Lord Foster's international architecture business slides into the red after four years of falling profits.
Norman Foster's international architecture business has gone into the red with a £544,000 loss on long overdue accounts filed this month.
In accounts to 30 April 2004, filed 10 months late at Companies House, Foster Group (International) posted the loss after tax on a turnover of £37.7m, with a pre-tax profit of £2.0m.
The loss for the year is the latest in a four-year run of sliding profit figures. The firm reported profits of £3.5m, £1.7m and then £1m in the three previous years.
Tax payments of £1m for the year to April 2004, almost double the previous year's contribution of £550,000, also took its toll on the profit figure, as did tax creditor interest of £449,000. The group deferred payment of £1.5m of tax.
Norman Foster also cut his salary from £6.1m in 2003 to £2.1m in 2004, although the figure still means he is the UK's highest paid architect.
The group's UK market also suffered, with turnover falling 29% to £18m. However, total turnover was buoyed by growth in its international markets, particularly the Far East, which saw a 297% increase to £4.5m.
