Foster & Partners sees dip in profits
Highest paid director’s pay halved for year ended April 30
Foster & Partners has seen a dip in pre-tax profits for the year ended April 30, 2012, down to £43.2 million from £47.5 million.
The firm, which over the year opened new offices in California and Shanghai, reported a steady turnover of £159 million.
Asia proved the most lucrative market over the year, seeing sales of £52 million. The Middle East and North America saw turnovers of £32 million and £25 million respectively.
UK sales increased to £16 million, up from £11 million.
Mouzhan Majidi, chief executive at Foster & Partners, said in a statement that the year has “proved challenging”.
“Staying ahead, creatively and innovatively, and building on our strengths have been the fundamental goals,” he added.
The highest paid director, who is not named but believed to be Norman Foster, received a pay packet of £920,000, just half of that compared to the previous year.
However, a report in the Sunday Times said that Foster and two other directors at the firm are due to receive an extra £320 million as a result of a high-interest loan made in 2007. At the time the business was being restructured, with private equity firm 3i buying a 40% stake.
Foster, Majidi and chief financial officer Matthew Streets all lent £52 million to the firm. The loan expires in 2017 when the trio are expected to receive the pay out.
Staff numbers saw a rise of 100 from 903 to 1,003.