- Middle East business sees revenue rise 11 percent to hit US$65m, as economic diversification stimulates investment
- Investment in people and service models is building resilience against global headwinds, says Chairman and Chief Executive Officer Vincent Clancy
- 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.
Recognising its obligation to not just produce good results but to do so in a responsible way, through its commitment to the UN Sustainable Development Goals, the company has continued to focus on making a positive impact on society and promoting social mobility. In the last year it has launched #TT5000futures, an initiative to improve the lives of 5,000 children and young people across the globe through education and employment initiatives, and has already exceeded this target.
Turner & Townsend’s full company results for 2018-2019 will be available from Monday 22 July 2019 at www.turnerandtownsend.com/AR1819.
– ENDS –
At a glance – Turner & Townsend financial results for 2019
| Year Ended 30 Apr 2019 | Year Ended 30 Apr 2018 | Change |
Global turnover | US$834m | US$715m | +17% |
Global net revenue | US$756m | US$653m | +16% |
Global operating profit | US$88.5m | US$72.3 | +22% |
Global employees | 6,105 | 5,209 | +17% |
For more information please contact:
Emily Barnes / Matt Lloyd
Camargue
T + 44 (0) 207 636 7366
E turntown@camargue.uk
About Turner & Townsend
Turner & Townsend is an independent professional services company specialising in programme management, project management, cost and commercial management and advisory across the real estate, infrastructure and natural resources sectors.
With 110 offices in 45 countries, we draw on our extensive global and industry experience to manage risk while maximising value and performance during the construction and operation of our clients’ assets.www.turnerandtownsend.com
Emily Barnes
Camargue
Corporate and B2B Communications
T: +44 (0) 207 636 7366
E: ebarnes@camargue.uk
w: www.camargue.uk
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
