From strength to strength

In 2025, our primary measure of revenue, net revenue, was £2,640.5m (2024: £972.5m), representing a 171.5 percent increase over the year before. Turnover (which includes subcontract revenue) was £5,757.0m (2024: £1,149.0m). At the regional level, growth was achieved in all seven regions, with particularly strong growth in the Americas and Europe. During the year, we further expanded our offerings in the Americas with a business transfer from our ultimate parent and an acquisition.

EBITA of £410.6m compares with £148.2m for the prior year, the margin being 15.6 percent (2024: 15.2 percent). 

The taxation charge for FY25 was £111.3m (2024: £37.6m), representing an effective rate of 27.2 percent (2024: 26.1 percent). The effective rate reflects the global nature of our business and the impact of varying tax rates across different jurisdictions.

Strong cash generation has continued throughout the financial year, reflecting effective cash management principles adopted across our business. This resulted in a free cash flow of £192.7m (2024: £9.2m), and cash generation – defined as operating cash flow as a percentage of EBITDA – of 65.1 percent (2024: 83.2 percent). Debtor days at the year-end were 46 (2024: 49), and our average debtor days across the financial year were 51 (2024: 53). Working capital management continues to be a key discipline across our business and is key to maintaining our strong cash flow performance.

Cash, net of overdrafts, was £314.3m at 31 December 2025 (2024: £130.8m). Funds, net of bank loans, excluding IFRS 16 lease liabilities, were £314.3m at the year-end date (2024: £95.8m). Bank facilities provide Turner & Townsend with committed facilities of £120.0m until March 2027 (2024: £120.0m until March 2027) to finance future operational cash requirements and selective acquisitions in line with our strategic aims. Turner & Townsend had £nil borrowings against this facility as at 31 December 2025 (2024: £35.0m).

Turner & Townsend operates a number of pension schemes across its global business. The company maintains one defined benefit scheme arising from its UK business which was closed to new members in 1992, and to future accrual in 2006. At 31 December 2025 the IAS19 deficit was £nil (2024: £0.6m).

Treasury risks faced by Turner & Townsend include interest-rate risk, foreign exchange risk, credit risk and liquidity risk. Instruments such as interest rate swaps have not been entered into to mitigate risk, as such risk is considered low. Contracts are mostly undertaken in the currency of local subsidiaries, and therefore foreign currency revenue streams are matched by the currency of the relevant cost base.