Foster & Partners Incurs Huge Losses

20 August 2009 (Last Updated August 20th, 2009 18:30)

International architecture practice Foster & Partners has seen losses double since last year, from £8.5m to £16.1m, despite an £11m increase in annual turnover, it has been revealed. The group's international turnover increased to £153.9m from £142.4m while in the UK it was reduced

International architecture practice Foster & Partners has seen losses double since last year, from £8.5m to £16.1m, despite an £11m increase in annual turnover, it has been revealed.

The group's international turnover increased to £153.9m from £142.4m while in the UK it was reduced to £18.6m from £28.4m in the last financial year.

The £4.7m the company spent on restructuring after the termination of about 400 employees earlier this year, is believed to be partly responsible for the extent of losses.

The company's turnover in Asia, however, has nearly doubled from £12.3m to £23.2m.