Turner & Townsend grows global turnover to record £409m
Global professional services consultancy Turner & Townsend has defied “challenging market conditions” to increase its turnover by eight per cent to a record £409 million in the year ended 30 April 2016.
The company, which employs nearly 4,300 staff across 97 offices worldwide, has now notched up six consecutive years of revenue growth. Its profit after tax of £30m has almost tripled in five years.
Turner & Townsend said its success, achieved in the face of volatile market conditions over the past year, is down to a flexible and resilient long-term strategy.
Its Middle East operation “balanced” the abrupt fall in oil prices through increased real estate and infrastructure work, successfully growing total revenue by 24 per cent.
The company’s Australia and New Zealand operation also increased revenue by 24 per cent, while Europe (9 per cent) and the UK and Ireland (14 per cent) also delivered growth. Revenue also grew in Africa and Latin America.
The firm recorded growth in global real estate revenue (up 15 per cent) and infrastructure (up 16 per cent), which the company said “more than offset” the impact on revenue from challenging conditions seen in the natural resources sector.
High-profile project wins included commissions to support the delivery of airports in Houston and Dallas, the UK’s HS2 rail line and Australia’s largest-ever hotel and residential complex, The Jewel.
The consultancy continued to invest in both its capability and reach throughout the year, increasing staff numbers by four per cent and strengthening its operations in Auckland, Cambridge, Fort Worth Istanbul, Mexico City, Miami, Nairobi and Orlando.
Vincent Clancy, chief executive officer for Turner & Townsend, said: “Our achievements are a testament to the strength of our business, despite a backdrop of significant volatility.
“The past year has seen us become the partner of choice for many of the world’s largest capital programmes, and our diversified business model continued to serve us well – giving us the flexibility to adapt to changes in individual markets.
“We’ve grown our global footprint, supporting our key regional hubs and strengthening our operations around the world to better serve our clients wherever and whenever they need us.
“Through our partnership, we’ve continued to invest in our people by giving a pathway for our most talented employees to become partners – with a say in how the business is run and a share in our success.
“With the UK set to leave the EU and volatility in other global markets, these are changing times for our industry. However, 70 years on from our formation, I am confident our strong business model and investment in our capability will continue to see us on the right path to deliver long-term sustainable growth.”