Accounts reveal highest paid director, assumed to be Norman Foster, received 拢90k pay rise despite continued losses
Norman Foster was awarded a 拢90,000 pay rise last year despite his practice posting widening losses.
Foster + Partners posted a loss for the 12 months to the end of April 2010 of 拢18.5m on the back of continuing writedowns, interest payments and restructuring charges.
The loss represents an increase on the 拢18m loss recorded for the same period last year.
Accounts filed at Companies House reveal that the highest paid director at Foster + Partners, understood to be Foster who is chairman of the practice, earned 拢1.8m, up from the previous year鈥檚 拢1.7m when his pay increased 拢500,000.
Turnover at the practice tumbled 13% to 拢134m, down from 拢154m for the same period last year as the global financial crisis continued to impact on high profile projects around the world.
Stripping out the exceptional items operating profit fell 15% to 拢25m from 拢29.4m for the previous year.
The loss once again includes a 拢15.4m write down, attributable to the minority stake held in the practice by private equity group 3i since 2007, unchanged from last year.
The interest bill declined slightly to 拢40m from 拢41m, while restructuring costs were sharply down at 拢245,000 against 拢4.7m last time. Net debt was 拢319m against 拢304m a year earlier.
Staff levels at the practice have fallen to under 1,000, spread over 12 international offices, down from more than 1200 last year.
The accounts also reveal that more than 90% of Foster and Partners work is now generated outside the UK (see box), against under 70% three years ago.
Foster said following the restructuring and the involvement of 3i as a partner in the practice he and others had been 鈥渓iberated to be able to concentrate on what they do best鈥.
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