A defining 
year for our
business.

Our strategy is grounded in continued investment – in our global platform, services, digital capability and, above all, in our people. During the year, our global workforce grew to more than 22,000 colleagues in over 60 markets. This scale allows us to mobilise exceptional talent, quickly and effectively, supporting clients on their projects and portfolios wherever needed, while building a business that is resilient to market volatility. 

Our partnership with CBRE further strengthens our ability to deploy solutions to our clients. By combining our capabilities with CBRE, we are creating greater value for our clients throughout the entire asset lifecycle – connecting strategy, investment, development, delivery and operational management in ways that no other Programme Manager can. 

Together, we are delivering solutions that help our clients make smarter capital decisions, execute complex projects with confidence and improve long-term portfolio performance. 

Our financial performance reflects the strength of the platform we have built. 

In real estate, net revenue exceeded £2.0bn, with strong growth across all major sectors. Urban development, sports and venues, industrial, data centres and life sciences were particular highlights. Our Construction Management solutions for major data centre clients are driving performance on critical projects that are increasingly growing in size and complexity. Globally, across major projects in Real Estate we are working across a portfolio of nearly £3tn of capital investment. Key wins included the UK’s New Hospital Programme and Barclays’ headquarters in New York, alongside the successful renewal of global portfolios with clients such as Google and Shell Real Estate. 

Infrastructure continued to benefit from sustained public investment in economic and social assets. Aviation, defence and water were strong growth drivers, supported by landmark programmes including Heathrow Airport’s long-term expansion, MetroLink, Dublin’s transformative public infrastructure programme, Anglian Water’s long‑term capital investment delivery and the Clyde 2070 defence programme – where we are acting as Programme Delivery Partner. We also expanded further across Asia‑Pacific, securing new airport programmes in Vietnam, Bangalore, and Perth, alongside significant aviation wins in the US. 

In energy and natural resources, net revenue increased to £126m, with strong momentum across the United States, Europe, Asia and the UK. Our nuclear capability now spans six continents, reinforced by our appointment as a partner on Rolls‑Royce’s nuclear programme towards the end of 2025, and securing significant roles as the foundation Delivery Partner for Great British Energy Nuclear, and in the nuclear fusion sector with the UK AEA. We also strengthened our position with roles in carbon capture and storage, and transmission projects across Europe, Australia and North America.  

Behind everything we do are the people who make delivery happen.

We continued to invest in our people at every stage of their careers. Over 2,000 leaders completed our leadership programmes, and we recorded a strong intake of early‑career talent, with more than 500 graduates and apprentices joining the business in 2025 alone. These investments are building the capability, diversity, and leadership strength required to support sustainable growth at scale. 

Being a responsible business remains central to our ambition. During the year, we transitioned to sourcing 100% renewable energy across our operations, achieving this significantly ahead of plan. Despite continued growth, we reduced Scope 1 and 2 emissions by 87% compared with 2019. Our sustainability approach was recognised through EcoVadis, placing us in the top 8% of companies globally.

We are equally committed to supporting the communities in which we operate. In 2025, our people delivered more than 73,000 hours of volunteering and raised over £1m through corporate and employee initiatives, contributing to positive and lasting community impact. 

With the increasing scale and complexity of global major projects and portfolios, programme management requires new thinking to drive performance in an already strained industry. Our clients need better insight, greater control and assured delivery performance from a resilient and predictable supply chain. In 2025, we continued to invest significantly in technology and data, including AI, to improve solutions for our clients. We launched the Hive Portal, a digital platform for smarter project delivery connecting every part of project delivery in one integrated system – providing clients with transparency, data and oversight of their projects, and enabling more consistent reporting, more confident decision making and improved delivery outcomes.

Unlocking the value of technology and AI through investment is critical, as is developing the people, skills and culture required to use these tools effectively. Our team of over 500 digital consultants are already using AI solutions on our client’s projects and portfolios, streamlining processes, creating efficiencies and sharing insights that create new possibilities for improving delivery performance.  

We are building on a strong platform. The scale we have achieved, the clients we serve and the sectors we operate in give us a position of real strength to continue to grow.

Looking ahead, our priorities are clear. Our aim is to set new standards in programme management. We will continue to accelerate growth in key markets, deepen our expertise in sectors where long‑term investment is robust and strengthen the integration of technology, AI and data, alongside continued investment in our people.

By continuing to broaden our capabilities, in areas such as construction management alongside technology, we aim to create solutions for our clients and transform performance throughout the industry’s value chain.

I am confident in the path ahead. With exceptional people, thriving partnerships and our significant investment in capability and technology, we’re uniquely placed to help our clients deliver major projects and portfolios that create lasting impact.