Turner & Townsend celebrates a landmark year reaching over half a billion GBP turnover
Global independent professional services firm Turner & Townsend has today announced its reached a landmark turnover of £549m for the year ending 30 April 2018 – up from £491m the previous year.
Benefitting from increased investment, particularly in infrastructure, Turner & Townsend, which works on some of the world’s largest capital projects and programmes, reported profit after tax of £42.6m, up from £36.2m in 2016-2017.
Now employing 5,200 people in 108 offices across 45 countries, the company has reported strong growth across all regions thanks to its diversified business model and investment in building capability across the real estate, infrastructure and natural resources sectors.
In the UK revenue climbed by 12.4 percent in 2017-18, to £238.9m. North America revenue increased to £86.6m, up 21.1 percent compared to 2016-17. Annual revenue rose to £52.2m in Australia and New Zealand and £26m in Asia.
In January 2018, the business merged with Nairobi-based Mentor Management Ltd (MML) to become the largest project management consultancy in East Africa, and unlock the opportunities presented by increased global investment in the region. Revenue in Africa increased by 27.3 percent, as improving political stability bolstered investor confidence and infrastructure delivery.
Continued growth in infrastructure
The infrastructure business delivered revenue growth of 15 percent to £179m, as investment in aviation, rail and power continues at pace across global markets. Over the past 12 months, Turner & Townsend continued its aviation success, appointed to a series of airport expansions and new build programmes, including at Al Maktoum Airport in Dubai, plus Western Sydney, Vancouver and Toronto Pearson Airports.
Strong performance in real estate
Revenue across the global real estate business grew 12 percent to £264m in 2017-18, driven by rising occupier demand from high-tech clients and changing workplace requirements fueled by the adoption of new digital ways of working. Major projects wins included programmes for Microsoft, Nissan, and Uber.
Positive outlook in natural resources
Natural resources revenue reached £57m, an increase of eight percent, which was driven by rising commodity prices and an uptick in both upstream and downstream oil and gas projects. A resurgence in mining projects has seen the business appointed to provide programme management services to Yamana Gold’s mining portfolio in Canada and South America.
Using global best practice and insight from across the world’s largest capital programmes, Turner & Townsend has established a new business unit this year – Programme Advisory – to support clients in setting up major complex programmes for success and to drive performance and productivity through new models of delivery.
Turner & Townsend has continued to deliver on its commitment to act sustainably and make a positive impact on society. Aligned to four of the UN Sustainable Development Goals, this has included launching a primary school programme with the National Literacy Trust in the UK and helping our clients across the world to adopt innovative technologies and approaches to achieve more sustainable cities and communities.
Vincent Clancy, Chairman and Chief Executive Officer at Turner & Townsend said:
“I’m delighted to report our impressive half a billion GBP turnover this year. It’s been a year of landmarks, as we’ve been a beneficiary of the increased spend, particularly in infrastructure. Our goal remains to be the world’s leading independent professional service provider within capital programmes by 2020, and critical to this is our ongoing investment to build, futureproof and diversify our capabilities to meet our clients’ needs.
“We have a remarkable group of future leaders within our business and our partnership model continues to give us the independence and flexibility to develop and attract the best talent around the world. We understand that through the work we do for clients we can have a lasting and positive legacy and are committed to doing business responsibly and making a significant contribution to the world’s most pressing socio-economic issues.”