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Wednesday30 July 2014

Foster & Partners sees dip in profits

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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.

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Readers' comments (5)

  • zecks_marquise

    who has £52 million to lend?!!?

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  • My heart bleeds for you Norman : I just don't know how you're going to manage on £920K !!!!!!! And of course this must be a great consolation to your humble minions tolerating "slave salaries" on the lower levels of your Brobdingnagian existence!!!!!

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  • At a time when we mourn the sad loss of the great Oscar Niemeyer, who on earth wants to hear about Foster's supposed
    financial woes and his exorbitant salary?

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  • Rumpy Stumpy

    When will the slaves wake up and realize that their Masters are not only fleecing them off their livelihoods but leaving the world so much worse off for their children. There needs to be all new redistribution of wealth - bottom up. Strange how Capitalism and Globalization is creating the very disparities and unfair practice (albeit in private quarters like our profession) that we condemn in the developing world. Role model architects seem no better than bankers these days.

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  • "Fosters & Partners sees dip in profits". This seems to be because overheads have increased, not because business is doing badly. This could easily have read 'Fosters has another bumper year'.

    Stumpy, your post reminded me of The Ragged-Trousered Philanthropists. Maybe things haven't changed so much after all.

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