Studio鈥檚 revenue more than doubled following string of new jobs and schemes restarted after the pandemic
Thomas Heatherwick has paid himself a 拢1.1m dividend following a boom year at his practice Heatherwick Studio which saw its profits increase more than fivefold.
The firm reported pre-tax profit of 拢17.6m for the year to 31 March 2023, up from just 拢3.2m in the preceding 12 months, while revenue during the period more than doubled from 拢24m to nearly 拢50m.
Heatherwick鈥檚 拢1.13m payout for 2023 was more than three times the amount he received in 2022, when he paid himself dividends of 拢370,000.
The studio鈥檚 net profit margin more than doubled to some 31% compared to 12% in the prior year. It said the results reflected newly secured projects and the recommencement of schemes that had been put on hold during the covid pandemic.
They were driven by huge growth in its income from the Middle East, where turnover increased by more than 10,000% from 拢122,000 in 2022 to 拢13.1m in 2023.
Work in the United States also ballooned in the year from 拢3.5m to 拢14.4m, while revenue in Asia jumped from 拢13.5m to 拢16.1m, although income in the studio鈥檚 smaller markets in the UK and Europe halved in the same period.
Major ongoing projects for the firm include Google鈥檚 new UK headquarters at King鈥檚 Cross, close to where the studio opened its new office at 55 Argyle Street.
The firm also opened its first base in Shanghai, China, within the Heatherwick-designed 1000 Trees development and launched an exhibition in Tokyo, Japan, called 鈥満蒙壬鶷V Soulfulness鈥� which it plans to take on tour across East Asia.
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The practice has completed a string of high profile projects in the region in recent months, including the , and unveiled designs for a , and an
But it missed out on a major commission for the design of the Shenzhen headquarters for Tencent, the biggest company in China. Heatherwick was among a star list of practices including Foster & Partners, Herzog & de Meuron and Zaha Hadid which submitted proposals for the job, which
The accounts came ahead of a period of greater public visibility for Heatherwick himself, following the designer鈥檚 publication of his book Humanise and his BBC podcast, 好色先生TV Soul.
Humanise, published in October last year, was a manifesto of sorts for Heatherwick, outlining
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