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Turner & Townsend has revealed strong financial results due to global growth, including the acquisition of a firm in the Middle East.

Turnover has jumped 34% to 拢134m for 2005. The firm鈥檚 profit for the year was 拢15.7m, according to the results, revealed last week on the QS News website. The previous year T&T made 拢10.6m profit on a 拢100m turnover.

Chairman Tim Wray put the performance down to growth in all geographical regions. His latest international move was the acquisition of a QS company in Dubai, Cost Partnership Gulf, at the beginning of the year. The firm then had a turnover just shy of 拢1m and employed five British QSs.

Turner & Townsend has since moved 10 project managers to CPG, which has taken on its new parent鈥檚 name. The Dubai operation鈥檚 projects include a roll-out for Nissan. In China the firm is working on an office for Siemens in Shanghai.

We are making provisions to knock down the pension deficit
Tim Wray, chairman, T&T

The global business is also developing in Ireland, where T& T has just won a role on the Dublin Metro project. The firm will provide cost management, project management and PPP procurement advice on the 鈧�2bn (拢1.35bn) Metro North scheme. This section of subway will link the city, airport and town of Swords.

Within the UK the firm has been appointed cost consultant on the 拢420m King Cross revamp, plus a 拢400m project for Imperial College London (see table).

Turner & Townsend鈥檚 results show it has a pension deficit of 拢4.7m. Wray played down the deficit, pointing to 拢17m of cash on the company鈥檚 balance sheet. He said: 鈥淲e are making provisions to knock down the deficit.鈥� In 1991, T&T closed its final salary pension fund, also known as a defined benefit scheme. Final salary pensions are more risky for employers as they guarantee employees will get a proportion of their salary when they retire. T&T now offers new joiners a money purchase scheme, which pays members based on the stock market performance of the pension fund鈥檚 investments.

The firm employs around 1,750 staff worldwide and became an LLP in May 2005.