Turner & Townsend reports record year as turnover hits US$834mn
Global independent professional services firm Turner & Townsend has today reported its ninth consecutive year of growth, with turnover reaching US$834m for the year ending 30 April 2019, rising from US$715m the previous year.
The company, which works on some of the world’s largest and most complex capital projects and programmes across real estate, infrastructure and natural resources increased net revenue by US$103m, to US$756m, a 16 percent increase on 2017-18.
This 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, Turner & Townsend increased its headcount by 17 percent 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.
In the Middle East, revenue increased 11 percent to US$65m in 2018-19 as the business expanded its work in the sports, leisure and hospitality sector, which includes the refurbishment of Atlantis, The Palm hotel.
Natural resources remains 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.
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.”
Sustained infrastructure investment
The business delivered strong growth in its infrastructure business, with revenue up 21 percent to US$232m, as investment in the sector hits 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.
Double-digit growth in real estate
The real estate business increased revenue by 15 percent to US$444m, 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.
Natural resources picks up pace
Revenue across the natural resources business, which includes offshore oil and gas and mining, grew eight percent to US$80m in 2018-19, as stabilising commodity prices shore up confidence and investment in the sector. Turner & Townsend has successfully capitalised on demand for de-carbonisation strategies and increased investment in Liquefied Natural Gas (LNG) projects globally. Growth has also been fuelled by the electric car market and its requirement for lithium mining across Western Australia and Latin America.