It also turned last year’s first half loss of £761,000 to a pre-tax profit if £173,000 this time.
Turnaround for the stock exchange listed architect has come primarily on the back of overseas success, particularly in Russia, but the UK operation has won several major projects in recent months that should filter through to the accounts in due course.
Nine planning applications were submitted during the first half, covering more than a million square feet of development space in London. Two of these applications are now proceeding to the site phase - offices in Berkeley Square, Mayfair for Prupim and Wood Street in the City for Orchard Street. A further five applications are to be submitted in later in the 2012 calendar year covering another million square feet of development space in London, Bristol and Colchester.
CEO Nicholas Thompson said: “At long last we are able to report a positive financial outcome in these results for our group. The efforts that we have made to bring costs into line with our revenues in difficult market conditions have now borne some fruit.
“Our Russian operation continued to perform well with a small number of large projects and our UK operation continued to progress a number of planning applications and projects on site providing consistency of revenue. Perhaps the most encouraging aspect has been the turnaround in our Middle East operation where we had previously decided to retain a base cost presence and this decision has been rewarded with new instructions being received in the first half of this year.
“Our goal now is to maintain and build upon what we have achieved over the past twelve months.”