Architect sees profit rebound to £74m from last year’s £2m
Turnover at Foster & Partners grew to a record £653m, the firm has said in group accounts filed at Companies House.
Revenue at the UK’s biggest architect by turnover jumped 55% in the year to April as pre-tax profit rebounded from last year’s £2m to £74m.
The firm, which has been appointed to design a new stadium for Manchester United, said it now employs more than 2,200 people, from 1,900 last time, while cash at the year end was £207m from £56m.
More than half the firm’s income came from the Middle East with revenue here doubling from £177m to £356m.
In his executive chairman’s notes, practice founder Norman Foster said: “The Kingdom of Saudi Arabia remains an area of growth for the practice.” The firm has work at several schemes on Saudi’s Red Sea coast including a marine life centre which will feature a 40m-long man-made coral reef.
Turnover from North America was up 73% to £110m while business in Asia was up 29% to £75m. UK workloads edged up 8% to £41m.
The firm said it had projects ongoing in 48 cities across five continents.
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