Foster + Partners reports pre-tax profit of 拢43.2m in 2011-12
Architect Lord Norman Foster nearly halved his pay in the last financial year as profit at his firm dipped 9%.
Accounts filed at Companies House reveal Foster + Partners Ltd鈥檚 highest paid director, thought to be Norman Foster, was paid 拢920,000 in the year to 30 April 2012, down from 拢1.8m the year before.
Emoluments and pension contributions for the firm鈥檚 11 directors totalled 拢4.5m, down from 拢7.5m the year before.
The firm reported a pre-tax profit of 拢43.2m in 2011-12, down from 拢47.5m in the previous year.
However, the global practise also reported stable turnover at 拢159m.
A spokesperson for Foster + Partners said the firm was happy with 鈥渟table trading鈥� in the difficult environment. She said: 鈥�2010-2011, the year before, had been an exceptionally good year by comparison.鈥�
Asia remained the biggest market for the firm, turning over 拢52.1m and growing 4%.
Foster + Partners鈥� business in the UK saw significant growth of 45% to 拢16.3m and its work in South America also grew, rising 79% to 拢5.7m.
But the firm reported an 18% drop in turnover from projects in the Middle East to 拢32.7m and a 12% fall in revenue from North America to 拢25.4m. Revenue in Australasia, where the firm only turned over 拢550,000, fell 41%.
Mouzhan Majidi, chief executive of Foster + Partners鈥�, said: 鈥淪taying ahead, creatively and innovatively and building on our strengths have been the fundamental goals during a year that has proved challenging.鈥�
He added that 2011-12 had been a record year for the number of enquiries, fee proposals and conversions despite a difficult trading environment.
Maijdi said the firm had invested in growth with the opening of a new model shop with 3D printing facilities. He said the practice had a 鈥渄esign approach鈥� which was 鈥渞ooted in research鈥�. He added: 鈥淥ur continued investigation into sustainable solutions for architecture and infrastructure is just one area where we have made significant progress.鈥�
The firms also saw its headcount grow from 903 in 2011 to 1,003 in 2012, with the majority of that growth being driven by a rise in professional employees from 703 to 784 over the period.
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