Programme management and construction consultancy Turner & Townsend has increased its turnover to £380M in the year ended 30 April 2015 up from £357M, with profit up 11% on last year to £37M. It is also to switch from a private limited company to limited liability partnership rewarding and guaranteeing retention of key staff as well protecting its independence.

The company, which employs 4100 staff around the world in 90 offices has now recorded five successive years of growth and boosted turnover by 75% since 2010.

The firm claims its long-term strategy of diversification – both geographically and across its three core sectors of property, infrastructure and natural resources – has successfully absorbed the recent volatility in the oil and gas market allowing it to deliver the operating profit increase.

“The switch to a partnership at a time of such strength is both an investment in our most outstanding talent, and a clear statement of intent to be the world’s leading independent capital programmes professional service provider by 2020" - Vincent Clancy, CEO

Annual revenue jumped by two thirds (66%) in its Latin American operation, 45% in the Middle East and by 22% in Asia. Revenue in the UK grew to £158M; while in North America, the company’s biggest overseas market, revenue increased by 11% to £62M.

The company’s infrastructure division was a star performer. It grew revenue by a fifth (20%) to £106M, and was appointed to series of high-profile projects, including Medupi Power Station in Africa and major expansions of international airports in Dubai and Hong Kong.

Meanwhile the consultancy’s largest division – property – increased revenue by 12% to £171M, helped by a string of wins on major construction projects as well as long-term contracts to manage the global property assets of multinational clients such as Barclays and Chevron.

Turner & Townsend  increased staff numbers by 14% - and in April it grew its headcount in Australia by over 50% after its acquisition of the consultancy Thinc made it the largest independent project manager in the region.

The business has always been an independent operation and announced that to maintain and protect that, it is to convert from a private limited company to a  limited liability partnership. The partnership will have around 80 partners compared to the 30 shareholders the firm has now.

“Our diverse business model has allowed us to adapt successfully to this year’s shifting marketplace, and delivered some exceptional results both in our emerging markets and in our more mature regions,” said  Turner & Townsend CEO Vincent Clancy.

“Our record turnover of £380M is an endorsement of the consistent investment we’ve made in the company - and in our staff - over the past five years, and an important milestone in our long-term plan for sustainable growth.

“In the 12 months to April we grew our global footprint by supporting projects in a total of 130 countries, and increased our capability by recruiting talent at all levels of the business.

“With our operating profit rising by 11% to an all-time high of £37M, we have decided the time is right to convert to a partnership.”

“The switch to a partnership at a time of such strength is both an investment in our most outstanding talent, and a clear statement of intent to be the world’s leading independent capital programmes professional service provider by 2020,” he said.