Although the practice failed to meet a budgeted turnover of £21.5 million for the year ending 31 March 2023, the company still managed to boost its income from £18.6 million in the previous year to £20.3 million.
The recently posted accounts for the last trading year also show an increase in profit after tax from £3.1 million in 2022 to £3.9 million.
The director’s statement says the company, having ‘successfully navigated two years of considerable uncertainty’ caused by the Covid pandemic, was confronted by ‘several new and very different challenges’.
One of those was its decision to move from its former home in Chamber Street, Aldgate, via a temporary co-working space in Hackney Bridge, to a new permanent base in a converted Hackney Wick warehouse.
The accounts read: ‘The [temporary] space was too small and too hot and undoubtedly affected our productivity and ability to deliver, while problems associated with the construction works [on the Hackney Wick retrofit] presented further distractions to several senior members of the practice.’
But it concludes the ‘effort had been very much worthwhile’, creating a 21st-century workplace and a ‘most appropriate’ new headquarters.
The company said it has also felt the impact of the ‘declining state of the economy’ and mini-budget in September 2022 which led to a slowdown in housing work. The practice’s workforce dipped from 241 staff to 230 in the accounting period
HTA Design continues to deliver numerous social housing projects and other major modular residential schemes, having recently completed another two high-rise apartment blocks in Croydon.
Looking forward, the ‘review of the business’ in the accounts adds: ‘We anticipate that business will continue to be more competitive for some time as development viability remains incredibly challenged, and while the government’s ongoing management of housing policy and building regulations remains so unpredictable and lacking in urgency.’