Thames cable car firm rises despite troubles
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Monday 07 January 2013
The architecture practice behind the Thames cable car crossing, which proved so popular when it opened ahead of the Olympics, has seen revenue rise by 12 per cent.
London and Hong Kong-based Aedas, which is also known for its work on Dubai Metro and has 2,000 staff worldwide, has revealed that global turnover hit £158.8m in 2011, while pre-tax profit was £12.8m.
Asia provided the bulk of this improvement, as Britain, Europe and the Middle East posted a pre-tax loss of around £1m after a restructure of those operations.
Growth in the UK is not expected to return until 2014.
As part of its strategy to financially balance the company through expansion in many markets, Aedas is looking to win work in the US, where it currently has offices only in Seattle and Los Angeles.
Aedas, which celebrated 10 years in its current guise in 2012, was one of several members of the team that made the Emirates Air Line cable crossing in London, which also included fellow architecture firm Wilkinson Eyre and Mace, the construction company behind the Shard tower at London Bridge.
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