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Turner & Townsend proft flat on reduced turnover

Pre-tax profits at Turner & Townsend for the six months ended 31 October 2009 at the same as the prior year despite a £10 million fall in turnover.

The consultant said pre-tax profit for the period equalled £10.2 million, the same as the six months to 31 October 2008 while turnover fell to £96.9 million from £105.6 million the prior year.

Chief executive Vince Clancy said the market had been particularly tough in the UK, Europe and the Middle East, but turnover in “the four As” – Americas, Africa, Asia and Australia grew compared with the prior year.

He said: “Currently our turnover is 60 per cent UK and 40 per cent rest of the world. We expect that to switch around over the next two to three years.

“We continue to explore we can extend our range of services. From an acquisitions point of view we are on the look out, particularly in non-UK markets.”

Bosses said some reduction in staffing had been necessary to control costs but added that they “are pleased that Turner & Townsend has not been forced to make large scale redundancies”

They said they had not needed to implement the flexible working arrangements that staff signed up to earlier in 2009 which would have seen them work a four day week.

Executive chairman Tim Wray said: “A joint venture was recently established with HamniParsons in South Korea, and new business openings in the period include offices in Chile and Vietnam.

“To support our growth plans the business has continued to recruit senior management, and we look to make further acquisitions in selected markets.

“We continue to be confident that our strategy best positions Turner & Townsend to take advantage of market opportunities and for delivering further growth.”