{"id":779012,"date":"2025-03-17T09:49:36","date_gmt":"2025-03-17T09:49:36","guid":{"rendered":"https:\/\/www.architectsjournal.co.uk\/?p=779012"},"modified":"2025-03-18T08:35:53","modified_gmt":"2025-03-18T08:35:53","slug":"adjaye-associates-makes-700000-loss","status":"publish","type":"post","link":"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss","title":{"rendered":"Adjaye Associates makes \u00a3700,000 pre-tax loss"},"content":{"rendered":"<p>Published today (17 March) at Companies House, the accounts for the year ending 31 December 2023 also show that David Adjaye\u2019s practice\u2019s turnover dropped by more than \u00a33 million between 2022 and 2023. Income at the London-based company fell from \u00a320.4 million to \u00a317.1 million.<\/p>\n<p>In terms of its loss, the company listed a one-off exceptional item of \u00a31.46 million, described as a &#8216;provision against withholding tax debtors&#8217;.<\/p>\n<p>The practice\u2019s workload fell markedly in Asia, from \u00a34.8 million to \u00a3891,500, and dipped in the Middle East from \u00a314.1 million to \u00a313 million. However, fee income grew in Africa from \u00a3261,000 to \u00a31.4 million and went up in both the UK (\u00a3684,000 to \u00a3984,000) and America (\u00a3398,000 to \u00a3641,000).<\/p>\n<p>The accounts cover the period in which the <em>Financial Times <\/em>published sexual misconduct <a href=\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-steps-back-from-major-roles-following-sexual-assault-allegations\">allegations<\/a> made against David Adjaye \u2013 claims he has always denied.<\/p>\n<p>That same year the practice was forced to make <a href=\"https:\/\/www.architectsjournal.co.uk\/news\/the-cult-of-david-former-adjaye-associates-employees-speak-out-as-practice-cuts-staff\">redundancies<\/a> from its payroll, including job losses from its then 110-strong London workforce.<\/p>\n<p>The latest trading figures show the number of staff fell to 85 in 2023, with turnover per employee edging down from \u00a3213,000 in 2022 to \u00a3202,000 in 2023.<\/p>\n<p>The accounts also reveal that a dividend of \u00a31.89 million was paid out by the company.<\/p>\n<p>According to the strategic report accompanying the figures, company director Adjaye wrote: \u20182023 was a commercially challenging year for the construction industry at large and this is reflected in our financial reporting for the period.<\/p>\n<p>\u2018Our position as one of the most diverse practices in the world, recognised for the representation we bring to architecture and for the quality and social impact of our work, together with our ability to be agile with resourcing, is a resilient basis from which to recover from a temporary downturn.\u2019<\/p>\n<p>The statement, which claims the studio has \u2018built a robust reputation for both its built portfolio and intellectual and cross-cultutral endeavours\u2019, said it had ongoing work in the UK, the Americas, the Middle East and Africa.<\/p>\n<p>It also said Adjaye Associates had won commissions for a major arts project in Saudi Arabia and a large-scale residential project in France.<\/p>\n<p>Adjaye Associates declined to comment further.<\/p>\n<div class=\"factfile\">\n<p><em>The story was updated to reflect the &#8216;exceptional item&#8217; of \u00a31,461,125 which was explained in the company accounts as: &#8216;During the year, the company reviewed the position of claims for withholding taxes from foreign jurisdictions and has provided against those claims where there is either a limited or no chance of further recovery of those amounts&#8217;. The headline was amended to make clear that the firm&#8217;s loss was a pre-tax loss.<br \/>\n<\/em><\/p>\n<\/div>\n<div id=\"attachment_698271\" class=\" wp-caption alignnone\" style=\"max-width: 2570px;\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-698271\" src=\"https:\/\/cdn.rt.emap.com\/wp-content\/uploads\/sites\/4\/2023\/05\/17165248\/Architectural-model-of-the-new-KNMA-New-Delhi.-Courtesy-David-Adjaye-Associates-and-KNMA1-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" \/><p class=\"wp-caption-text\">Architectural model of Kiran Nadar Museum of Art (KNMA) designed by David Adjaye in collaboration with S Ghosh &amp; Associates as unveiled at the 18th International Architecture Exhibition \u2013 La Biennale di Venezia in May 2023<\/p>\n\t<p class=\"inline_image_source\" style=\"max-width: 2570px;\">Source:David Adjaye Associates and KNMA<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Published today (17 March) at Companies House, the accounts for the year ending 31 December 2023 also show that David Adjaye\u2019s practice\u2019s turnover dropped by more than \u00a33 million between 2022 and 2023. Income at the London-based company fell from \u00a320.4 million to \u00a317.1 million. In terms of its loss, the company listed a one-off &#8230;<\/p>\n","protected":false},"author":915,"featured_media":735139,"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":[1385,1384,2161],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adjaye Associates makes \u00a3700,000 pre-tax loss<\/title>\n<meta name=\"description\" content=\"Adjaye Associates has reported a pre-tax loss of \u00a3700,500 - a major drop from the \u00a32.5 million profit posted in its previous trading period\" \/>\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\/adjaye-associates-makes-700000-loss\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adjaye Associates makes \u00a3700,000 pre-tax loss\" \/>\n<meta property=\"og:description\" content=\"Adjaye Associates has reported a pre-tax loss of \u00a3700,500 - a major drop from the \u00a32.5 million profit posted in its previous trading period\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss\" \/>\n<meta property=\"og:site_name\" content=\"The Architects\u2019 Journal\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-17T09:49:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T08:35:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.rt.emap.com\/wp-content\/uploads\/sites\/4\/2024\/03\/20101306\/adjaye-new-assocs-march-2024-crop-1024x683.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Waite\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/waitey\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Waite\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss\",\"url\":\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss\",\"name\":\"Adjaye Associates makes \u00a3700,000 pre-tax loss\",\"isPartOf\":{\"@id\":\"https:\/\/www.architectsjournal.co.uk\/#website\"},\"datePublished\":\"2025-03-17T09:49:36+00:00\",\"dateModified\":\"2025-03-18T08:35:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.architectsjournal.co.uk\/#\/schema\/person\/c098c74851864737ad4fa4e50861cf8c\"},\"description\":\"Adjaye Associates has reported a pre-tax loss of \u00a3700,500 - a major drop from the \u00a32.5 million profit posted in its previous trading period\",\"breadcrumb\":{\"@id\":\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.architectsjournal.co.uk\/news\/adjaye-associates-makes-700000-loss#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.architectsjournal.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Adjaye Associates makes \u00a3700,000 pre-tax loss\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.architectsjournal.co.uk\/#website\",\"url\":\"https:\/\/www.architectsjournal.co.uk\/\",\"name\":\"The Architects\u2019 Journal\",\"description\":\"Architecture News &amp; 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