We operate a number of pension schemes across the global business.
Embracing innovation is key to meeting growing client demands for more efficient solutions, faster delivery and better social and economic outcomes. Cash conversion over the last five financial years is 98 percent. In infrastructure, net revenue was up 15% to £206m, and revenue in the natural resources division was £71m – an increase of 16% on the previous year.
Non-UK revenue represents 58.4 percent of consolidated revenue. Even so, HM Revenue & Customs (HMRC) has embarked on a fiendish brain teaser with its Locations Programme. Turner & Townsend's revenue is the ranked lowest among it's top 10 competitors. There is no denying that the COVID-19 pandemic has been the greatest challenge our world has faced for generations.
The global construction sector is ready for a fundamental and long overdue step-change in the adoption of technology and its use of data. While the duration and spread of the outbreak and the resultant economic impact is uncertain, various sensitivity analyses have been performed to assess the impact to future trading. Our primary measure of revenue, net revenue, was £680.7m (2019: £580.2m), representing 17.3 percent growth over the prior year. At the heart of our approach is a focus on better outcomes. Bank facilities established in November 2015, and extended in June 2020, provide us with committed facilities of £80m until May 2022 to finance future operational cash requirements and selective acquisitions in line with our strategic aims. Share of profit of joint ventures, net of tax. Turnover increased by 17% to …
Our Global Finance Director Jeremy Lathom-Sharp outlines our financial performance in 2019-2020. The treasury risks we face include interest rate risk, foreign exchange risk, credit risk and liquidity risk. Targets set in 2015 to cut carbon emissions per employee by 25% have already been met. Our turnover (which includes sub-contract revenue) was £744.3m (2019: £639.9m).
Contracts are mostly undertaken in the currency of local subsidiaries, and therefore foreign currency revenue streams are matched by the currency of the relevant cost base. The Board has prepared a working capital forecast using assumptions as to future trading. I am proud of the way our people, our clients, and indeed the whole construction industry has responded to the immense challenge the crisis has presented. At 30 April 2020 the IAS19 deficit had decreased to £2.1m (2019: £3.9m), due primarily to contributions paid into the scheme. The top 10 competitors average 9.6B. With a focus on supporting the low carbon transition, the consultancy has successfully built market share in renewables and is working across a number of Liquefied Natural Gas (LNG) projects, including Freeport LNG in Texas – the second largest LNG facility in North America. Turner & Townsend Making the difference.
Revenue growth was strong across all segments – real estate (18.6 percent), infrastructure (15.4 percent) and natural resources (15.9 percent).
It acquired Taurus Project Controls Consulting in Boston and has also invested significantly in expanding its portfolio management capability across regional and global programmes, including the launch of new technology platform (PACE) to enable clients to monitor progress and data on their real estate portfolios in real time. We are Turner & Townsend; Annual review 2019-2020; Annual review 2019-2020.
The business delivered strong growth in its real estate business, with net revenue climbing 19% to £404m, driven by demand from the high-tech and life sciences sectors. Instruments such as interest rate swaps have not been entered into to mitigate risk as these risks are considered to be low.
A two percent increase to the cost of external finance would not have a material impact to profit before taxation. These forecasts include the assessment of the impact of the recent global outbreak of COVID-19.
Our resilience and success continue to be driven by investing in talent, shifting focus to emerging markets that address the world's biggest challenges and building solutions that drive exceptional client outcomes. £17m boost for Southampton's rail freight capacity. Turner & Townsend has 5,475 employees and is ranked 10th among it's top 10 competitors. The company, which works on some of the world’s largest and most complex capital projects and programmes across real estate, infrastructure and natural resources, increased global net revenue by £101m, to £681m, a 17% increase on 2018-19.
Employing nearly 4,300 staff across 97 offices worldwide, the firm has now notched up six consecutive years of revenue growth. Turner & Townsend has worked across a number of liquefied natural gas (LNG) projects, including Freeport in Texas, USA, the second-largest LNG facility in North America. Strength from resilience.
We continue to deal with a wide range of significant risks and uncertainties, which are actively managed at all levels of the business. Cash, net of overdrafts and bank loans, was £94.8m at 30 April 2020 (2019: £69.7m). With our experience of major capital projects all over the world we’re experts at managing the many moving parts involved in complex programmes.
I am pleased with the work we are doing to make a positive contribution".
In post COVID-19 markets, investment in major construction programmes as a means to stimulate growth will be more prevalent than ever before. Based upon these projections and its cash balances, the directors have concluded that the Group has adequate working capital and therefore it is appropriate to use the going concern basis of preparation.
Vincent Clancy, chairman and CEO at Turner & Townsend said: “While we continue, like the rest of the industry, to feel the impact of Covid-19, our financial performance and business model stand us in good stead to withstand the economic aftershocks. Turner & Townsend has also invested in a programme management proposition for mine closure and rehabilitation, and is currently working for De Beers to rehabilitate former mining sites worldwide to support their future land use. Despite a turbulent natural resources market and collapsing global energy prices, revenue hit £71m, up 16% on 2018-19. UK-headquartered construction consultancy Turner & Townsend has defied challenging global market conditions to increase its turnover by 8% to a record £409m ($536m) in the year ended 30 April 2016. The construction and the wider built environment is the largest sector in the world and perhaps has the biggest impact on the environment and on people's lives. The company has committed to reducing its own environmental impact – setting and meeting internal targets for carbon reduction and ensuring that sustainability and social value principles are actively embedded in its working culture. The top 10 competitors average 32,274. Infrastructure net revenue rose 15% to £206m, with robust growth in the UK, North America, the Middle East, Asia and Australia. Our industry will need to step-up to deliver this unprecedented volume of work. Global profits before amortisation were £88m on net revenue of £681m, a 29% rise on profits of £68m on revenue of £580m during 2018-19.
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