{"id":2626,"date":"2016-01-25T21:40:04","date_gmt":"2016-01-25T14:40:04","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=2626"},"modified":"2016-01-25T18:51:28","modified_gmt":"2016-01-25T11:51:28","slug":"turner-townsend-chief-executive-confident-on-growth-despite-oil-price-slide","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/turner-townsend-chief-executive-confident-on-growth-despite-oil-price-slide\/","title":{"rendered":"Turner & Townsend chief executive confident on growth despite oil price slide"},"content":{"rendered":"


\n
\nVincent Clancy, chief executive of the project management consultancy Turner & Townsend, has said that he remains confident of prospects for growth in the business despite an anticipated 20 to 30 per cent decline in volumes within its natural resources business.Mr Clancy, while speaking to The National as the company celebrated its 10th anniversary in the Middle East at an event in Dubai last week, said that he expected the shortfall in natural resources to be made up by gains in its property and infrastructure divisions.
\n\u201cOverall, globally we\u2019re up about 10 per cent in revenue on last year,\u201d he said. \u201cWe\u2019ve managed to absorb the decline that has been in the natural resources market, deploy resources elsewhere and still achieve growth. That\u2019s one of the benefits of our model.\u201dThe company, which employs more than 4,100 staff, achieved sales of almost \u00a3380 million (Dh1.98 billion) in the year to April 30, 2015 \u2013 up 8 per cent year-on-year. Net profit increased by 9 per cent to \u00a327.3m.
\nThe company\u2019s three business units had previously each contributed about one-third of Turner & Townsend\u2019s overall revenues. However, its natural resources arm provided just 21 per cent last year, while its infrastructure business contributed 30 per cent. Property has been its star performer, providing the remaining 49 per cent through serving global estate programmes for the likes of Chevron and Barclays.
\nIn the same period, its Middle East division grew sales by 45 per cent and now employs more than 250 staff. It has developed a niche in airports, working for Dubai Airports on Concourse D and Abu Dhabi Airports overseeing the US$3bn Midfield Terminal Complex. It has also worked on airport projects in Muscat, Salalah and Doha. In property, it is delivering the $1.5bn Burjeel Hospital at Moham\u00admed Bin Zayed City for VFS Healthcare and has advised Emaar on hotel projects.
\n\u201cThose first 10 years have gone by very quickly but have been very successful for us,\u201c said Mr Clancy. Although it had to make cutbacks as construction activity dried up after the 2008 financial crisis, he said it had been \u201crelatively fortunate in the sense that we weren\u2019t that big at that stage\u201d.\u201c[We took] a long-term view. We kept capability here, made sure we continued to do the right things and we recovered very quickly.\u201d
\nHe said that Dubai is one of 25 world hubs where it is targeting market leadership in project management, but acknowledges regional markets face \u201ca number of headwinds\u201d, not least the collapse in oil prices and tensions between states.\u201cWe are expecting markets to toughen over the next cycle but we think we are in a good place to deal with that. We are diversified in terms of clients.\u201dThe company\u2019s international push in recent years means that it now earns 41 per cent of its revenue from its home market in the UK, but this has included advising on the huge Crossrail project in London and Manchester City football club on its new academy stadium.
\nBMI Research recently highlighted the UK as a hot spot for the construction sector in 2016, stating that it has \u201cthe strongest infrastructure project pipeline in western Europe\u201d, as well as a robust housebuilding sector.However, a survey by the Royal Institution of Chartered Sur\u00adveyors (RICS) this month also indicated that labour costs are soaring, fuelled by a shortage of skilled workers. Average construction earnings increased by 6 per cent in the year to October, compared with overall UK wage inflation of 2 per cent.
\nmfahy@thenational.aeFollow The National\u2019s Business section on Twitter
\n
\nSource : thenational.ae
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Vincent Clancy, chief executive of the project management consultancy Turner & Townsend, has said...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-2626","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-Gm","jetpack-related-posts":[{"id":2628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/turner-townsend-chief-executive-confident-on-growth-despite-oil-price-slide-2\/","url_meta":{"origin":2626,"position":0},"title":"Turner & Townsend chief executive confident on growth despite oil price slide","date":"January 25, 2016","format":false,"excerpt":"\r \r Vincent Clancy, chief executive of the project management consultancy Turner & Townsend, has said that he remains confident of prospects for growth in the business despite an anticipated 20 to 30 per cent decline in volumes within its natural resources business.Mr Clancy, while speaking to The National as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21047,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/turner-townsends-middle-east-revenues-increase-by-24-per-cent\/","url_meta":{"origin":2626,"position":1},"title":"Turner & Townsend's Middle East revenues increase by 24 per cent","date":"July 27, 2016","format":false,"excerpt":"\r Project management consultancy Turner & Townsend increased revenue by 8 per cent globally to \u00a3409 million (Dh1.97bn) in the year to April 30, helped by rapid growth in its Middle East business.It increased its net profit for the year by 9 per cent to \u00a329.6m.The firm, which is working\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-appoints-new-chief-executive\/","url_meta":{"origin":2626,"position":2},"title":"Arabtec appoints new chief executive","date":"November 29, 2016","format":false,"excerpt":"\r Arabtec has appointed the recently appointed Depa chief executive Hamish Tyrwhitt as its chief executive.In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company's acting chief executive Saeed Al Mehairbi, who will remain an Arabtec board member.Arabtec said that as well\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36372,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-appoints-hamish-tyrwhitt-as-new-chief-executive\/","url_meta":{"origin":2626,"position":3},"title":"Arabtec appoints Hamish Tyrwhitt as new chief executive","date":"November 29, 2016","format":false,"excerpt":"\r Arabtec has appointed as its chief executive Hamish Tyrwhitt, who was also recently made chief executive of Depa.In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company's acting chief executive, Saeed Al Mehairbi, who will remain an Arabtec board member.Arabtec said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":145127,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-topples-tokyo-as-asias-costliest-city-to-build-as-labour-shortage-inflates-cost\/","url_meta":{"origin":2626,"position":4},"title":"Hong Kong topples Tokyo as Asia\u2019s costliest city to build, as labour shortage inflates cost","date":"June 19, 2024","format":false,"excerpt":"\r A total of 72 markets, or 79.1 per cent of the 91 cities surveyed worldwide by Turner & Townsend, reported labour shortages.\r \r Source : South China Morning Post\r Read more...Hong Kong topples Tokyo as Asia\u2019s costliest city to build, as labour shortage inflates cost","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18178,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/expo-2020-projects-set-to-provide-timely-relief-for-dubais-contractors\/","url_meta":{"origin":2626,"position":5},"title":"Expo 2020 projects set to provide timely relief for Dubai's contractors","date":"June 30, 2016","format":false,"excerpt":"\r The award of the Dubai Metro extension contract is expected to be followed by a flurry of Expo 2020 contracts, providing much-needed relief for battered builders.The award of the Dh10.6 billion order comes as other major projects related to the expo also move forward. Reem Al Hashimy, the Minister\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/2626"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=2626"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/2626\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=2626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=2626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=2626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}