Despite shelving plans to list last month consultant says it will float on Stock Exchange

Consultant Turner and Townsend has insisted it will still float on the Stock Exchange despite shelving plans to list last month amid the credit crunch.

The assertion came after the group posted strong results for the year ended 30 April 2007, which saw turnover jump 29% to £173.1m.

Pre-tax profit was also up, from £15.7m to £21.1m and chairman Tim Wray took home £994,000 (2006: £854,000).

A spokesman said: “We have grown significantly since April 2007 and the results clearly can’t reflect the excellent progress that has been made since then.”

The company suspended its flotation plans after failing to achieve its £200m target valuation. City sources speculated that it had achieved a valuation of about half that amount.

Rival consultancies Cyril Sweett and Baqus have both performed poorly since floating at the end of last year.