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Mon April 12 2021

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Turner & Townsend to revert to partnership

29 Jul 15 After growing by 75% in the past five years, international construction consultant Turner & Townsend is returning to a partnership structure.

CEO Vincent Clancy
CEO Vincent Clancy

CEO Vincent Clancy said the move was “a clear statement of intent to be the world’s leading independent capital programmes professional service provider by 2020”.

Turner & Townsend was previously a partnership for 62 years until April 2008 when it converted to a PLC.

Turner & Townsend’s recent run of growth continued but slowed to 6% last year. Revenue climb to £380m in the year ended 30th April 2015, up from £357.4m the previous year and £318.5m in 2012/13.

Operating profit increased by 11% to £37m in 2014/15.

The company, which employs 4,100 staff across a global network of 90 offices, has now recorded five successive years of growth and boosted turnover by 75% since 2010.

Turner & Townsend credited its strategy of diversification – both geographically and across its three core sectors of property, infrastructure and natural resources – with absorbing recent volatility in the oil and gas market.

Revenue in the UK grew to £158m. Fastest growth was seen in the Latin American operation, where annual revenue jumped by 66%. There was also 45% in the Middle East and 22% in Asia. In North America, the company’s biggest overseas market, revenue increased by 11% to £62m.

The company’s infrastructure division grew revenue by 20% to £106m and was appointed to series of high-profile projects, including Medupi Power Station in Africa and major expansions of international airports in Dubai and Hong Kong.

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Meanwhile the consultancy’s largest division, property, increased revenue by 12% to £171m.

Global staff numbers rose 14% during the year and in April it grew its headcount in Australia by more than 50% after its acquisition of the consultancy Thinc.

CEO Vincent Clancy said: “Our diverse business model has allowed us to adapt successfully to this year’s shifting marketplace, and delivered some exceptional results both in our emerging markets and in our more mature regions.

“Our record turnover of £380m is an endorsement of the consistent investment we’ve made in the company - and in our staff - over the past five years, and an important milestone in our long-term plan for sustainable growth.

“In the 12 months to April we grew our global footprint by supporting projects in a total of 130 countries, and increased our capability by recruiting talent at all levels of the business.

“With our operating profit rising by 11% to an all-time high of £37m, we have decided the time is right to convert to a partnership.”

“The switch to a partnership at a time of such strength is both an investment in our most outstanding talent, and a clear statement of intent to be the world’s leading independent capital programmes professional service provider by 2020.”

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