Strong set of 2021-22 financial results for leading global professional services company.
Global professional services company, Turner & Townsend has reported a strong set of annual financial results across all its global regions as the business continues to pursue its strategy for long-term growth.
Turnover and net revenue have risen to $1,201m and $1,058m, increases of 21.6% 20.6% respectively, while global earnings before interest, taxes, and amortisation grew to $164m. Turner & Townsend say that the success of the results supports the business’s strategy of investment in its people, increased digitalisation, and sustainability initiatives.
Revenue growth has been led by the real estate sector where the business saw a 21%. This comes on the back of investment activity in commercial property, as well as in advanced manufacturing such as with Ford’s delivery of two new electric vehicle gigafactories in the US.
Infrastructure revenue rose by 12%, in line with the renewed focus and investment around the world post-pandemic. Turner & Townsend continues to play a key role in the delivery of many of the world’s biggest and most important infrastructure projects, including Crossrail in the UK.
While activity in natural resources remained consistent, contributing 6% of global revenue, the business is seeing growing demand for its expertise to deliver renewable and clean energy programmes. Landmark projects with emerging green technologies include the business’s work on carbon capture and storage for hydrogen power at the Santos Moomba project in Australia, as well as on the Hollandse Kust Zuid Offshore project in the Netherlands.
Significant growth regions for the business include Asia, where revenue climbed by 26% over the year and where the business’s team expanded by 35.6%. Overall headcount for the global business also leapt by 24.7% in the year.
The 12-month period also saw progress on Turner & Townsend’s commitment to achieve net zero by 2030, with the business scoring above average for professional services worldwide in an audit by the Carbon Disclosure Project.
The year 2021-22 also brought new opportunities for the business as part of its strategic partnership with CBRE, which acquired a 60% majority stake of Turner & Townsend in November 2021. The firm continues to be operationally independent, with its own board, and develops its own service offer as well as pursuing new markets. In line with the new partnership and their common goals, the two companies work together to pursue joint briefs where they can leverage the experience of both parties, including working with clients as they transition to net zero.
Vincent Clancy, chairman and CEO at Turner & Townsend, commented: “Global economies have emerged from the Covid-19 pandemic but still face challenges from rising inflation and disrupted supply chains, especially as a result of the ongoing conflict in Ukraine. These present-day threats coinciding with an urgent drive to boost economic growth, creating social value and delivering sustainable, green investment, continue to grow louder and it is our sector that continues to be called upon to ensure we deliver on these needs.
“This strong set of results is a testament to the wealth of talent, vision and creativity in our team to drive the positive change we need to meet these challenges in every country and community we operate in. We will continue to enable and deliver real innovation, pursuing our purpose to transform performance for a green, inclusive and productive world.”