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Increased investment in high-growth markets such as advanced manufacturing, data centres, life sciences, aviation and defence is spurring growth across all Turner & Townsend’s regions and business areas, the firm reports.
Worldwide net revenue for Turner & Townsend in the year to 30th April 2024 reached nearly £1.3bn, up from £1.07bn the previous year.
Operating profit was up 42% to £198.5 (2023: £139.4m) and pre-tax profit was up 45% to £150.3m (2023: £107.1m).
Global headcount has increased by 15% to more than 12,300.
Net revenue in the UK, where Turner & Townsend is based, rose by 20% over the year to reach £483m. The growth reflects a greater demand across the business’ areas of work, the company said. These results are also the first full year of trading since Turner & Townsend acquired London-based cost management business Alinea in February 2023.
Real estate remains the largest area of Turner & Townsend’s business operations worldwide. This segment grew 25% over the past year to £851m, fuelled by demand in specialist markets including data centre development and demand for tall buildings such as London’s 50-storey 8 Bishopsgate, which completed in summer 2023. There has also been an increase in advanced manufacturing and life sciences investment, including the Project Banksia flu vaccine production facility in Victoria, Australia, and a number of multi-billion pound battery programmes underway across the world.
Turner & Townsend’s infrastructure work has grown by 13% internationally to £350m, with notable expansion in aviation mass transit and defence.
Chairman and chief executive Vincent Clancy said: “In the face of an ever more complex and connected world, success in our industry will be built on businesses’ ability to evolve and reinvent themselves to deliver impactful solutions for clients. These excellent figures demonstrate our ability to build strong client partnerships while investing in our people and our global capacity. Our scale and reach make us more resilient to market volatility and, crucially, ensure that we are best-placed to anticipate and adapt to clients’ priorities and needs, offering solutions to their challenges wherever they are in the world.
“We’ve created an unrivalled programme, project and cost management capability globally, and our recent acquisitions, as well as the plan to combine CBRE’s project management with Turner & Townsend, only enhances the specialist skills and creative solutions our business can offer. Going forward we will have more strength than ever before to make a positive impact for the future – investing in our proposition, technology platforms and talent that our clients around the world can trust and rely on.”
UK managing director Patricia Moore said: “This has been another excellent year of growth for our UK business. Our strong performance across all sectors is a testament to the diverse talent and expertise we bring to a wide range of industries. This is particularly important during a time of changing priorities from a new government. We are well-positioned to support the expansion in clean energy and natural resources, as well as the growth in key sectors central to the UK’s economic ambitions, such as data centres, life sciences, and advanced manufacturing.
“Since welcoming Alinea to Turner & Townsend last February, we have grown together, and our clients have benefited from our strengthened teams and expanded expertise. We remain committed to investing in our people and ways of working. This will maintain our agility as well as broadening and deepening our expertise in order to better anticipate and meet the needs of our clients.”
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