QS and project manager Turner & Townsend is poised to become a limit liability partnership in the next year
Tim Wray, group chairman at T&T, said the firm was “seriously considering the move”, and would take a decision in the autumn.
Wray said the firm would decide on the move at the end of its half-year in October. He said: “I would think there would be quite a possibility that this time next year that would be our status. I do not see any downsides to it. I don’t really see that any investment is required to achieve it.”
News of the likely shift to LLP status came as T&T posted strong results for the year to 30 April 2004. Profit increased £4m to £10.6m and turnover rose 23% to £75.3m for the period. The firm expects sales to reach £100m in the 2004/05 financial year.
Wray, who took over as senior partner in 1999, said that although the firm had expanded into different countries, such as Russia and China, and services, such as project control and programme management, the growth was largely in T&T’s core business.
He said: “We have grown faster than our peer groups in the UK.
We are taking market share from some of them. Our project management and cost management was 35-45% up last year in the
We have grown faster than our peer groups in the UK. We are taking market share from them
Tim Wray, group chairman, T&T
UK – that’s got to be through winning more work and making more profit.”
Wray pointed to the firm’s strong balance sheet, which underpinned its growth. He said: “We got to the year end with no gearing, which is a wonderful position to be in.”
Wray said he felt the business was operating more as a unit since he took over five years ago.
He said: “It’s working as one business now, which I’m not sure was happening before. We are getting different skills bases such as project managers and construction managers and contracts guys to work together.”
The firm has also set up a joint venture business in Ireland with local firm Healy Kelly, which employs about 50 staff, as well as opening an office in Liverpool.
It has also expanded its geographical spread to African countries such as Angola, Ghana and Tanzania.
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