AHMM's former studio at the White Collar Factory Source:&nbsp Timothy SoarAllford Hall Monaghan Morris (AHMM) has reported a loss for the second year in a row, despite an increase in income Accounts published at Companies House last week for the year ending 31 March 2024 show the company made a pre-tax loss of 1.4 million the fourth year in a row the company has been in the red.However, this loss was less than the 1.78 million deficit posted in the previous 12 months. The fourth-largest architecture practice in the AJ100, whose revenue fell slightly from 49.9 million to 47.9 million over the same period, said sustained global economic challenges had led to a 23 per cent cut in employee numbers and a reduction in office space.AHMM blamed its latest loss on one-off costs of restructuring, claiming the move had returned the business to profitability.AdvertisementCosts associated with the significant restructuring made during the accounting period totalled 3.2 million, with 1.1 million in redundancy-related payments and a further 2.1 million in payroll costs associated with those job cuts, the directors said in a foreword to the accounts.AHMM spent a further 800,000 exiting office space at the White Collar Factory studio in Old Street, Shoreditch, east London, which it designed and completed in 2017.The practice said the one-off nature of the redundancy programme and giving up the White Collar Factory studio meant the business had returned to profitability in the current year and was on a renewed and stable financial footing for the future.The income recorded in the latest accounts was the practices third-highest ever turnover on record. Yet, the practice has not returned to pre-pandemic levels of turnover, when it reported an income of 55.3 million in 2020.AHMM told the AJ that ongoing global economic challenges in the construction sector and work being paused or delayed had presented challenges over the 12 months, prompting two rounds of redundancies.AdvertisementBefore these job cuts, the practice recorded a headcount of 524 staff across the UK. That figure rose to 551 before falling by 23 per cent to 422, the directors said. Redundancies were both compulsory and voluntary.Directors acknowledged the difficult financial year in a strategic report, which highlighted domestic and international challenges to the economy and profession.The combined pay of the companys directors decreased during the period, going from 2.6 million to 1.8 million. The highest-paid AHMM director took home 373,687 a 17 per cent decrease on the 449,535 of the previous year.AHMM earned more money in the UK 41.1 million than any other architecture practice except BDP (96.9 million) for the financial year ending 2023. BDPs accounts for the last financial year have not yet been published.Foster + Partners and Zaha Hadid Architects both employ more qualified architects than AHMM, but earn significantly less in Britain (37.9 million and 1.8 million respectively). Zaha Hadids accounts for the year ending March 2024 have not yet been published.AHMMs successes in 2024 include gaining consent on the Ken Dodd Comedy Centre in Liverpool, a part-retrofit and rebuild of 1 Victoria Street in Westminster, and 50 Baker Street, a major mixe-use scheme also in Westminster.The practice also established a presence in Sydney, Australia, which its directors said would enable new business opportunities.The company said its Scope 1,2 and 3 greenhouse gas emissions totalled 1,405.8 tCO2e in 2022. For 2023, the latest year for emissions reporting, the figure was down to around 1,006 tCO2e. AHMM said it had made its biggest reduction in Scope 3 emissions as the result of reducing IT equipment purchasing and events, with Scope 3 emissions going from 1,327 to 859 tCO2e. However, Scope 1 and 2 emissions increased slightly as a result of more staff in the office, the practice said.2025-01-03Gino Spocchiacomment and share