Global independent professional services firm Turner & Townsend today reported its ninth consecutive year of growth, with turnover reaching £640m for the year ending 30 April 2019, rising from £549m the previous year.
The company increased net revenue by £79m, to £580m, a 16% increase on 2017-18. Turner & Townsend say its strong performance has been driven by the company’s diverse business model and continued investment in its people to build capacity around its global footprint. In the past financial year, the firm increased its headcount by 17% and now employs more than 6,100 people in 110 offices across 45 countries.
Drawing on its work on complex global projects, Turner & Townsend has experienced high demand for its new Programme Advisory business, which is enabling clients to deliver the transformation needed to realise sustainable benefits quicker across the project lifecycle.
Revenue reached £259m in the UK in 2018-19, rising 9 % as the business gained market share in its principal regional hubs. Turner & Townsend’s key UK growth areas have included regional infrastructure aligned to major programmes by Highways England, Heathrow and HS2, as well as accelerating real estate investment by government and within the high-tech and manufacturing sectors. The UK business has also seen success expanding its work in the defence industry, including securing key wins on Defence Equipment and Support (DE&S), part of the UK’s Ministry of Defence, as well as the Defence Infrastructure Organisation.
Vincent Clancy, chairman and CEO at Turner & Townsend, said: “The delivery of another year of exceptional financial results is an impressive achievement in the face of some turbulent global markets. Our continued growth is testament to the strength of our diversified global business model, and our investment in people and services, particularly our programme advisory and asset management capability. We also initiated our largest-ever investment in digital services, putting data at the heart of what we do.
“The outlook for our industry is one of huge change and accelerated investment, as it responds to the shift towards a low carbon economy, demand for smart cities, growing populations and strains on existing infrastructure. I believe we are well placed to be at the forefront of the solutions to these challenges, embracing new technologies and delivering better performance for major programmes and assets over their lifecycles.”
The business delivered strong growth in its infrastructure business, with revenue up 21% to £178m, as investment in the sector hit unprecedented levels across global markets. Further success in aviation means the business is currently appointed to 30 major airport projects and expansion programmes worldwide, including Lima and Toronto Pearson International Airports. Growth has also been driven by expertise in large-scale complex infrastructure projects across the UK, Australia, Asia and the Middle East, such as Heathrow Airport in the UK, Inland Rail in Australia and Virgin Hyperloop One in India.
Elsewhere, the firm’s real estate business increased revenue by 15% to £340m, driven by fast growth in the high tech and manufacturing sector and increased data centre demand from global technology clients. Revenue across the natural resources business, which includes offshore oil and gas and mining, grew 8% to £62m in 2018-19, as stabilising commodity prices shore up confidence and investment in the sector.