{"id":769633,"date":"2025-01-08T08:26:26","date_gmt":"2025-01-08T08:26:26","guid":{"rendered":"https:\/\/www.architectsjournal.co.uk\/?p=769633"},"modified":"2025-01-08T08:35:05","modified_gmt":"2025-01-08T08:35:05","slug":"heatherwicks-profits-nosedive-but-practice-bigger-than-ever","status":"publish","type":"post","link":"https:\/\/www.architectsjournal.co.uk\/news\/heatherwicks-profits-nosedive-but-practice-bigger-than-ever","title":{"rendered":"Heatherwick\u2019s profits nosedive \u2013 but practice \u2018bigger than ever\u2019"},"content":{"rendered":"

However, the results posted at Companies House, which show the company’s pre-tax profits plunge to \u00a34.7 million in the year ending 31 March 2024 (from \u00a317.7 million in 2023), had been predicted by the practice.<\/p>\n

Last year<\/a>, Thomas Heatherwick\u2019s practice said its 2023 boom \u2013 when turnover reached a record \u00a349.6 million \u2013 had been caused by a resurgence of major jobs that been on hold during the Covid pandemic. It anticipated a \u2018return to a more normalised set of figures\u2019 this year. In 2022 the company’s pre-tax profits were \u00a33.2 million.<\/p>\n

Despite the drops in the headline figures, Heatherwick\u2019s staff numbers actually rose from an average of 218 in 2023 to an all-time high of 234 in the latest accounts. The practice said this reflected \u2018an uptick in new projects\u2019 \u2013 in particular in Thailand, where the practice said it had opened a new \u2018associated company\u2019, and South Korea.<\/p>\n

This is the largest workforce ever employed by the company and marks a doubling of employees since 2014 when it had 116 people on its books.<\/p>\n

Heatherwick\u2019s total fee income in Asia swelled from \u00a316.1 million to \u00a319.6 million over the trading period. In August the company won a competition to overhaul Hanwha Galleria, a department store in the south-east of Seoul.<\/p>\n

\"\"

Heatherwick Studio’s proposals for Hanwha Galleria, Seoul<\/p>\n\t

Source:Devisual<\/p><\/div>\n

Its workload continues to grow in the Middle East too. The practice reported a \u00a316.5 million in turnover in the region, up from \u00a313 million in 2023.<\/p>\n

Meanwhile, income in the USA, where its controversial Vessel installation<\/a> in New York reopened late last year, tanked from \u00a314.4 million to just \u00a31.9 million.<\/p>\n

Commenting on the figures, practice partner and group leader Stuart Wood said: \u2018The studio\u2019s portfolio continues to grow both in terms of geography and the amazing range and scale of our projects.<\/p>\n

\u2018Turnover is now on a level with previous years\u2019<\/p><\/blockquote>\n

\u2018We are also bigger than ever as a team. Following a strong year after the pandemic, turnover is now on a level with previous years, as anticipated, and we expect it to continue on a gradual upward trend.<\/p>\n

\u2018The studio is preparing for an exciting year ahead. We have two major projects completing soon in our home city of London: the legendary cultural venue at Olympia and the Google building in King\u2019s Cross, and a host of projects across East Asia, including our very first biennale in Seoul.<\/p>\n

\u2018All of this is grounded in our core mission to help make the world more joyful, engaging and human.\u2019<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

However, the results posted at Companies House, which show the company’s pre-tax profits plunge to \u00a34.7 million in the year ending 31 March 2024 (from \u00a317.7 million in 2023), had been predicted by the practice. Last year, Thomas Heatherwick\u2019s practice said its 2023 boom \u2013 when turnover reached a record \u00a349.6 million \u2013 had been …<\/p>\n","protected":false},"author":915,"featured_media":769662,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"ep_exclude_from_search":false},"categories":[681],"tags":[2514,1270,2102,101451],"yoast_head":"\nHeatherwick\u2019s profits nosedive \u2013 but practice \u2018bigger than ever\u2019<\/title>\n<meta name=\"description\" content=\"Heatherwick Studio has reported a massive drop in profits and a 15 per cent fall in turnover to \u00a342.3 million, according to its latest accounts\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.architectsjournal.co.uk\/news\/heatherwicks-profits-nosedive-but-practice-bigger-than-ever\" 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