Manchester United stadium designer rakes in the millions
The architecture empire founded by Sir Norman Foster has issued a £83m pay out after revenue and profit rocketed following a surge in activity in the Middle East.
Foster + Partners has declared the huge dividend for the year to 30 April, 2025, which will be mainly paid to Canadian private investor, Hennick & Company.
The pay out is up significantly from the £23.9m issued for the prior 12 months.
New accounts filed with Companies House also show Foster + Partners’ revenue jumped from £421.7m to £652.9m in the year.
Its Middle East revenue surged from £177.4m to £355.5m in the year and from £72.5m to £110m in North America.
There was also a rise from £57.5m to £75.3m in Asia and from £37.8m to £40.5m in the UK.
However, its revenue in continental Europe fell from £72.5m to £64.8m.
The group’s revenue in South America went from £2.5m to £4.4m, from £434,000 to £1.7m in Africa but ell from £669,000 to £290,000 in Australasia.
The new accounts also show its pre-tax profit rocketed from £2.2m to £73.6m while the average number of people employed by the company rose from 1,894 to 2,261.
Foster + Partners chosen by Manchester Utd
During the financial year the practice revealed designs for the first four stations for California’s High Speed Rail project and a ‘future-resilient’ masterplan for Gaafaru island in the Maldives.
It also designed 350 Park Avenue in New York and masterplan proposals in Cyprus, Turkey, the UAE, Romania and Chile.
The practice was also appointed to lead the Old Trafford District Masterplan for Manchester United.
Foster + Partners is not a stadium specialist but has delivered major stadia projects in the past in conjunction with other architects, including the new Wembley and Lusail Stadium in Qatar, venue for the 2022 World Cup final.
The appointment raised eyebrows at the time given no tender stage was held.
Manchester United co-owner Sir Jim Ratcliffe is known to have a strong personal relationship with Sir Norman.
The 90-year-old Foster is also a Manchester United fan and was born in Stockport.
In London, planning permission for both 18 Blackfriars Road and a residential-led scheme at Kings Road Park were secured.
It also won the competition to design the national memorial to Queen Elizabeth II in St James’s Park.
Founded by Norman and Wendy Foster in 1967, Foster + Partners has offices in London, Abu Dhabi, Bangkok, Beijing, Dubai, Hangzhou, Hong Kong, Los Angeles, Madrid, New York, Riyadh, San Francisco, Shanghai, Shenzhen, Singapore, Seoul, Sydney and Warsaw.