Foster & Partners sees profits soar
Foster and Partners Group has posted a major rise in profits for the year ended April 30, 2011, with pre-tax profits of £10.9 million, up from £1.6 million. Turnover at the practice, which said most its work now comes from Asia and China, is up to £159 million from £134 million. In its annual accounts posted at Companies House, Foster’s said 26% of its order book was for work in the Far East, compared to 16% in the Middle East. North America accounts for 24% of the work, while only 8% is in the UK with a turnover of £11.5 million. 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 £4.7 million, with the highest paid director, believed to be Foster himself, receiving £1.8 million. The average staff salary is close to £50,000. |