Turner & Townsend breaks half a billion pounds barrier as it secures growth in Africa
THE Yorkshire-based independent professional services firm Turner & Townsend today said it had enjoyed a 'landmark year' in which turnover broke the half a billion pounds barrier.
During the year, Leeds-based Turner & Townsend secured a merger which should help to stimulate economic growth in Kenya. The company secured turnover of £549m for the year ending April 30 2018, an increase from £491m the previous year. The profit after tax was £42.6m, up from £36.2m in 2016-2017.
Turner & Townsend, which employs 5,200 people in 108 offices across 45 countries, said its diversified business model had helped it secure strong growth across all regions.
In the UK revenue climbed by 12.4 percent in 2017-18, to £238.9m. North America revenue increased to £86.6m, an increase of 21.1 per cent compared to 2016-17. Annual revenue rose to £52.2m in Australia and New Zealand and £26m in Asia.
Earlier this year, the business merged with Nairobi-based Mentor Management Ltd (MML) to become the largest project management consultancy in East Africa.
Turner & Townsend believes this move will help to unlock the opportunities created by increased global investment in the region. Revenue in Africa increased by 27.3 per cent, as improving political stability bolstered investor confidence and infrastructure delivery.
The infrastructure business delivered revenue growth of 15 per cent to £179m, as investment in aviation, rail and power continues across global markets.
Over the past 12 months, Turner & Townsend was appointed to a series of airport expansions and new build programmes, including projects at Al Maktoum Airport in Dubai, plus Western Sydney, Vancouver and Toronto Pearson Airports. The firm has also worked on the Meraas City Walk mixed-use development, in Dubai.
Revenue across the global real estate business grew 12 per cent to £264m in 2017-18, driven by rising occupier demand from hi-tech clients and changing workplace requirements due to the digital revolution. Major projects wins included programmes for Microsoft, Nissan and Uber.
Natural resources revenue reached £57m, an increase of eight per cent, which was driven by rising commodity prices and a growth in the number of both upstream and downstream oil and gas projects.
A resurgence in mining projects has seen the business appointed to provide programme management services to Yamana Gold’s mining portfolio in Canada and South America.
Turner & Townsend established a new business unit this year – Programme Advisory – to support clients in setting up complex programmes.
A spokesman said: “Turner & Townsend has continued to deliver on its commitment to act sustainably and make a positive impact on society. Aligned to four of the UN Sustainable Development Goals, this has included launching a primary school programme with the National Literacy Trust in the UK and helping our clients across the world to adopt innovative technologies and approaches to achieve more sustainable cities and communities.”
Vincent Clancy, the company’s chairman and chief executive, said:“I’m delighted to report our impressive half a billion pounds turnover this year.
“It’s been a year of landmarks, as we’ve been a beneficiary of the increased spending, particularly in infrastructure.
“Our goal remains to be the world’s leading independent professional service provider within capital programmes by 2020, and critical to achieving this is our ongoing investment to build, futureproof and diversify our capabilities to meet our clients’ needs.
“We have a remarkable group of future leaders within our business.”