Annual

review

2021-2022

© Iwan Baan

Success

from resilience

Vincent Clancy Chairman and Chief Executive Officer

Our agility and resilience, while operating in shifting global markets, remains the hallmark of our success.

I am immensely proud of the way our teams have responded to unprecedented challenges over the last year.

Our 75th year was transformational for our business, set against the backdrop of global economies recovering from the COVID-19 pandemic, the impacts of inflation not seen for decades and the wide-ranging ramifications of the conflict in Ukraine.

Despite this volatility, we continued to focus on the fundamentals of building strong capability, collaborating to solve our clients and society’s biggest challenges and investing for the long-term. As a result, we posted record results reflecting our diverse business and the resilience and talent of our people around the world.

Our new strategic partnership with CBRE, the leading global commercial real estate services and investment company, was completed in November 2021. This alliance creates unrivalled market capability and provides us with the capital and platform to accelerate our purpose and vision.

Navigating global challenges

While these global challenges impacted activity across many of our sectors, real estate remained buoyant, and we saw increasing demand across net zero and the life sciences, data centre and the advanced manufacturing space. We also saw clients repositioning their portfolios to underpin new ways of working and improve resilience.

Significant project wins include supporting Ford’s multibillion-dollar investment in two new electric vehicle battery giga-factories in North America, and the retail roll-out with global smart electric vehicle company, NIO, in China.

Our infrastructure business saw clients around the world continue to build back better and increase the performance of their assets. We are proud of our appointment on the Greater London Authority’s new national programme, which will support the design and development of sustainable power generation capability and transmission networks across the UK. In North America, our win on the expansion programme for Denver International Airport was one of many new projects we secured in the aviation sector as demand returned.

In natural resources, our business saw growth in the renewables and clean energy sector, particularly in hydrogen, wind and carbon capture. In the Netherlands, we are working on the Hollandse Kust Zuid Offshore Wind Farm and in Australia, we are supporting energy pioneer Santos Moomba on their carbon capture and storage project.

As a result of our strong client relationships, our talented people and a commitment to making a real difference, we finished the financial year to March 2022 in a position of real strength. Our revenue grew 17.2 percent on the previous year, and we now have a global workforce of over 8,400 people.

This growth in headcount saw a 1.3 percent improvement in our gender balance. We also remain on track to reach our target of being a net-zero business by 2030. We continue to support our local communities, giving £571,779 in employee and corporate donations and a further 8,684 hours in volunteering across the year.

Enhancing our capability

­Our unique partnership with CBRE gives us the firepower to lead our markets and accelerate our purpose ­- helping us to transform performance for a green, inclusive and productive world.

The partnership also enhances our capacity and capability and underlines our commitment to strengthening our service offering to our clients, fast-tracking investment in programme and asset management capability and our digital and advisory service.

While still operationally independent, Turner & Townsend and CBRE will collectively offer a premier, differentiated programme, project, and cost management capability globally.

We are already seeing good results and growing opportunities here, leveraging our joint capabilities and building unique ‘go to market’ solutions for our clients as they embrace net zero carbon routes and transition towards a sustainable future.

This year's

results

Turnover

Net revenue

21.5% increase on 2021

2022

2021

2020

17.2% increase on 2021

2022

2021

2020

Turnover

21.5% increase on 2021

2022

2021

2020

Net revenue

17.2% increase on 2021

2022

2021

2020

Solutions to the global climate crisis

We have accelerated the roll-out of NewLeaf, our long-term commitment to be a net-zero business by 2030.

This commitment has prompted continued investment in green technologies across our existing assets and activities. It has also been central to new office selection and set-up, and to balancing business travel against investment in virtual communication technologies.

We were pleased to score above average for professional services worldwide in our first audit by the Carbon Disclosure Project, the largest global greenhouse gas benchmarking tool.

We saw an increase in our emissions this year over last year due to post-Covid travel and office activity. However, the actions inspired by our NewLeaf programme will see us continue to adopt green behaviours across our global value chain, and work with our industry to create a more sustainable world.

Investing in a diverse and inclusive workforce

Investment in our existing teams and new talent is critical as the business expands to meet growing client demand. Never has this been more evident than this year, as we saw our employee numbers grow by 25 percent globally.

Growing employee numbers is one thing. Supporting and nurturing them in their careers is something else entirely. Recognising this, we launched a new behavioural framework to bring our purpose and values to life across the organisation. This guidance helps us embed our values and ensures our clients receive a consistent and recognisable Turner & Townsend experience wherever they are in the world, whatever the scale of their project.

And we are seeing results. Our engagement score rose from 7.6 to 7.9 this year, demonstrating that our people are now more engaged and attached to the business, are more focused on delivering the most effective solutions for our clients, and are more likely to recommend Turner & Townsend as a place to work.

We look forward to launching our global commitment to inclusion later in the year, not only internally, but externally to our clients, the industry, and wider society. This commitment is underpinned by a core ethos to ensure our people and leaders always treat each other as ‘someone’ and never ‘something’.

Making purpose real

Our purpose is our differentiator. It is why we exist and is how we impact the world around us. It informs our decision-making as we navigate shifting markets and meet growing demand.

This year, we have made investments that will have a positive impact on how we deliver to our clients, how we influence our communities and how we work together in a more purposeful way.

One such investment is a new Making the Difference global fund, which will launch later this year and has three key aims:

  1. Enabling innovation that transforms the performance of our industry for a green, inclusive and productive world.
  2. Growing our social mobility, education and employment initiatives, and ensuring that our industry has the talent it needs to address the world’s biggest challenges.
  3. Contributing to international efforts which support the recovery and long-term resilience of communities close to our operations that have been negatively impacted by a natural or man-made disaster.

The fund will be financed through a percentage of profits and be overseen by a global committee made up of representatives from across the business. It will enable long-term and impactful partnerships which draw on our expertise and scale to deliver much-needed transformation in our industry, society and environment.

We have already made donations worth over £100,000 via the Disaster Emergency Committee to support the Ukraine crisis and those suffering from the longer-term impacts of COVID-19. Our ongoing partnerships with organisations such as Action for Children in the UK and the Khomanani Healthcare Centre and Creche in South Africa have enabled us to help people in need across the globe.

Our people are also actively involved in supporting their communities. As part of our 75th celebrations, we held our inaugural Global Challenge, which saw 21 percent of our people virtually walk, run, swim or cycle the distance between all our offices worldwide, raising £75,000 this year for important causes supported in their regions.

Our Education Fund with Action for Children

Looking ahead to the next 75 years

We work in an industry that has the potential to transform lives, whether by helping to tackle the climate agenda or levelling up society through improved infrastructure.

We know that the sector still has some way to go before it truly delivers to its highest potential and we recognise that we have a significant role to play in driving this transformation. Our teams remain committed to building trust between clients, suppliers, governments and society, and delivering better outcomes that have a positive impact on the world around us.

Transforming performance and delivering for our clients at scale and speed starts with leadership. It means continuing to be bold with our vision, living our values and working hard to raise standards so that we can truly make a difference to the communities we serve.

As we enter a new year, it is clear that many of the economies within which we operate will experience economic volatility. While that will undoubtedly bring short-term pressures, the fundamental requirement to transform performance remains, and will continue to be our focus.

© 2022 Turner & Townsend