team with Grimshaw, and main contractor, the joint venture of Mace and Spanish firm Dragados.
The job has been mothballed until next spring, leaving just a skeleton workforce on the site.
In its latest accounts for the year to September 2023, Grimshaw said 鈥減rofitability was restricted, mainly because of the suspension of certain major projects during the year鈥�.
>>> See also: 鈥楾he design team has gone from 500 to six.鈥� What HS2 Euston is doing now
Pre-tax profit was down 20% to 拢6.5m although booming workloads in the rest of the world 鈥� the region Grimshaw defines as not being in the UK, US, Australia and Europe 鈥� meant turnover was up a third to 拢98m.
UK revenue was down 4% to 拢21m but income from the rest of the world more than doubled from 拢19m to 拢43.5m.
Despite the firm having to cut jobs as a result of the Euston standstill, the firm, which is also working on the HS2 station at Curzon Street in Birmingham and the line鈥檚 Colne Valley viaduct, said the number of staff at the year end was up 12% to 598.
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