Eric Parry Architects Post £12Million Turnover as Project List Grows

24/6/24

London-based Eric Parry Architects has seen its turnover and profits grow in the previous 12 months per the latest accounts.

For the financial year ending July 31, 2023, the company saw an annual turnover of £12million, as well as a gross profit of £7.6million and net profit before tax and interest increased to £2.5million, compared to the previous year.

The company currently has several projects in the timeline, something it credits with helping to boost the coffers.

The report on Companies House states: "We had several major projects at key stages during this period. We started planning work for the redesign of 1US, the start of Stage 3 work for 50 Fenchurch Street and Stage 4b for the Salisbury Square Development. The annual turnover increased to £12million as the result of the activities on these major projects. As a result, the gross profit was higher at £7.6million and net profit before tax and interest increased to £2.5million.

"Our workload forecast for the coming years is strong after winning new work and we are also expecting a few key projects to move forward to their next stages. We are expecting a period of growth in the coming financial year."

The firm has also invested in new technology and has expanded the number staff.

The report added: "In this financial year we have made a substantial investment in office furniture and IT equipment to accommodate a growing workforce and we have upgraded our IT technology. We are expecting to take additional floor space in late spring 2024 to accommodate our expanding team and to also enable staff to have more informal meeting and social spaces.

"Our balance sheet continues to be strong with no significant debtors and a healthy cash reserve. The company does not have any long-term loans and is able to meet all financial commitments."

Source: Companies House