Unsupported browser

For a better experience please update your browser to its latest version.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Turnover rises at Foster + Partners

  • Comment

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

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.

AJBL Foster

  • Comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions.

Links may be included in your comments but HTML is not permitted.

Related Jobs