Olympic Stadium designer Buro Happold has admitted that it has “not been immune” to the global reduction in activity levels in its latest results filed with Companies House.
The results for the year ending 30 April 2012 show that turnover fell as a result of the slowdown in work, but that profits and profit margin both held up with the help of some redundancies.
Staff numbers fell in 2012 as it cut the number of technical staff from 1,022 to 995.
The firm reported a pre-tax profit of £7.8M in the year to 30 April 2012, up from £7.7m the year before. Net margin stood at 6.7%, up on 6.3% the year before.
This came despite a drop-off in turnover of £7.2M to £116.8M over the period.
Chief executive Paul Westbury said: “The group has not been immune from the reduction in global activity levels in the construction industry.
“The group is continually working to reduce its cost base to meet the challenges placed on it to compete in these most challenging economic circumstances.
“This was reflected in 2011/12 with a small increase in operating profit despite reduced turnover.
Westbury predicted a return to more robust profit in the 2012/13 financial year.