Accounts also reveal 拢22.1m payout to employees following deal with Canadian investment firm
Foster & Partners鈥� profit tumbled by 42% last year despite revenue at the practice increasing by a third.
Britain鈥檚 biggest architect posted profit before tax of 拢21m in 2022, down from 拢36.2m in the previous year while revenue rose to 拢232.7m from 拢200.2m.
Staff numbers at the Battersea-based practice also rose from 1,195 to 1,243, with total employee costs up by almost 10% to 拢107.7m compared to 拢98.5m the year before.
The accounts are the first following the announcement of a 鈥減erpetual partnership model鈥� with Canadian private investment firm HennickCo, which bought a major stake in the practice in October 2021 for an undisclosed sum.
They reveal 拢22.1m was paid to 鈥渃ertain employees鈥� of the practice, while a further 拢11.1m windfall bonus will be shared by all employees.
HennickCo, a family firm based in Toronto, has the biggest shareholding in Fosters with Norman Foster and his family holding the next biggest stake, although it is understood Foster and his office has retained a controlling interest.
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In the accounts鈥� annual review, the practice said the past year had been 鈥渁bout learning and new beginnings鈥� as it adapted to new ways of working following the covid pandemic. 鈥淲e continue to meet the challenges of hybrid working, learning from our experiences, and continually modifying our policies to reflect the needs of our workforce, the practice, and our clients,鈥� the firm said.
During 2021 and 2022 it completed 30 projects around the world, including the , an and five new Apple stores.
The firm has over 80 projects currently underway in 51 cities, including the expansion of Stockholm Central Station with Swedish practice Marge Arkitekter.
The Middle East was once again the practice鈥檚 largest market with income of 拢83m raked in from the region, although this was down from 拢88.6m in 2021.
Revenue increased in all other regions, most of all in Asia, where income was up more than a third to 拢74.7m from 拢55.2m the year before. Income in North America increased to 拢28.6m from 拢21.6m, while UK revenue rose to 拢24m from 拢17.8m. In continental Europe the figure was 拢21.7m compared to 拢14.4m in 2021.
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