Architect sees profit rise from £1.6m to £10.9m with most work stemming from Far East
Architect Foster + Partners has seen a major rise in profits, with most of its new work stemming from China and the Far East.
According to Building’s sister magazine Building Design, the firm posted a major rise in profits for the year ended April 30, 2011, with pre-tax profits of £10.9m, up from £1.6m on the previous year.
In its annual accounts, the firm said turnover at the practice was up to £159m from £134m, with 26% of its order book for work in the Far East, compared to 16% in the Middle East.
The US accounts for 24% of the work, while only 8% is in the UK with a turnover of £11.5m, Building Design said.
The chief executive’s statement said: “We are also currently exploring opportunities in South Africa, Japan and further projects in Australia.”
The group’s six directors’ salaries totalled £4.7m, with the highest paid director, believed to be Lord Norman Foster himself, receiving £1.8m.