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Foster + Partners narrows pre-tax loss

Foster + Partners has narrowed its pre-tax losses despite having to cough up around £40 million in debt interest repayments last year

The company’s failure to make pre-tax profits is due to the group’s £327 million debt (2009-2010) which is down from £340 million in the previous year (2008-2009). Its creditors demanded close to £40 million in repayments.

Norman Foster’s practice for the year up to 30 April reduced its pre-tax loss by £1 million to £15 million. Underlying operating profits were £25 million.

Foster told The Financial Times that the practice had ‘navigated through a difficult year, with excellent results, both in terms of creative achievements and financial success.’

At subsidiary Foster + Partners Limited shareholders however benefited from a £6.8 million dividend and £37 million profit was transferred to reserves. The wage of the highest-paid director, understood to be Foster, was £1.8 million.

Turnover dropped by 13 per cent from £152 million (2009) to £134 million. More than 90 per cent of the company’s work was outside the UK. Turnover dropped across the globe apart from in the Middle East where the company’s sales grew 28 per cent to £60 million.

A quarter of the practice’s staff was shed in the period leaving just 936 on the payroll, including 740 architects.

Readers' comments (4)

  • What happens when the banks call in the loans?

    Unsuitable or offensive?

  • AJ consistently publish grammatically incorrect writing, which is pretty poor for a magazine of this 'standing'.

    For example, there are basic mistakes in almost every paragraph of this article.
    ... have to cough up ... (...having to cough up...)
    ... £327 million debt – is down from £340 ... (...which is down from...)
    Foster told The Financial Times the practice ... (Forster told ... that the practice...)
    More than 90 per cent of the companies work... (...the company's work...)

    I'd be happy to provide (paid) editorial services in my spare time if you require.

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  • I'm the Chief Executive or ARSE: The Anul Retentives Society of England. I also do some (paid) gardening in my spare time, if anyone needs it

    Unsuitable or offensive?

  • @Mary Benfield - It's spelled 'Foster' not 'Forster'.

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