Payment follows previous year鈥檚 拢31m windfall
The 180 partners at Foster & Partners enjoyed another bumper payday with the architect handing them a near 拢9m payment, the firm鈥檚 recently filed accounts have revealed.
The practice said partners would share an 拢8.8m windfall under a partnership payment initiative set up in 2014 with the amount working out at close to 拢49,000 per partner.
The figure, paid in addition to an annual bonus, was revealed in the firm鈥檚 latest accounts that showed pre-tax profit jumped more than 200% to 拢35.8m in the year to April 2021 on turnover down 13% to 拢236m.
Accounts for the previous year showed the firm鈥檚 partners shared more than 拢31m as part of a restructuring bonus which worked out at more than 拢200,000 per partner.
The average number of employees at the business, which has close to 100 jobs on site around the world, stayed flat at 1,418 although employee turnover fell from 拢190,000 to 拢166,000.
It added that reduced travel costs because of covid restrictions and more working from home meant earnings before partnership payments only fell by 拢1.5m to 拢64m.
Its biggest market during the period remained the Middle East with income of close to 拢89m, up 拢4m on the previous year, but turnover from North America fell 40% to 拢45m. Revenue from the UK largely held up despite lockdowns with a fall of 5% to 拢17.9m.
In his chairman鈥檚 statement, practice founder Norman Foster said: 鈥淓ven against all of the challenges we have continued to face in the last year, we have still been able to complete 16 projects in 15 cities across four continents.鈥�
The accounts were signed off in July, several months before the firm鈥檚 scheme to build the Tulip tourist attraction in the City of London was thrown out by communities secretary Michael Gove last November.
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