Consultant boosted by overseas growth but shrinks 9% in the UK
Gardiner & Theobald has posted solid full-year financial results, with an increase in profit for the first time in four years.
The consultant posted profit of 拢18.3m for the year ended 30 April 2013, up 4% on 拢17.7m the previous year, with profit to be distributed among its equity partners.
However a drop in UK turnover dragged G&T鈥檚 overall revenue down to 拢106.7m, a decrease of 5% from 拢112.4m the previous year.
Turnover in the UK fell 9% to 拢75.1m from 拢82.9m, with revenue in the regions down by over a quarter (-27%) to 拢20.4m from 拢27.9m.
Turnover in London and in G&T鈥檚 UK dispute resolution business Fairway fell only marginally by less than 1% in each case, to 拢44.5m and 拢10.2m respectively.
The fall in turnover in the UK was partly compensated for by growth overseas, with revenue in G&T鈥檚 international businesses up 7% to 拢31.6m from 拢29.5m the previous year.
Revenue growth was led by the Middle East, which grew 27% to 拢2.5m from 拢2m, which G&T said was partly down to winning the lead cost consultant role on the Qatar 2022 World Cup, where the first stadium designs were revealed last week (pictured).
Revenue also grew 18% in the Americas and Caribbean and 12% in Ireland to 拢18.4m and 拢1.3m respectively.
Meanwhile, turnover in Asia was down 37% and down 23% in France, to 拢1.1m and 拢2m respectively.
G&T turned over 拢900,000 in its first year of trading in the Nordics regions, while turnover fell 19% in Central and Eastern Europe to 拢5.3m from 拢6.5m
G&T is exiting Central and Eastern Europe by selling the business in parts to various partners in the region.
G&T confirmed its equity partnership increased by 20 to 143 since the 30 April financial year end. As the new partners were recruited after year end they will not take a portion of that year鈥檚 profit.
G&T managing partner Simon Jones said the results gave the firm 鈥渁 solid position from which to grow the business during 2014.鈥�
Jones added: 鈥淕iven the relatively flat construction output from the sector of late, an optimistic start to the new financial year suggests that G&T has increased its market share of fee earning opportunities.
鈥淲e are cautiously optimistic that this could be the start of a brighter outlook in the construction and property sector.鈥�
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