Firm鈥檚 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 拢115,799, down from 拢333,672 the previous year.
The firm鈥檚 revenue remained fairly stable at 拢7.8m, up from 拢7.7m the previous year.
Writing in the accounts, director John Whiles said he was 鈥減leased鈥� that the group had maintained its overall turnover 鈥渋n an era of challenging fees鈥�.
鈥淭he 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,鈥� 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鈥檚 work shifted marginally towards overseas jobs. Overseas work accounted 17% of the firm鈥檚 revenue in 2012, up from 15% in 2011 - the rest of the firm鈥檚 revenue was from work in the UK.
Jestico + Whiles designed the University of Manchester鈥檚 national graphene institute (pictured).
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