Lord Foster's international architecture business slides into the red after four years of falling profits.
Norman Foster's international architecture business has gone into the red with a 拢544,000 loss on long overdue accounts filed this month.
In accounts to 30 April 2004, filed 10 months late at Companies House, Foster Group (International) posted the loss after tax on a turnover of 拢37.7m, with a pre-tax profit of 拢2.0m.
The loss for the year is the latest in a four-year run of sliding profit figures. The firm reported profits of 拢3.5m, 拢1.7m and then 拢1m in the three previous years.
Tax payments of 拢1m for the year to April 2004, almost double the previous year's contribution of 拢550,000, also took its toll on the profit figure, as did tax creditor interest of 拢449,000. The group deferred payment of 拢1.5m of tax.
Norman Foster also cut his salary from 拢6.1m in 2003 to 拢2.1m in 2004, although the figure still means he is the UK's highest paid architect.
The group's UK market also suffered, with turnover falling 29% to 拢18m. However, total turnover was buoyed by growth in its international markets, particularly the Far East, which saw a 297% increase to 拢4.5m.
