{"id":766103,"date":"2024-12-02T09:59:16","date_gmt":"2024-12-02T09:59:16","guid":{"rendered":"https:\/\/www.architectsjournal.co.uk\/?p=766103"},"modified":"2024-12-03T08:37:09","modified_gmt":"2024-12-03T08:37:09","slug":"foster-partners-reports-record-422m-turnover","status":"publish","type":"post","link":"https:\/\/www.architectsjournal.co.uk\/news\/foster-partners-reports-record-422m-turnover","title":{"rendered":"Foster + Partners reports record \u00a3422m turnover\u00a0"},"content":{"rendered":"

The UK\u2019s largest architecture practice has doubled its turnover in six years following an enormous increase in its Middle East workload, with the region accounting for 42 per cent of its earnings in the year to 30 April 2024 (see full regional breakdown below<\/em>).<\/p>\n

Earlier this year, the AJ revealed that Norman Foster’s practice was working on a top-secret, multibillion-dollar project to build the world\u2019s tallest building: a 2km-high skyscraper in Riyadh, Saudi Arabia, twice the height of the current record holder.<\/span><\/p>\n

During the reporting period, Fosters made a pre-tax profit of \u00a32.3 million, up by \u00a3800,000 from a year earlier, according to financial accounts published at Companies House<\/a>. However, it made a \u00a35.4 million loss after income tax.\u00a0<\/span><\/p>\n

The average number of staff at Fosters over the year increased by 185 to 1,894 \u2013 around 85 per cent of who are based at its Battersea headquarters, despite less than 10 per cent of the company\u2019s money being earned in the UK.<\/p>\n

The practice has a further 17 offices around the world, including an office in Seoul\u2019s Jongno district which opened last month. The group also has project-based teams in a further four cities and plans to open a new studio in Florida.\u00a0<\/span><\/p>\n

The company now earns more than twice as much in the Middle East than in any other region, turning over \u00a3178 million there in its latest financial year compared with \u00a3118 million a year earlier and just \u00a337.6 million in its 2017-2018 financial year, when its group turnover was \u00a3213 million.\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Foster + Partners\u2019 turnover by region for the year ended 30 April 2024<\/strong><\/td>\n<\/tr>\n
Region<\/strong><\/td>\nTurnover (\u00a3m)<\/strong><\/td>\nProportion of total (%)<\/strong><\/td>\n<\/tr>\n
Middle East<\/td>\n177.5<\/td>\n42.1<\/td>\n<\/tr>\n
North America<\/td>\n72.6<\/td>\n17.2<\/td>\n<\/tr>\n
Continental Europe<\/td>\n72.6<\/td>\n17.2<\/td>\n<\/tr>\n
Asia<\/td>\n57.6<\/td>\n13.7<\/td>\n<\/tr>\n
UK<\/td>\n37.9<\/td>\n9<\/td>\n<\/tr>\n
South America<\/td>\n2.6<\/td>\n0.6<\/td>\n<\/tr>\n
Australasia<\/td>\n0.7<\/td>\n0.2<\/td>\n<\/tr>\n
Africa<\/td>\n0.4<\/td>\n0.1<\/td>\n<\/tr>\n
Total<\/strong><\/td>\n421.7<\/strong><\/td>\n100<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Foster + Partners said it will pay a \u00a323.9 million of dividend in respect of the year, up from \u00a314.6 million a year earlier. Its largest shareholder is Canadian private equity group HennickCo<\/a>, while its founder and executive chairman Norman Foster remains its second-largest shareholder.\u00a0<\/span><\/p>\n

The group spent a total of \u00a34.8 million on directors during the year, with its top-paid director receiving a total package worth \u00a3919,000.\u00a0<\/span><\/p>\n

In a statement accompanying the reports, Foster thanked the company\u2019s employees and collaborators.\u00a0<\/span><\/p>\n

\u2018The practice of design starts with those who have the trust to commission us through to those that execute the works on site and in factories,\u2019 he wrote. \u2018In between are the many other disciplines with whom we collaborate and the \u201ccheck and balance\u201d of the regulatory bodies.\u00a0<\/span><\/p>\n

\u2018On behalf of the practice, I express our deepest appreciation to all of these.\u00a0<\/span><\/p>\n

\u2018Finally, I would like to thank the team of Foster + Partners \u2013 those who can measure their contributions in decades and the more recent arrivals who are maybe only months in the practice. To all, the achievements summarised in this yearly report are a tribute to your hard work, creative energy and dedication.\u2019\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s largest architecture practice has doubled its turnover in six years following an enormous increase in its Middle East workload, with the region accounting for 42 per cent of its earnings in the year to 30 April 2024 (see full regional breakdown below). Earlier this year, the AJ revealed that Norman Foster’s practice was …<\/p>\n","protected":false},"author":72402,"featured_media":766153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"ep_exclude_from_search":false},"categories":[681],"tags":[3162,1181,2161],"yoast_head":"\nFoster + Partners reports record \u00a3422m turnover\u00a0<\/title>\n<meta name=\"description\" content=\"Foster + Partners has reported a 29 per cent jump in revenue to a record \u00a3422 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.architectsjournal.co.uk\/news\/foster-partners-reports-record-422m-turnover\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foster + Partners reports record 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