HS2 design firm revenue suffers after public infrastructure downturn, but hopes downsizing will improve outlook

Turnover for the year ended 30 September 2024 was down 29 per cent to £69.6 million, compared to £98.1 million in the previous year. 

While gross profit was also down, to £54.5 million from £65.6 million in FY2023.  

“Group revenue suffered from the challenging economic conditions and particularly the restrictions on government expenditure on publicly funded infrastructure projects, as well as lack of confidence in parts of the private market,” said Grimshaw in a recent trading update. 

Due to the downturn, which led to certain major projects being suspended during the year, Grimshaw implemented cost reductions within the business which saw ‘significant downsizing’, the full cost of which however did not impact the financial year.  

Operating profit for the year to 30 September 2024 was £4.5 million, down from £7.2 million in the prior year. 

Total consolidated profit for the year amounted to £3 million (year to 30 September 2023: £7.4 million).  

Major projects completed by Grimshaw in the UK during the year included the North London Heat and Power Project, the Waterloo Station masterplan, and the HS2 Colne Valley viaduct, as well as various international schemes. 

While significant project wins included the Stratford station redevelopment in London, as well as a range of others in the data, energy, I&L, and aviation markets. 

Grimshaw added: “Members believe the business outlook is improving and the group is now more efficient and resilient, and well placed to improve its operating performance.” 

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