Turner and Townsend reports record annual results

Edited by the Buildingtalk editorial team Jul 23, 2008

Turner and Townsend plc, the global provider of programme and project management, cost management and management consultancy services, announces its preliminary financial results.

Preliminary results for the year ended 30 April 2008.

Financial highlights.

Net revenue growth of 20% to GBP179m (2007: GBP149m), with increased levels of sales.

and profits in all seven regions in which the company operates.

Non-UK net revenue growth of 27% to GBP65m (2007: GBP51m).

EBITA margin improved 60 bps to 9.5%.

Profit before tax up 29% to GBP17.1m (2007: GBP13.3m).

Operating cashflow up 51% at GBP18.7m.

5 year organic growth in net revenue of 25% per year.

Operating highlights.

8 new offices opened in Abu Dhabi, Basel, Mumbai, Pretoria, San Francisco, Toronto, Tianjin, and Vienna.

Headcount increased by 17.5% to over 2,400 (30 April 2007: 2,053).

Major contract wins included the Barclays Bank UK Retail Roll-out programme; Candy and Candy for their new $1 billion Beverly Hills high end residential project; a new data centre for Yahoo! in Switzerland; and Universal Studios Theme Park and associated hotel developments in Dubai.

Incorporation of Turner and Townsend LLP as a plc, facilitating wider distribution of equity.

Included in the Sunday Times' annual list of "100 Best Companies to Work For".

Current trading and order book.

Strong start to 2008/09 - major appointments in last 3 months include:.

The London Bridge Quarter 'Shard of Glass'.

The Beijing Great Wheel.

The North West Metro project in Sydney.

Order book (including frameworks) at record levels: up 18.6% at GBP357m (2007: GBP301m).

Tim Wray, Chairman of Turner and Townsend plc, commented: "This has been another year of excellent growth for Turner and Townsend, with turnover and profits increasing in all of our seven operating regions".

"Our expanding international presence, our long term contracts, breadth and quality of service, as well as our diverse client base, means that Turner and Townsend is strongly positioned for further growth".