Broadway Malyan has marked a historic year that saw a major transformation of its ownership structure by posting an increase in turnover and profits.

The international practice saw turnover increase 9.8 per cent to £50.6m in the financial year to 30 April 2017 with an increase in gross profit to £17.1m and a significant increase in operating profits compared to the previous financial year.

The results are the first since the practices’ ownership was transferred to an Employee Ownership Trust in November 2016 with the majority shareholding transferring from existing employee benefit trusts and directors to an ownership trust representing all employees.

The day to day running of the practice remains with the Board and Executive Committee but newly elected Employee Trustees will sit on a new Board of Trustees that will work alongside the main Board to provide fresh oversight while also improving communication across the company.

Managing director Gary Whittle: “Over more than half a century the practice has successfully navigated a journey of growth from a partnership to an international Private Limited Company and as the world has changed, so we have changed with it.

“The new ownership structure reflects our history and ethos and the partnership model that has served the practice so well for almost 60 years. The directors remain personally invested as well as the employees through the SIP but this new model ensures better sustainability and resilience as we look to the future.

“Our fundamental aim is to make Broadway Malyan an even better place to work and we want the new structure to allow for greater insight into the management decision making process with the Employee Trustee Directors providing a direct line to the Board to represent the wider views of all colleagues at Broadway Malyan.”

The headline results for the financial year saw turnover increase to £50.6m with revenues increasing in the Middle East and a robust performance in the Far East with a number of major new architectural and masterplanning projects. UK revenue grew by over 10%, remaining resilient despite Brexit fears and the proportion of turnover generated from UK projects remained at 57 per cent, the same as the previous year.

Gross profit grew to £17.1m while operating profit showed substantial growth to £2.6m from £0.9m in 2016 although the prior year included a substantial exceptional item.

Broadway Malyan’s financial director Anne Howard added: “These are a robust set of results where we have seen an increase in overall turnover and profitability as well a significant improvement in the practice’s cash position which will allow us to push forward with important strategic investments in people, studios and IT.

“The company has endured some volatility across its various global markets with issues such as exchange rates and the amount we pay away to sub-consultants all impacting on our profitability although as we move into the 2nd quarter of the latest financial year, there is much to be optimistic about with a strong pipeline and improving conditions in some key regions.”