Green infrastructure investment helps drive up revenues at Turner & Townsend

“The ever-increasing awareness of the climate crisis and the need for the UK to transition to sustainable resources means that new green projects in wind, carbon capture, utilisation and storage, hydrogen and nuclear are booming,” said the company in the financial statement issued with its results for the year ending on 30 April 2022, published yesterday.

The revenue of its division that focuses on such projects stood at £4.4M for its last full financial year.

Seeing the market’s efforts towards achieving net zero, the company has been investing in the area of sustainability. Last month it launched a bespoke carbon accounting tool that enables clients to evaluate the carbon footprint of projects across the full cycle of the process.

The aspiration to grow this part of the business further was the reason behind the appointment of James Hardy as a director in its UK advisory team, who will support the expansion of the sustainability team. Hardy was previously head of climate change and energy at the Greater London Authority.

The rest of the business reported good growth over the same period, with the company’s total UK revenue at £321.6M, marking a 17.8% year-on-year increase. Its real estate division generated £163.9M, up 22.2% year-on-year, while the infrastructure division’s revenue rose by 13.5% to £153.3M.

Turner & Townsend attributed the growth of these two divisions to “post pandemic priorities that have led to major private and public investment in advanced manufacturing, new housing, logistics and infrastructure”.

Among the recent infrastructure related contracts the company has been awarded is one to develop the business case for the West Yorkshire Mass Transit Network and another to provide project controls services for the Network Rail Crewe programme

Turner & Townsend chairman and CEO Vincent Clancy said: “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 coincide 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.”

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