Turner & Townsend reports ninth consecutive year of growth
Turnover reached $834mn for the year ending 30 April, 2009
Turner & Townsend, the global independent professional services firm, has reported its ninth consecutive year of growth, with turnover reaching $834 million for the year ending 30 April, 2019, an increase from the $715 million reported last year.
In a statement, the company said that it had increased net revenue by $103 million, a 16% increase on 2017/2018, adding that the strong performance was driven by the company’s diverse business model and continued investment in its people to build capacity around its global footprint.
Over the past financial year, Turner & Townsend has seen its headcount increase by 17% and it now employs more than 6,100 people in 110 offices across 45 countries. Drawing on its work on complex global projects, the firm said that it 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.
In the Middle East, revenue increased by 11% to $65 million in 2018/2019 as the business expanded its work in the sports, leisure and hospitality sector, the statement added. This included the refurbishment work of Atlantis, The Palm hotel.
“The delivery of another year of exceptional financial results is an impressive achievement in the face of some turbulent global markets,” said Vincent Clancy, Chairman and CEO at Turner & Townsend.
“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.”
Natural resources remain a significant focus in the region as the business continues to invest in building its capability and rehabilitation initiatives are brought forward, including Basrah Gas Company’s natural gas infrastructure programme in Iraq, Clancy said.
In addition, the business delivered strong growth in its infrastructure business, with revenue up 21% to $232 million, as investment in the sector hits unprecedented levels across global markets, he said.
“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,” he added.
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.
Double-digit growth in real estate
The real estate business increased revenue by 15% to $444 million, driven by fast growth in the high tech and manufacturing sector and increased data centre demand from global technology clients. The business has also significantly expanded its work in the leisure and hospitality sectors, delivering landmark projects including the V&A Dundee in the UK, the firm added.
Fig 1:
Turner & Townsend financial results for 2019:
| Year Ended 30 Apr 2019 | Year Ended 30 Apr 2018 | Change | |
| Global turnover | US$834m | US$715m | +17% |
| Global net revenue | US$756m | US$653m | +16% |
| Global operating profit | US$88.5m | US$72.3 | +22% |
| Global employees | 6,105 | 5,209 | +17% |
