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Profit at Terry Farrell and Partners has dropped by a third, a fall that the firm has blamed on planning delays to several of its large developments.

The company reported a pre-tax profit of 拢240,000 for the year ending March 2006, 33% less than the 拢358,000 it made in the same period last year. Turnover fell 2.4% to 拢7.5m for the year ending March 2006, compared with 拢7.7m in 2006.

The practice refused to comment on the accounts but the directors鈥� report said the drop in turnover was a knock-on effect of the planning system.

It said: 鈥淭he 2.4% decrease in turnover was a result of certain major developments being delayed by the town planning system in the UK.鈥�

It is understood that one problem contract is at Silvertown Quays in east London, where Farrell has drawn up plans for Biota!, Europe鈥檚 largest aquarium. The scheme was originally due to open this year, but has not yet been signed off.

The report said the firm, which employs 82 architects, had found the year ending March 2006 a 鈥渃hallenging鈥� one, and the directors consider the results were 鈥済ood in a tough market鈥�.

The report added that the practice鈥檚 plan for the future was 鈥渢o continue efforts to secure new contracts, both in the UK and in the Far East鈥�.

The percentage of turnover from the Hong Kong office, the firm鈥檚 only overseas branch, increased to 35% compared with 26% for the same period the year before. As a standalone entity, turnover at the Hong Kong branch rose 30%.

The highest paid director, understood to be Farrell, was paid 拢247,000, including pensions contributions. The firm donated 拢100 to charity compared with 拢1,015 in the previous year.