Income and profit soars at Turner & Townsend

Turner & Townsend’s income broke the £1bn mark in 2023, with the consultant’s turnover and profit both growing more than 30%. 

Global turnover for the year ending 30 April 2023 was up 39% to £1.2bn, while pre-tax profit hit £155m – up 37% from the £114m recorded the year prior. 

Net revenue from real estate grew 37%, which the firm attributed to global corporates continuing to invest in adapting their property portfolios to meet environmental targets and accommodate hybrid working. 

Infrastructure was also up 34%, with regions around the world investing in transport and utilities to meet the demands off growing populations and net zero requirements. 

T&T is involved with several major transport schemes, such as Hong Kong’s new Mass Transit Railway, 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 accounted for the highest year-on-year growth – up 53% – reflecting significant renewable energy and decarbonisation projects. 

Chief executive Vince Clancy said the results marked the first full year of partnership with CBRE, which completed its £960m deal to take a 60% stake in the business in November 2021. 

“As well as benefitting from specific opportunities to bring teams together, we are continuing to build our understanding of how we can maximise the strengths of both businesses to build unique offerings for our customers,” he added. 

“Continued investment in our talented team and the ongoing development of our sustainability and digital capabilities enables us to support clients delivering the world’s most complex projects and programmes.  

“This investment has included our acquisition of complementary businesses which strengthen our offer in key regions.” 

Global headcount increased 27% to 10,731, driven by expansion in the Americas and in Australia and New Zealand. 

In the UK, where the business is headquartered, net revenue growth was strong but proportionally slower than in other regions – up 26% to £404m. 

The year saw the UK business add more than 600 new staff as well as the acquisition of London-based cost management business Alinea. 

Patricia Moore, managing director of T&T in the UK, said the firm’s 4,000-strong UK team had been “crucial” to the turnover performance and that the 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”.