Tram ‘rescue’ group sees profits surge on global demand
CONSTRUCTION management specialist Turner & Townsend, which was drafted in to rescue the ailing Edinburgh trams project last year, has revealed strong growth and a 46 per cent boost to profits as demand grew worldwide for its approach to “complex” building programmes.
Turner & Townsend was appointed by Edinburgh Council to manage the £1 billion tram project after the quango Transport Initiatives Edinburgh (Tie) was disbanded following a bitter dispute with contractors.
Vince Clancy, the firm’s chief executive, yesterday said the firm was “reaping the rewards of investment” after pre-tax profits soared to £23 million last year from £15.7m the year before. Net revenues grew 20 per cent to £244.3m in the year to the end of April, £113.5m of which was from work based in the UK. As well as project management of the trams, Turner & Townsend also worked on the decommissioning of ten Magnox nuclear power stations as well as the development of the Shard in London. It also opened an office in Aberdeen.
Clancy said: “Our rapid growth owes much to the quality of our people, but also to the company’s agility and its willingness to confront challenging conditions at home and pursue exciting opportunities abroad.”
Steve McGuckin, UK managing director, said: “Our UK revenues now significantly exceed their 2008 pre-crash levels, and this summer we are investing in the future by hiring up to 50 talented young people for our ongoing graduate recruitment programme.
“While many of our peers are reducing the scale of their UK networks, we increased our regional offering with the opening a new office in Aberdeen.”
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Tuesday 18 June 2013
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