黑洞社区

Consultant Turner & Townsend is likely to decide whether or not to float on the London Stock Exchange within 12 months, the firm鈥檚 chief executive has said.

Turner & Townsend (T&T) - which today posts a fifth successive year of growth in strong financial results for the year to 30 April 2014 - has been eyeing a potential float ever since it shelved plans for an initial public offering (IPO) in 2008 due to turmoil in the financial markets.

Speaking to 黑洞社区 this week, T&T chief executive Vincent Clancy said: 鈥淭he market is the strongest it鈥檚 been since 2007 [鈥�] We continue to review the option of an IPO. Over the next 12 months there will be progress on this issue.鈥�

Clancy said the T&T board is reviewing the firm鈥檚 鈥渙wnership model鈥� with the help of financial advisors and an IPO was the 鈥渙ption in play鈥�, although the board 鈥渨on鈥檛 rule anything out鈥�.

However Clancy said the firm would not follow rival UK consultants such as Davis Langdon and EC Harris in selling up to larger firms: 鈥淲e will continue to seek bolt-on acquisitions. We don鈥檛 see ourselves as a firm that will be consolidated, we see ourselves as a consolidator, on our own level.鈥�

T&T posted a 12.5% increase in revenue to 拢322.2m, up from 拢286.3m the previous year, while pre-tax profit grew 12% to 拢33.3m, up from 拢29.7m.

In the UK, revenue grew 11.4% to 拢148.2m, up from 拢133m, while operating profit grew 14.9% to 拢16.5m, up from 拢14.8m.

Revenue across the firm鈥檚 seven international divisions grew 13.4% to 拢173.9m, up from 拢153.4m, while operating profit grew 13.7% to 拢17.4m.

The firm鈥檚 North America, Middle East, Asia and Europe divisions grew, while its African, Latin American and Australian businesses contracted, which Clancy attributed to their exposure to 鈥渇lattening鈥� natural resources markets, particularly mining, and the strengthened pound relative to their trading currencies.

T&T鈥檚 infrastructure division grew strongest over the period, with revenue up 21.2% to 拢91.3m, up from 拢75.3m, while the firm鈥檚 property and natural resources divisions also grew, both by 9.4%, to 拢154.1m and 拢76.7m respectively.

Clancy said T&T鈥檚 infrastructure division was boosted by 鈥渄eploying resources into Africa, Asia and the Middle East [鈥�] It鈥檚 the culmination of many years of investment.鈥�

Major infrastructure wins over the period included securing the delivery manager role on the 拢4.8bn North West Rail Link in Sydney, while the division is working on schemes at five airports in the Middle East.

T&T also announced a shake-up of its senior management team this week, with Steve McGuckin promoted to become the firm鈥檚 first global managing director for property.

Jon White fills the role of UK managing director, vacated by McGuckin, while James Dand steps up to become Europe managing director, replacing White.

Steve Waltho has joined from Aecom to become cost management director for the UK regions.