Turner & Townsend has been growing rapidly since CBRE took a 60% stake two years ago.
UK revenue in the year to 30th April 2023 was up 26% to £404m and employee numbers up 17% to 4,206.
Globally, Turner & Townsend reported turnover at £1.2bn and net revenue at £1.1bn, up 39% and 37% respectively. Pre-tax profit was up 36% to £154.6m.
UK growth has been supported in part by the acquisition of London-based cost management business Alinea in February, adding £15m to annual revenue. [See our previous report here.]
Internationally, real estate net revenue was up 37% last year, infrastructure 34% and natural resources by 53%. Outside the UK, regional hotspots for growth include the Americas – where net revenue has risen 58% and employee numbers have grown 53% – as well as Australia and New Zealand, which has seen a 35% net revenue rise and a 36% increase in staff.
Growth is being supported in these regions through strategic expansion and acquisitions since control of Turner & Townsed was itself acquired by CBRE in July 2021. This has included public sector project management firm Heery in the USA, 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 Turner & Townsend’s Australia business in September 2022.
Overall employee numbers for the global business rose by 26% in the year to 10,731.
Patricia Moore, managing director of Turner & Townsend UK, said: “Last year saw fantastic growth for our UK business, and we’ve increased the size of our team to respond to clients’ needs – further strengthening our advisory services to support the transition to net zero and the demand for digitalisation to improve programme delivery.
“The hard work of our now 4,000-strong UK team has been crucial to delivering this year’s excellent revenue performance, which is up 26%. This growth also reflects the demand across real estate and infrastructure as government, private investors and developers work to support changing working patterns following the pandemic.
“We see continued growth in major programme activity and we are well placed to maintain this momentum, with 80% of our UK business now operating in this area. Future success in high growth sectors is underpinned by our investment in developing and recruiting the next generation of specialists in both data science and sustainability.
“The green agenda – and the need to shore up energy security – are also seeing an increase in investment in clean energy. As the country heads towards a general election, we will need to see these commitments and accompanying policy to provide businesses with the confidence to invest in new technologies such as carbon capture, hydrogen and nuclear power. This coming year will of course bring challenges, old and new, to the sector and facing up to those obstacles requires fresh approaches from talented people – something we have in spades at Turner & Townsend.”
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