TURNER & Townsend has increased turnover to £1.5 billion and reported ‘double-digit growth’ across its three core segments of real estate, infrastructure, and energy and natural resources.
The business has published its annual review for 2023-2024. The professional services company’s worldwide turnover and net revenue for the 12 months to 30 April 2024 have risen to £1.5 billion and £1.3 billion – increases of 25% and 22% respectively – while global EBITA, showing core profitability, grew by 21% to £192 million.
Net revenue in the UK, where Turner & Townsend is headquartered, rose by 20% to £483 million, reflecting a greater call for ‘expertise across complex programmes’, and success across the business’ diverse areas of work. 2023-24 is also the first full year of trading since Turner & Townsend announced its merger with cost management business alinea.
The results follow the announcement in July that CBRE’s global project management arm plans to combine with Turner & Townsend, to create a programme, project and cost management offer which will have over 20,000 employees in over 60 countries. The deal is expected to complete around calendar year-end.
Real estate remains the largest area of Turner & Townsend’s business operations worldwide. This segment grew 25% over the past year to £851 million, fuelled by demand in specialist markets including data centre development, and demand for tall buildings such as London’s 50-storey 8 Bishopsgate.
Infrastructure work internationally has grown by 13% to £350 million, with notable expansion in aviation mass transit and defence.
A global push to meet net zero targets and strengthen energy security has continued to drive strong investment in renewable energy, helping Turner & Townsend’s energy and natural resources work grow by 24% to £95 million. This included major energy transmission improvement projects with TenneT across Asia and Europe.
Vincent Clancy, chairman and CEO at Turner & Townsend, 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.”
Patricia Moore, MD, UK, at Turner & Townsend, commented, “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.”
