Turnover doubles and pre-tax profits hit 拢5m in year to 30 April 2008

Zaha Hadid Architects made a five-fold increase in pre-tax profits in the year to 30 April 2008, reaping the last of the construction boom before the recession began.

The firm brought in 拢5m of profit in the year, up from 拢1m the year before. Its turnover hit 拢26.2m, a 93% rise from the previous year鈥檚 figure of 拢13.5m.

The leap in fortunes appears to be simply a result of increased fees coming in to the practice in the year that it took the Aquatics Centre and its Glasgow Transport Museum to planning and won competitions in Dubai, Poland, and Lithuania.

The net cash inflow from the practice鈥檚 operating activities was 拢7.59m, up from 拢1.2m in 2007.

But Hadid, who has 100% ownership of the company, gave herself only a slight payrise. Her combined package, made up of her 拢187,597 salary and a 拢550,000 dividend payment, came to 拢737,597. This represented only a 1.7% overall increase on her salary of 拢725,000 the year before. The firm itself grew commensurately, with an average of 241 employees during the year 2007/8, up from 156 the year before.

But there are already signs that the success of this financial year has already been tempered by the downturn. The practice was forced to admit last week that it would be forced to 鈥渞ebalance the composition of its staff鈥� in light of the economic climate, though it refrained from saying by how much its headcount would be reduced.

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