Double profits for Foster + Partners amidst a year of economic recovery
The architecture practice run by Sir Norman Foster almost doubled its profits as it expanded in the Middle East and gained new business despite pandemic lockdowns. Total revenues fell by £33m to £200m in the year ending 30 April 2021, accounts for Foster + Partners, the practice’s main trading company, show. But profits before tax almost doubled to £36.2m during the year, compared with £19.8m in the previous year.New projects included a planned luxury tower development in Greece and a new tourist destination on an artificial island in the Red Sea (although notably, the Tulip Tower did come off the books due to environmental concerns). Foster himself is worth well into the nine-figure range and has recently sold a significant portion of his shares to a Canadian investment firm. The firm reported earnings for the past four years that combined are over £900 million ($1.24 billion) in spite of the considerable forces at play economically during the pandemic. Foster + Partners also reported that a £500,000 ($686,000) government loan taken out for their 2020 furlough was repaid.
The architecture practice run by Sir Norman Foster almost doubled its profits as it expanded in the Middle East and gained new business despite pandemic lockdowns. Total revenues fell by £33m to £200m in the year ending 30 April 2021, accounts for Foster + Partners, the practice’s main trading company, show. But profits before tax almost doubled to £36.2m during the year, compared with £19.8m in the previous year.
New projects included a planned luxury tower development in Greece and a new tourist destination on an artificial island in the Red Sea (although notably, the Tulip Tower did come off the books due to environmental concerns).
Foster himself is worth well into the nine-figure range and has recently sold a significant portion of his shares to a Canadian investment firm. The firm reported earnings for the past four years that combined are over £900 million ($1.24 billion) in spite of the considerable forces at play economically during the pandemic. Foster + Partners also reported that a £500,000 ($686,000) government loan taken out for their 2020 furlough was repaid.
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