Foster & Partners, the UK's largest architecture firm, witnessed a remarkable surge in its profits, resulting in an average payout of £61,000 to its partners. The increased workloads across Europe and the Middle East lead the company to double its profit.
Photo Foster & Partners
The firm's most recent accounts for the year showcased a substantial rise in profit before tax, soaring from £21 million to an impressive £44.4 million. The significant boost was driven by a remarkable 40% surge in revenue from the Middle East, rising from £83 million to £118 million during the accounting period. This substantial income constituted two-fifths of the firm's global revenue. Furthermore, the turnover nearly doubled in Continental Europe, rising from £21.7 million to £40.6 million, while in the UK, it saw a jump from £24 million to £39.7 million.
Although revenues experienced a decline in Asia and North America, from £74.7 million to £64.1 million and £28.6 million to £24.8 million, respectively, the strong performance in other regions led to a notable surge in total global turnover, marking an almost 25% increase from £232.7 million in 2022 to £290.2 million.
The firm's 191 partners were awarded a collective payout of £11.7 million, and shareholders received dividends amounting to £14.6 million.
The firm successfully completed 23 projects, including noteworthy endeavours such as 425 Park Avenue and 50 Hudson Yards in New York, Varso Tower in Warsaw, and DJI Sky City in Shenzhen. New ventures unveiled are the BWDC Residential Tower in Manila, a department store in Tokyo, and the announcement of a marine life institute on the Red Sea.
Source: www.building.co.uk