Consultant boosted by overseas growth but shrinks 9% in the UK
Gardiner & Theobald has posted solid full-year financial results, with an increase in profit for the first time in four years.
The consultant posted profit of £18.3m for the year ended 30 April 2013, up 4% on £17.7m the previous year, with profit to be distributed among its equity partners.
However a drop in UK turnover dragged G&T’s overall revenue down to £106.7m, a decrease of 5% from £112.4m the previous year.
Turnover in the UK fell 9% to £75.1m from £82.9m, with revenue in the regions down by over a quarter (-27%) to £20.4m from £27.9m.
Turnover in London and in G&T’s UK dispute resolution business Fairway fell only marginally by less than 1% in each case, to £44.5m and £10.2m respectively.
The fall in turnover in the UK was partly compensated for by growth overseas, with revenue in G&T’s international businesses up 7% to £31.6m from £29.5m the previous year.
Revenue growth was led by the Middle East, which grew 27% to £2.5m from £2m, which G&T said was partly down to winning the lead cost consultant role on the Qatar 2022 World Cup, where the first stadium designs were revealed last week (pictured).
Revenue also grew 18% in the Americas and Caribbean and 12% in Ireland to £18.4m and £1.3m respectively.
Meanwhile, turnover in Asia was down 37% and down 23% in France, to £1.1m and £2m respectively.
G&T turned over £900,000 in its first year of trading in the Nordics regions, while turnover fell 19% in Central and Eastern Europe to £5.3m from £6.5m
G&T is exiting Central and Eastern Europe by selling the business in parts to various partners in the region.
G&T confirmed its equity partnership increased by 20 to 143 since the 30 April financial year end. As the new partners were recruited after year end they will not take a portion of that year’s profit.
G&T managing partner Simon Jones said the results gave the firm “a solid position from which to grow the business during 2014.”
Jones added: “Given the relatively flat construction output from the sector of late, an optimistic start to the new financial year suggests that G&T has increased its market share of fee earning opportunities.
“We are cautiously optimistic that this could be the start of a brighter outlook in the construction and property sector.”