Turner & Townsend delivers seventh year of successive growth as turnover rises to record £491m
Turnover climbs 20 percent to £491m, as operating profit rises 20 percent to £47m in 2016-2017.
- Infrastructure and real estate expertise delivers revenue growth of 42 percent in the Middle East and 18.3 percent in the UK
- Global capital projects business has invested in its long-term capability in lifecycle asset management
Leading independent professional services company Turner & Townsend has today announced its seventh year of successive growth, with turnover of £491m for the year ending 30th April 2017 – an increase from £409m for the previous year.
The global business, which works on some of the world’s largest capital projects and programmes across the real estate, infrastructure and natural resources sectors and employs nearly 4,700 people in 104 offices, has delivered profit after tax of £36.2m, a rise of 22 percent from £29.6m.
This strong growth has been achieved against the backdrop of volatile global market conditions, thanks to the company’s investment in its long-term capability and diversified business model across 44 global markets.
Despite low commodity prices continuing to affect the Middle East, Turner & Townsend increased annual revenue in the region by 42 percent to £45.6m compared to £32.2m in 2015-2016.
Growth in its UK infrastructure and real estate business saw UK revenue climb by 18.3 percent to a record £212.5m. Revenue increased in North America to £71.6m and £45.2m in Australia and New Zealand.
Across its sectors, Turner & Townsend delivered strong growth in global real estate (revenue up 21 percent to £237m) and infrastructure (revenue up 26 percent to £155m), with natural resources revenue reaching £53m in a tough trading environment where investment in major projects remains low.
The past twelve months has seen Turner & Townsend appointed to a series of major new projects and programmes, including providing strategic support as one of four Programme Client partners for the expansion of London Heathrow Airport. Across real estate, key work has included a pan-Americas roll-out programme for Uber and multiple roles on the Perth Children’s Hospital in Western Australia, including BIM and design management. In natural resources, the business is delivering a range of project management services for the expansion of one of the world’s largest copper and gold mines at Oyu Tolgoi in Mongolia.
During the year, the business has continued to invest in its capability by joining forces with leading asset management company AMCL to strengthen its lifecycle asset management offer, in addition to acquiring lean construction specialist Suiko and US West Coast firm Trestle.
Throughout 2017, Turner & Townsend has maintained and strengthened its commitment to act sustainably and make a positive global impact. This has included joining the United Nations Global Compact to align the business’ corporate social responsibility approach to the Global Compact’s ten principles and Sustainable Development Goals, an international standard for businesses to support people, communities and the planet.
Vincent Clancy, Chairman and CEO, Turner & Townsend said:
“Against the backdrop of a continuing volatile global market, we have delivered another year of significant growth and exceptional financial results. Our diversified global business, investment in our long-term capability, and growing geographical reach are critical to our success, ensuring we are well placed to pursue our goal to be the world’s leading independent professional service provider within capital programmes by 2020.
“Our decision to operate a partnership model to motivate the best talent has proved the right one both for us and our clients. It is a structure which ensures we have the flexibility to make independent decisions in our clients’ best interests and take a long-term view on investment – supporting both our sustainability as a business and enabling us to create a positive legacy.”
Turner & Townsend’s full company results for 2017 are available at www.turnerandtownsend.com/AR1617