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- Increased investment in high-growth markets such as advanced manufacturing, data centres, life sciences, aviation and defence is spurring growth across all Turner & Townsend’s regions and business areas.
- Turner & Townsend’s net revenue in the Middle East rises by 18% to £124m ($156m).
- The business’ headcount across the Middle East has increased by 20%, led by expansion in real estate and infrastructure development as governments invest in diversifying national economies and attracting growing numbers of visitors and residents.
Turner & Townsend has published its annual review for 2023-2024 reporting double-digit growth across all its three core segments – real estate, infrastructure, and energy and natural resources. The global professional services company’s worldwide turnover and net revenue for the twelve months to 30 April 2024 have risen to £1.5bn (US$1.9bn) and £1.3bn (US$1.6bn) – increases of 25% and 22% respectively – while global EBITA, showing core profitability, grew by 21% to £192m (US$242m).
In the Middle East, the firm reports net revenue of £124m ($156m), up by 18% on the year. This buoyant growth has been supported by the demand for expertise in complex major programmes as state-backed giga-projects progress across the region to encourage economic diversification. The high rate of investment and development in sectors such as tourism, hospitality, and travel, as well as the infrastructure to support these schemes, is also spurring business growth.
Reflecting the strength of opportunities across real estate and infrastructure, as well as in building and expanding the energy networks to support them, the business’ headcount in the Middle East has increased by 20% in the year.
The results follow the announcement in July that CBRE’s global project management arm plans to combine with Turner & Townsend, to create an unrivalled programme, project and cost management offer which will have over 20,000 employees in over 60 countries. The deal builds on the success of the strategic partnership established with CBRE in 2021, and is expected to complete around calendar year-end.
Real estate remains the largest area of Turner & Townsend’s business operations globally. This segment grew by 25% over the past year to £851m (US$1,070m), fuelled by demand in specialist markets including data centre development, and demand for tall buildings such as London’s 50-storey 8 Bishopsgate, which completed in summer 2023. As global regions reshore and strengthen their industrial capacity, there has been an increase in advanced manufacturing and life sciences investment, including the Project Banksia flu vaccine production facility in Victoria, Australia, and a number of multi-billion pound battery programmes underway across the world.
Infrastructure work at Turner & Townsend has grown by 13% to £350m (US$440m), with notable expansion in aviation mass transit and defence. Nations around the world with increasing populations are pushing to improve regional connectivity, public transport provision and overall capacity in air travel, with the company this year supporting the delivery of Zayed International Airport in Abu Dhabi, Manchester Airport in the UK, and Toronto Pearson Airport in Canada.
A global push to meet net-zero targets and strengthen energy security has continued to drive strong investment in renewable energy, helping Turner & Townsend’s energy and natural resources work grow by 24% to £95m (US$120m). This included major energy transmission improvement projects with TenneT across Asia and Europe.
The year saw increased activity across all global regions, with the most significant growth in the Americas and Europe where net revenue increased by 31% and 30%. UK revenue grew by 20%, with the rises across Asia, the Middle East and Australia and New Zealand also in double figures.
Overall headcount for the global business rose by 15% in the year, to more than 12,300.
Organic growth has been supported by Turner & Townsend’s strategic acquisitions and partnerships across the UK, Europe and North America. This includes the first full trading year with public sector project and programme management specialists Heery, the announcement of the strategic partnership with offshore wind procurement and contract management experts, JUMBO Consulting Group, and the acquisition of boutique operating model modernisation specialists, ON THE MARK (OTM).
Vincent Clancy, Chairman and CEO at Turner & Townsend said:
“In the face of an ever more complex and connected world, success in our industry will be built on businesses’ ability to evolve and reinvent themselves to deliver impactful solutions for clients. These excellent figures demonstrate our ability to build strong client partnerships while investing in our people and our global capacity. Our scale and reach make us more resilient to market volatility and, crucially, ensure that we are best-placed to anticipate and adapt to clients’ priorities and needs, offering solutions to their challenges wherever they are in the world.
“We’ve created an unrivalled programme, project and cost management capability globally, and our recent acquisitions, as well as the plan to combine CBRE’s project management with Turner & Townsend, only enhances the specialist skills and creative solutions our business can offer. Going forward we will have more strength than ever before to make a positive impact for the future – investing in our proposition, technology platforms and talent that our clients around the world can trust and rely on.”
Alan Talabani, Managing Director, Middle East, at Turner & Townsend, said:
“Our Middle East business has continued to see significant growth this year, with revenue up by 18%. Across the region we’re seeing major investment to diversify the regional economy – from growth in hospitality and aviation to data centres and intercity rail. Decarbonisation remains a priority to generate the power needed to build and serve our growing communities and economies, while mitigating the impacts of climate change.
“The complexity of these programmes plays to our team’s strengths. Looking ahead we will continue to focus on bringing together our fantastic local talent with our global experience and lessons from wider markets to help deliver the region’s huge development ambitions.”
View Turner & Townsend’s full company results for 2023-24 here: https://annualreview.turnerandtownsend.com/2024?utm_source=pr&utm_medium=media&utm_campaign=ar2024
At a glance – Turner & Townsend extracted financial results for 2023-24
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| Year Ended 30 Apr 2024 | Year Ended 30 Apr 2023* | Change |
| Middle East net revenue | £124m/US$156m | £106m/US$133m | 17.6% |
| Global turnover | £1,532m/US$1,926m | £1,225m/US$1,541m | 25.1% |
| Global net revenue | £1,296m/US$1,629m | £1,067m/US$1,342m | 21.5% |
| Global EBITDA | £192m/US$242m | £159m/US$199m | 20.8% |
| Global employees | 12,369 | 10,731 | 15.3% |
*Re-translated at FY23 FX rates
For more information please contact:
Angharad Chandler / Sophie Comninos
Camargue
T + 44 (0) 207 636 7366
E turntown@camargue.uk
About Turner & Townsend
Turner & Townsend is a global professional services company with over 12,000 people in 49 countries. Collaborating with our clients across real estate, infrastructure and natural resources sectors, we specialise in major programmes, project and programme management, cost and commercial management, net zero and digital solutions.
We are majority-owned by CBRE Group, Inc., the world’s largest commercial real estate services and investment firm, with our partners holding a significant minority interest. Turner & Townsend and CBRE work together to provide clients with the premier programme, project and cost management offering in markets around the world.
We are passionate about making the difference, transforming performance for a green, inclusive and productive world.