Heatherwick Studio founder took home 1.4m last year, almost a third of the profit earned by the practiceHeatherwick Studios proposals for a luxury shopping centre in Seoul, South KoreaThomas Heatherwick increased his annual dividend last year despite profits at his practice Heatherwick Studio crashing by 73% following a collapse in revenue from the US.The firm reported pre-tax profit of 4.7m for the year to 31 March 2024, down from the 17.6m earned in the previous year, with turnover during the period falling from 49.6m to 42.3m.Heatherwicks 1.4m dividend was over 300,000 more than the 1.1m he received in 2023.Source: Tom CampbellThomas Heatherwick outside the firms new Kings Cross office, which it moved to in August 2023 following a two-year refurbishmentThe bulk of the years fall in revenue came from a lull in the firms work in the US, where income fell by 87% from 14.4m in 2023 to 1.85m the following year.All other key regions saw improved numbers, with income from Asia, the firms most lucrative market, increasing from 16.1m to 19.2m, and the Middle East rising to 16.5m from the 13.1m earned in the previous year.Turnover also increased in the UK from 1.8m to 2m and in the rest of Europe from 1.1m to 1.6m, although it fell across the rest of the world, outside of the firms five key regions, from 3m to 1.1m.The practice said the fall in turnover and profit was fully expected following an exceptional year in 2022 and 2023 when the studio won work on a string of large projects and several others that had stalled during the pandemic, restarted.Group staff numbers during the period edged up to a total of 234, from 225 the previous year, with the firms wage bill increasing from 18.9m to 20m.The accounts also revealed the firm owes creditors a total of 26.4m, including 11.1m within the next year. The firm is currently paying off a 20m bank loan from Barclays which it took out in March 2022 at a rate of around 1.3m a year.It is also owed 8.5m from debtors, including 6.2m from trade debtors, within the next year.Heatherwick Studio partner and group leaderStuart Wood said:The studios portfolio continues to grow both in terms of geography and the amazing range and scale of our projects.We are also bigger than ever as a team. Following astrongyear 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.Major jobs which the firm picked up last year included a transformation of Londons BT Tower into a hotel for US hotel chain MCR Hotels and a luxury shopping centre in Seoul, South Korea.The firm also won its first job in South America, a seven-storey university building in Bogota, the capital of Colombia.