Global vision helps Foster to build profit
THE DESIGN house run by Lord Foster has increased sales and profits for a year in which it completed a series of major projects in London, Spain and America.
Foster + Partners, which is responsible for some of the best-known buildings in the City, took turnover up 18.8 per cent to £159.27m while operating profit rose 13.3 per cent to £49.64m.
The firm is backed by 3i, Britain’s oldest private equity house, which took a 40 per cent stake in 2007.
Mouzhan Majidi, who took over from Foster as chief executive in 2007, described the 12 months to 30 April as a “record” performance and highlights the success of its push for global growth.
“Despite the continuing fragility of the world economy we have been effectively gauging the geo-economic markers around the globe and responding by seeking out new opportunities in regions where healthy economic growth continues,” he said in accounts to be published soon.
The firm completed 16 projects including the Walbrook offices in London, the Museum of Fine Arts in Boston, the Faustino Winery in Castilla y Leon in Spain.
Projects in Asia, China, North America and the Middle East make up about two-thirds of its work.
The firm, which was set up in 1967, has worked on major projects including the Gherkin, City Hall, the Millenium Bridge and the UK headquarters of HSBC, all in London. It also worked on the Reichstag parliament building in Berlin.
Today Lord Foster (pictured) is chairman.
He recently produced a blueprint for the world’s largest airport in the Thames Estuary. The project would include a four runway airport on the Isle of Grain in Kent and a road and rail hub and would cost £50bn.
F+P’s level of debt was flat at £322m. Pre-tax profit was £10.98m, up from £1.67m.