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Foster back in the black after profits soar

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Foster and Partners has surged into the black by reporting a dramatic increase in its profits for last year.

The about-turn in fortunes for 2005 comes after the practice recorded a loss for the year ending April 2004.

In details of its accounts released this morning, the practice announced that its profits currently stand at £2.5 million.

This figure marks a major departure from the £544,000 loss recorded in 2004, which was widely reported earlier this year after the company filed its accounts ten months late.

It is understood the loss was principally due to an increase in its taxes, along with a slump in commissions.

Now, it seems that the famous practice is back on track.

In Norman Foster's statement, the peer puts 2005's financial success down to 'a significant investment made last year in improving our infrastructure.'

He said: 'I am proud and delighted to report that the practice has continued to receive worldwide recognition for its work, with this year being particularly notable.'

by Rob Sharp

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