Turner & Townsend announces preliminary results 2011/2012

Date: 23 July 2012

Results for the year ended 30 April 2012

Key points

In the year 2011 to 2012, Turner & Townsend has:

  • Increased net revenue by 20% and adjusted EBITA by 26% in 2011-12
  • Expanded its global reach, with revenue from outside the UK now accounting for over half (54%) of company revenue
  • Gained market share in the challenging domestic market by growing UK revenue by 6%
  • Growth in revenue from the natural resources sector of 66%
  • Growth in revenue from outside the UK of 35%
  • Increased revenue and EBITA in all of its seven regions
  • Improved adjusted EBITA margin from 9.2% to 9.7%

Financial highlights

2012 2011
Net Revenue £244.3m £204.3m
Adjusted EBITA £23.6m £18.8m (*)
Adjusted EBITA Margin 9.7% 9.2% (*)
EBITA £23.6m £16.0m
PBT £23.0m £15.7m
PAT £16.1m £10.2m
Net Cash £26.0m £23.9m

* 2011 comparative stated before exceptional item of £2.8m in respect of IFRS2 share-based payments expense

Operating highlights

  • Americas revenue growth by 56% supported by the acquisition in 2011 of Ferzan Robbins & Associates and new offices in Brazil, Canada and Peru
  • Sector revenue growth in oil and gas (51%) and mining and metals (97%)
  • Global footprint expanded further with new offices opened in Australia, Canada, Germany, India, Oman, Uganda, and the UK.
  • Staff numbers at the year end were 2,781 (2011: 2,342) across 74 offices worldwide, with more than 50% now based outside the UK.
  • Major wins include commissions with Anglo American, Barclays, BHP Billiton, Bloomberg, BP, Chevron, Coles Group, Inpex, Lenovo, Magnox, Masdar Power, Microsoft, NCPOC, Olympic Delivery Authority, Rio Tinto, Shell, Qatar Rail.

Current trading

  • Trading in 2012/13 continues in line with recent activity and expectations
  • Order book for 2012/13 at record levels
  • Opportunities for strong growth in many of our regions and in the natural resources sector
  • UK and Europe trading is currently strong, but we remain cautious about the medium term outlook due to economic uncertainty

Turner & Townsend CEO Vincent Clancy commented:

“This past year has been truly exceptional for us. Turner & Townsend has both exceeded its growth expectations and come of age as a truly global company.

“Our rapid growth owes much to the quality of our people, but also to the company’s agility and its willingness to confront challenging conditions at home and pursue exciting opportunities abroad.

“We enter the new financial year confident that our strategy to expand into new markets and sectors remains robust. By constantly striving to improve execution and broaden capability we will continue to deliver great results.

“Just as many of our global clients are placing strong emphasis on emerging markets in Asia and South America, Turner & Townsend has built capacity in those regions and is now well positioned to serve its corporate clients on a cross-border basis.

“While we remain cautious about the impact of further economic volatility, we have a string of major infrastructure and natural resources programme opportunities in the pipeline and are confident that our diversity will reduce the impact of any easing of demand.”



For further information please contact:
Turner & Townsend plc
Ellie Davison, Global Communications Manager   
t: +44 (0)20 7544 4113
e: ellie.davison@turntown.com

Rhizome PR
Jack Izzard
t: + 44 (0)20 7851 4757
e: jack@rhizomepr.com

About Turner & Townsend

Turner & Townsend is a leading global construction consultancy whose experts work with organisations to deliver maximum value from their assets. 
Working on many of the world’s largest programmes from our global network of 74 offices, our 2,800 staff shape our industry. We help our clients save money with our programme, project and cost management services. We also provide an integrated suite of management services to deliver assets that improve the performance of our clients’ businesses. Together with our set of specialist asset and property management services, we put passion into applying new ideas throughout the asset life cycle.