Strength in diversity and independence – Turner & Townsend boosts global turnover to £380m
We have increased turnover to £380m in the year ended 30 April 2015 and staff to 4,100 across a global network of 90 offices. We have now recorded five successive years of growth and boosted turnover by 75 percent since 2010.
Our long-term strategy of diversification – both geographically and across our three core sectors of property, infrastructure and natural resources – successfully absorbed the recent volatility in the oil and gas market to deliver a further 11 percent increase in operating profit in 2014–15.
Annual revenue jumped by two thirds (66 percent) in Latin American, 45 percent in the Middle East and by 22 percent in Asia. Revenue in the UK grew to £158m; while in North America, our largest overseas market, revenue increased by 11 percent to £62m.
Our infrastructure division was a star performer. It grew revenue by a fifth (20 percent) to £106m, and was appointed to series of high-profile projects, including Medupi Power Station in Africa and major expansions of international airports in Dubai and Hong Kong.
Meanwhile our largest division – property – increased revenue by 12 percent to £171m, and won a string of iconic construction projects as well as long-term contracts to manage the global property assets of multinational clients such as Chevron.
We continued to invest in both capability and reach throughout the year. We recruited at all levels - increasing staff numbers by 14 percent - and in April grew headcount in Australia by over 50 percent after our acquisition of the consultancy Thinc formed the largest independent project manager in the region.
Independence is a keystone of the Turner & Townsend brand, and a unique strength that has served us and our clients well. As part of an ongoing strategy to maintain and protect our independence - and to reward and attract world-class talent – we are now set to convert to a limited liability partnership.
Turner & Townsend CEO Vincent Clancy commented: “Our diverse business model has allowed us to adapt successfully to this year’s shifting marketplace, and delivered some exceptional results both in our emerging markets and in our more mature regions.
“Our record turnover of £380m is an endorsement of the consistent investment we’ve made in the company - and in our staff - over the past five years, and an important milestone in our long-term plan for sustainable growth.
“In the 12 months to April we grew our global footprint by supporting projects in a total of 130 countries, and increased our capability by recruiting talent at all levels of the business.
“With our operating profit rising by 11 percent to an all-time high of £37m, we have decided the time is right to convert to a partnership.”
“The switch to a partnership at a time of such strength is both an investment in our most outstanding talent, and a clear statement of intent to be the world’s leading independent capital programmes professional service provider by 2020.”
Find out more in our annual review 2014–2015