Global growth fuels record revenues at Turner & Townsend

Tim Wray, chairman of Turner & Townsend
Tim Wray, chairman of Turner & Townsend
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Turner & Townsend hailed its diversified business model as it reported record revenues.

The Leeds-based construction consultant said global revenues rose eight per cent to £380m in the year ending April 2015.

Operating profits soared 11 per cent to £37m.

Turner & Townsend also signalled its intention to convert to limited liability partnership. It had considered a flotation on public markets but ditched plans for an IPO in the wake of the financial crisis.

The new LLP will have around 80 partners in total, including 30 original shareholders.

Tim Wray, the group’s veteran chairman, told The Yorkshire Post that Turner & Townsend had no need to access capital from the City to continue its growth, wanted to be able to attract and invest in the best people and protect its independence.

The group has increased turnover by 75 per cent since 2010. It now employs 4,100 staff across a global network of 90 offices in 36 countries, including 300 people in Leeds.

Mr Wray said the business has grown fastest outside the UK.

He added: “That’s been on the back of several of our more global clients who have requested our presence.

“If they have that requirement for us somewhere we have found that’s the stepping stone for ourselves.”

Vincent Clancy, chief executive, said: “Our diverse business model has allowed us to adapt successfully to this year’s shifting marketplace and delivered some exceptional results both in our emerging markets and our more mature regions.”

The infrastructure division increased revenues by a fifth to £106m. Turner & Townsend has been appointed to projects including the Medupi Power Station in South Africa and the expansion of international airports in Dubai and Hong Kong.

The property division, the group’s largest, increased revenue by 12 per cent to £171m. It has long-term projects to manage the global property assets of multinationals such as Barclays and Chevron.

Revenues in the natural resources division fell 4 per cent to £72m, a fair result given the turbulence in the oil and gas market.