‘Exceptional’ growth for Turner & Townsend
20 September 2023
Turner & Townsend has revealed in its annual review that its net revenue was £1.1 billion (US$1.3 billion) for 2022-23, an increase of 36% from its last annual review.
Infrastructure net revenue rose by 34% over the year, driven by regions around the world investing heavily in transport and utility networks as they expand to meet growing populations and net zero demands.
Vincent Clancy, Chairman and CEO at Turner & Townsend, called the results “exceptional” in the face of “continued global economic headwinds.”
Regional hotspots for growth across the business include the Americas – where net revenue has risen 58%, and headcount is up 53% – as well as Australia and New Zealand, which has enjoyed a 34% net revenue rise, and an increase in the headcount of 36%.
The company says that growth is being supported in these regions through strategic expansion and acquisitions. This has included public sector project management firm Heery in the US, which has been followed post year-end by CBRE Healthcare and by Cavalieri Associates in Toronto. Natural resources specialist Jukes Todd was also brought into partnership with Turner & Townsend’s Australia business in September 2022.
Growth in Europe, where net revenue rose by 32%, has been supported by the acquisition of asset management consultancy IES in the Netherlands.
The Middle East and Asia have both seen net revenue increase by over 40%, boosted by strong investment in infrastructure, sustainable projects and renewable energy. Meanwhile, work in Africa has been driven by new opportunities across mining, data centres, renewables and life sciences, leading to net revenue growth of 16%.
“The challenges our industry faces – whether economic, climate related or social – require fresh thinking and new solutions, with our creative talent and global capability it ensures we are well placed to meet this need,” added Clancy.