Figures published for the year ending 31 December 2018 show that the company made a loss of £1.13 million last year compared to a profit of £1.69 million the year before.
Turnover dropped by nearly 20 per cent, down from £8.58 million to £6.96 million.
Average staff headcount dipped to 82 in 2018 from 85 in the previous year (in 2016 the practice had a 95-strong workforce). Meanwhile fees per architect fell from £155,996 in 2017 to £141,996.
The director’s report described it as ’a year of transition’ for the firm. ‘Alongside the move to bigger, better and more central business premises the company has been working very hard to win new work to replace a number of long-term projects which completed during the year.’
UK business fell to under two-thirds of the firm’s turnover from 70 per cent the previous year, while European work was up from 19 per cent in 2017 to 25 per cent.
’Commitments under operating leases’ surged to £5.3 million last year, compared to just £339,949 in 2017, which may reflect the practice’s move to its new offices. The firm last year left its former base at Elizabeth House in Waterloo to premises off the Strand at Aldwych.
The disappointing results follow recent revelations that Chipperfield’s proposed redesign of Portland House in London’s Victoria, approved in 2013, had been axed in favour of a new scheme.
However, in better news for the practice, it was revealed this week that Chipperfield’s Turner Contemporary will grace the new £20 note – the first modern building to feature on a banknote.
The company also recently landed the prize commission to design a new skyscraper for Rolex in New York.
Chipperield rolex tower collage