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Turner & Townsend grows global turnover 21.5% as work in the UK and overseas ramps up

Business Live logo Business Live 09/08/2022 Coreena Ford
How the Envision AESC battery gigafactory will look © Envision AESC How the Envision AESC battery gigafactory will look

Professional services group Turner & Townsend has increased turnover 21.5% to £884m amid plans to grow its business around the world.

The Leeds-based business, which has 118 offices in 50 countries, specialises in programme, project and cost management and consultancy in the real estate, infrastructure and natural resources sectors. The firm has now released annual financial results for the year ended April 30 2022 showing a 17.2% rise in net revenue to £779m, while global Ebita grew to £121m.

Directors said the success supports the firm’s strategy of investment in people, increased digitalisation and sustainability initiatives. In the UK, it said performance showed “robust growth” in all key areas, with overall net revenue up 17.8% to £321.6m. It said the business has continued to invest in staff and now employs 3,595 across its 16 UK offices, up 23.5% on 2021.

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Turner & Townsend is now involved in major private and public investment schemes, in advanced manufacturing, new housing, logistics and infrastructure. It said project including managing the delivery of Envision’s £450m gigafactory in Sunderland helped the business drive up net revenue 22.2% in real estate to £163.9m, and 13.5% in infrastructure to £153.3m.

Meanwhile, it said new green projects in wind, carbon capture, utilisation and storage, hydrogen and nuclear are on the rise, sending Turner & Townsend’s net revenue in sustainable resources up 15.6% to £4.4m.

Global revenue growth was led by the real estate sector, which saw a 21% rise, aided by investment in commercial property and advanced manufacturing, including Ford’s two new electric vehicle gigafactories in the US. The company also reported progress on its own commitment to achieve net zero by 2030.

Vincent Clancy, chairman and CEO at Turner & Townsend said: “Global economies have emerged from the COVID-19 pandemic but still face challenges from rising inflation and disrupted supply chains, especially as a result of the ongoing conflict in Ukraine. These present day threats coincide with an urgent drive to boost economic growth, creating social value, and delivering sustainable, green investment, continue to grow louder, and it is our sector that continues to be called upon to ensure we deliver on these needs.

“This strong set of results is a testament to the wealth of talent, vision, and creativity in our team to drive the positive change we need to meet these challenges in every country and community we operate in. We will continue to enable and deliver real innovation – pursuing our purpose to transform performance for a green, inclusive and productive world.”

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