Turner & Townsend, the global natural resources, infrastructure and real estate professional services consultancy, has defied challenging market conditions to increase its turnover by 8% to a record £409 million (€487 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 £30 million (€35.7 million) has almost tripled in five years.
The success has been achieved in the face of volatile market conditions over the past year, and thanks to a flexible and resilient long-term strategy. Turner & Townsend’s diverse activity is spread across three core sectors – natural resources, infrastructure and real estate – and 41 global markets.
This flexible approach has helped it absorb market shocks and continue to thrive. For example, the company’s Middle East operation balanced last year’s abrupt fall in oil prices through increased real estate and infrastructure work – and successfully grew total revenue by 24%.
Annual revenue rose by a quarter (24%) in the company’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.
Across its sectors, the company recorded strong growth in global real estate revenue (up 15% to £196 million) and infrastructure (up 16% to £123 million), which more than offset the impact on revenue from challenging conditions seen in the natural resources sector.
A series of high-profile project wins underpinned this success, including commissions to support the delivery of world-class airports in Houston and Dallas, the UK’s High Speed 2 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 percent and strengthening its operations in Auckland, Cambridge, Fort Worth, Istanbul, Mexico City, Miami, Nairobi and Orlando.
Turner & Townsend also became a partnership business, reinforcing its independence and setting it apart from its competition. The company’s new structure is already bearing fruit as it attracts and rewards talented professionals from around the world who share the company’s vision and ambition - to be the largest global partnership in its space.
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.”
