Turner & Townsend defies volatile markets as turnover soars to £409m
GLOBAL construction consultancy has defied challenging market conditions to increase its turnover by 8% to £409m.
In the year ended April 30, 2016, the Leeds-based group 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.
It said the success has been achieved “in the face of volatile market conditions” over the past year and a “flexible and resilient” long-term strategy, which helped it “absorb market shocks.”
The company’s Middle East operation balanced last year’s abrupt fall in oil prices through increased real estate and infrastructure work, growing total revenue by 24%.
Annual revenue rose by a quarter (24%) in Turner & Townsend’s Australia and New Zealand operation, 9% in Europe and 14% in the UK and Ireland – where turnover reached a record £180m. Revenue also grew in Africa and Latin America.
A series of high-profile project wins underpinned its success, including commissions to support the delivery of airports in Houston and Dallas, the UK’s High Speed 2 rail line and Australia’s largest-ever hotel and residential complex, The Jewel.
Chief executive Vincent Clancy 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.”
He added: “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.”
