Exceptional growth as our annual turnover hits £1.2bn
We have today reported exceptional financial results across global regions as we continue to see the success of our long-term growth strategy.
Our turnover and net revenue have risen to £1.2bn (US$1.5bn) and £1.1bn (US$1.3bn) – increases of 38.6 and 36.9 percent respectively – while global EBITDA before exceptionals, showing core profitability, grew to £159m (US$190m).
The strong figures reflect the success of our investment in our people, our proposition and our technology – building our reputation as a trusted programme partner that is able to overcome the most complex challenges across the world’s biggest projects.
Real estate net revenue has seen a steep climb – 37 percent – as global corporates continue to invest in adapting commercial property portfolios to meet environmental targets and accommodate hybrid working. Real estate requirements for advanced manufacturing industries, including gigafactories, is also buoyant as governments across the world seek to bolster home economies and reshore supply chains.
Infrastructure net revenue rose by 34 percent over the year. Regions around the world are continuing to see heavy investment in transport and utility networks as they expand to meet growing populations and net-zero demands.
We remain well positioned in these markets and are supporting flagship mobility schemes, including Hong Kong’s new Mass Transit Railway (MTR), California High Speed Rail, the new Edinburgh tram extension, and the modernisation and digitalisation of Heathrow Airport in the UK.
Work in the natural resources market increased by 53 percent and accounted for the highest year-on-year rise within our three core segments, reflecting significant appointments in renewable energy and decarbonisation projects.
Regional hotspots for growth include the Americas – where net revenue has risen 58.5 percent, and headcount has grown 53.2 percent – as well as Australia and New Zealand, which has enjoyed a 34.9 percent net revenue rise, and an increase in the headcount of 36.4 percent.
Growth is being supported in these regions through strategic expansion and acquisitions. This has included public sector project management firm Heery in the US, which has been followed post year-end by CBRE Healthcare and by Cavalieri Associates in Toronto. Natural resources specialist Jukes Todd was also brought into partnership with our Australia business in September 2022.
In the UK this year we joined forces with London-based cost management business alinea, bolstering our leading market position. UK-wide net revenue increased by 25.6 percent over the year to £404m (US$485m), and our team grew to just under 4,000 people.
Growth in Europe, where net revenue rose by 32.2 percent, has been supported by the acquisition of asset management consultancy IES in the Netherlands. The Middle East and Asia have both seen net revenue increase by over 40 percent, boosted by strong investment in infrastructure, sustainable projects and renewable energy. Meanwhile, work in Africa has been driven by new opportunities across mining, data centres, renewables and life sciences, leading to net revenue growth of 16.6 percent.
Overall headcount rose by 26.5 percent in the year.
Vincent Clancy, Chairman and CEO, said:
This is a milestone moment for our business, and an exceptional set of results, particularly in the face of the continued global economic headwinds. Our diverse business model, our strong client relationships, and the power of our business partnerships, have helped us achieve this landmark year of growth.
"These results mark the first full year of our strategic partnership with CBRE. As well as benefitting from specific opportunities to bring teams together, we are continuing to build our understanding of how we can maximise the strengths of both businesses to build unique offerings for our customers."
Continued investment in our talented team and the ongoing development of our sustainability and digital capabilities enables us to support clients delivering the world’s most complex projects and programmes. This investment has included our acquisition of complementary businesses which strengthen our offer in key regions.
"The challenges our industry faces - whether economic, climate related or social - require fresh thinking and new solutions, with our creative talent and global capability it ensures we are well placed to meet this need. This year has seen us make great strides, and I am confident that in the next 12 months we will build on this strong position, helping to solve society’s biggest challenges, to make the difference, and to deliver unparalleled value and successes for our clients."
