Turner and Townsend’s annual turnover soars to £1.2b for the first time

Turner and Townsend

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Turner and Townsend have reported exceptional financial results, as the annual turnover soars to £1.2b and net revenue hits £1.1b for the first time.

Turner and Townsend’s turnover and net revenue have risen to £1.2bn (US$1.5bn) and £1.1bn (US$1.3bn) – increases of 38.6 and 36.9 percent respectively – while global EBITDA before exceptionals, showing core profitability, grew to £159m (US$190m).

Real estate net revenue has seen a steep climb – 37 percent – as global corporates continue to invest in adapting commercial property portfolios to meet environmental targets and accommodate hybrid working. Real estate requirements for advanced manufacturing industries, including gigafactories, is also buoyant as governments across the world seek to bolster home economies and reshore supply chains.

Infrastructure net revenue rose by 34 percent over the year. Regions around the world are continuing to see heavy investment in transport and utility networks as they expand to meet growing populations and net-zero demands.

The company is supporting flagship mobility schemes, including Hong Kong’s new Mass Transit Railway (MTR), California High Speed Rail, the new Edinburgh tram extension, and the modernisation and digitalisation of Heathrow Airport in the UK.

Work in the natural resources market increased by 53 percent and accounted for the highest year-on-year rise within the three core segments, reflecting significant appointments in renewable energy and decarbonisation projects.

Regional hotspots for growth include the Americas – where net revenue has risen 58.5 percent, and headcount has grown 53.2 percent – as well as Australia and New Zealand, which has enjoyed a 34.9 percent net revenue rise, and an increase in the headcount of 36.4 percent.

Growth is being supported in these regions through strategic expansion and acquisitions. This has included public sector project management firm Heery in the US, which has been followed post year-end by CBRE Healthcare and by Cavalieri Associates in Toronto. Natural resources specialist Jukes Todd was also brought into partnership with our Australia business in September 2022.

In the UK this year Turner and Townsend joined forces with London-based cost management business alinea, bolstering its leading market position. UK-wide net revenue increased by 25.6 percent over the year to £404m (US$485m), and the team grew to just under 4,000 people.

Growth in Europe, where net revenue rose by 32.2 percent, has been supported by the acquisition of asset management consultancy IES in the Netherlands. The Middle East and Asia have both seen net revenue increase by over 40 percent, boosted by strong investment in infrastructure, sustainable projects and renewable energy. Meanwhile, work in Africa has been driven by new opportunities across mining, data centres, renewables and life sciences, leading to net revenue growth of 16.6 percent.

Source: © 2023 Turner & Townsend media release

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