Firm says infrastructure performance offsets uncertainty following EU referendum
Turner & Townsend has shrugged off Brexit worries to post double digit rises in turnover and earnings.
The consultant said revenue in the year to April 30 was up by a fifth to £491m, with Ebitda up 20% at £47m – although it has yet to publish a figure for pre-tax profits.
T&T chairman and chief executive Vincent Clancy (pictured) said the figures were “resilient in the face of some pretty volatile market conditions”.
He added: “These are a very strong set of results and we’re pleased to have maintained our trading record.”
Clancy said the firm’s infrastructure and real estate business was growing – with UK revenue up 18.3% to £212.5m, a record for the group.
Brexit continues to cause uncertainty, with Clancy admitting that corporate clients were “nervous” and looking for “clarity” about the future.
But he added: “The good news for us is that infrastructure spending is up, with the government’s tone improving around this area with spending growth likely to continue.”
Off-site manufacturing was an area of growing interest, Clancy said. “The construction sector is one of the last bastions of the traditional way of doing things but it is waking up to digital technology, and things such as BIM and we want to be part of that revolution.”
Looking ahead Clancy said he did not expect the firm to post a 20% rise in turnover every year but reckoned on 2017 providing more double digit growth
He added: “It’s dependent on the markets we’re in. There is uncertainty, but we’re planning for growth and we’ve had a good start to the first quarter.”