The firm has been investing heavily in international markets over the past year
Consultancy firm Turner & Townsend’s international revenue will exceed its domestic turnover for the first time next year, according to chief executive Vincent Clancy.
Clancy said T&T - which reported a 12% drop in pre-tax profit for the year to 30 April 2011 in its annual results this week - is targeting 55-60% of revenue to come from overseas by the end of this coming financial year. In 2010-11 47% of its turnover came from international markets.
Pre-tax profit at the firm fell from £17.8m in 2009-10 to £15.7m in the financial year to April, but revenue grew slightly from £191.6m to £204.3m.
Clancy said the drop in profit reflected squeezed margins in the UK and “heavy” investment in international markets over the past year. A 15% drop in UK turnover was counterbalanced by 22% growth internationally, with strong growth in the Americas and Asian markets - up 44% and 52% respectively.
The firm also enjoyed success in the resource sectors, with revenue in mining and metals up 95%, and a 21% rise in oil and gas.
Clancy said the firm was also looking at acquisitions in the Americas, Africa and Europe and contracts with global blue-chip clients to further drive international growth. Revenue from global key accounts grew by 20% during the financial year.