The company’s accounts for the year ending 31 December 2025 show the practice generated a £29,500 pre-tax profit, following a pre-tax loss of £1.46 million in 2023 and a further deficit of £1.24 million in 2024 (Make insists practice is back on ‘even keel’ despite posting another loss).

But turnover fell from £15.8 million in 2024 to £14.7 million in 2025, according to the latest figures.

This means the practice’s income has dropped for yet another year. In 2023, Ken Shuttleworth’s company, which has offices in London, Hong Kong and Shanghai, brought in £18.3 million. It reported a fee income of over £19 million in 2022.

Geographically, revenue from work in Asia fell 43.5 per cent, from £2.62 million to £1.48 million, while Australian income evaporated from £609,000 to nothing.

UK revenue, meanwhile, was comparatively steady, down just 1.7 per cent to £10.9 million. The biggest gains were in the rest of world, where income rose 52.6 per cent to £2.34 million.

The accounts show that the average number of employees, including directors, fell to 95 – down by 29 from the 124 reported in 2024.

Explaining the figures in the directors’ report, the practice said that the improved pre-tax profit performance reflected ‘the continued focus on cost control and alignment of the cost base with the group’s revenue outlook’.

The report continued: ‘Make entered 2025 following a challenging previous year, during which the group had implemented cost reduction measures and workforce restructuring in response to difficult market conditions, inflationary pressures, high interest rates and delays to projects.

‘Administrative costs were also lower, with 2025 administrative expenses of £5.8 million compared with administrative expenses of £6.3 million in 2024.’

Shuttleworth told the AJ: ‘We were pleased to return to profitability in 2025 and continue to focus on delivering high-quality work and supporting our clients across a range of projects and sectors.’

Last month, Make revealed plans for an office tower floating above a 20th-century corner block at 35 New Broad Street opposite Liverpool Street station in the City of London. The scheme, backed by Aviva Investors, aims to add about 10 extra storeys to the existing building.

The latest accounts show the highest-paid director received £749,000, up by 9.1 per cent on the £686,000 last year.

2018 predictions: Will the profession continue to be marginalised?