Benoy is delighted to announce that its global studios have posted a strong set of financial results for the year 2016. With a turnover of £48.2m, (2015 – £48m), delivering a profit before tax and bonus of £8.2m, (2015 – £7.8m), Benoy entered 2017, its 70th year, on a secure and highly successful platform.
There is no doubt 2016 was a year which brought uncertainty to many markets. Operating on a global scale, Benoy was exposed to the changing and indeed challenging market conditions of the world’s economies but the company’s positive financial performance is a real demonstration of its achievements over the past 12 months.
With Brexit and its impact in the UK economy still unfolding, Benoy is pleased to report that the UK Market delivered an increase in turnover as a proportion of overall turnover from 7% in 2015 to 13% in 2016.
July 2016 saw the appointment of a new CEO, Tom Cartledge, and with this came the strengthening of the firm’s global management team. Four senior appointments were made and further elevated Benoy’s international design offer.
The year was also one of significant investment for Benoy. In line with the CEO’s vision and absolute commitment to the company’s core values, this investment helped to position Benoy as a cutting-edge design firm which gives back to the environments in which it works and remains profitable and sustainable for all its stakeholders.
Supporting and enabling the vision, the introduction of a new global IT platform to improve efficiencies across Benoy’s financial and project management systems was welcomed in 2016. Alongside this, the companywide investment in the firm’s brand has helped to build on the heritage of the company and lay the foundation of who Benoy is and identify where the opportunities lie in the future.
With a real emphasis on evolution and a desire to be at the forefront of innovation, Benoy prioritised investment in new service areas with the reinforcement of its Creative Digital Team, for example, and the offering of Virtual Reality and app-based services.
In 2016, Benoy continued to win awards for its ground-breaking retail and mixed-use developments – new urban communities – but an energetic and ‘joined-up’ business development strategy led to Benoy being appointed by major global brands in sectors such as Aviation, Hospitality and Residential as well. The diversity in terms of geographic and sector spread represented by these internationally renowned clients reflects the continually evolving appeal and relevance of Benoy across markets; the firm now works in over 80 countries.
November marked the beginning of a new chapter in Benoy’s success story with the acquisition of London-based design company Holmes Wood. Bringing Benoy and Holmes Wood together as two highly regarded creative brands has presented further opportunities for the firm to extend its offer within the wayfinding, graphic and sign design realm.
Fundamental to Benoy’s success is, of course, its people. The talent agenda remains a top priority within Benoy and the company is dedicated to creating a sustainable organisation that cultivates a culture of engagement across all teams and proactively develops the next generation of leadership. The company has always celebrated its global team and in 2016, £2m was paid in bonuses through profit share.
Tom Cartledge, CEO, said,:
“I am delighted to report that 2016 was a very positive year for Benoy. Twelve months of strategic and targeted investment brought a new strength to the company. Confident and forward-thinking leadership was complemented by a tangible creative energy; this combination has proved to be a compelling proposition for colleagues and clients.”
“Working towards our very clear business objectives and guided by our key operating principles, the firm is poised for a prosperous 2017; the year in which we celebrate our 70 year anniversary, including 15 years in Asia and 10 years in the Middle East.” He concluded.