Foster + Partners saw a £38.4 million rise in turnover during the last financial year, largely thanks to a massive increase in business in the Middle East
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The AJ100 chart topper’s annual accounts, released today, showed turnover up from £187.7 million in the year to April from £149.3 million last year – a rise of a quarter.
The company increased turnover on Middle East projects by £36.1 million - from £21.5 million to £57.6 million over the period. The rise in business in the Middle East means that the region is now Fosters’ biggest earner, overtaking North America, where turnover dropped slightly from £43 million to £41.2 million.
The company’s overall profits before tax rose from £31.5 million to £51.5 million during the year.
According to the company accounts: ‘During the last year we have won a number of major international and national competitions including a strategic plan for the transportation system of Jeddah to include trams, train and buses, the FIFA World Cup stadium for 2022 in Qatar, Mexico International Airport, BBC HQ in Cardiff, the Dubai Creative Community Centre and a new patient facility for the Penn Hospital in Philadelphia.’
Turnover in Asia dropped sharply by more than a quarter from £38.3 million to £28.5 million over the year, while UK business jumped from £19.5 million to £27.7 million – a rise in turnover of 43 per cent.
During the year, the company restructured its business by paying minority shareholder 3i £70 million in cash plus deferred payments of £40 million to retake full control over the parent company.
Fosters also paid off £66.1 million of bank loans with all the payments financed by a new £155 million senior loan facility.
It said the new structure was ‘fit for long term succession and, in particular, the next five decades of the practice’s evolution and beyond’.
The company’s order book stood at a record £357.4 million on 30 April 2015, up from £291 million the year before.