Arup has announced its financial results for the year ending 31 March 2024, recording a revenue increase of 2% to £2.2 billion.
The global sustainable development consultancy reported an operating profit of 3.9% before allocation of profit share to members worldwide.
Arup continued to navigate a business environment characterised by geopolitical instability, economic headwinds, and slowdowns in government investment.
While these issues impacted performance in some markets, total workload continued to grow, with particularly strong performance in the Americas and Southeast Asia. Additionally, Arup experienced significant growth in priority sectors including energy, water, technology, building retrofit, and transport.
The firm also confirmed that a fraud incident during the financial year, along with its associated costs, totalled £25.4 million. Arup’s project delivery remained uninterrupted, and its operations and financial stability were not affected.
Arup has also provided an update on its commitment to achieving net zero emissions across its entire operations by 2030. The firm has reduced its total greenhouse gas emissions (scope 1, 2 and 3) by 31% from a 2018 baseline, slightly ahead of its initial target of a 30% reduction by 2025.
The firm recently announced changes to its board structure to help it increase growth, meet the rising demand for its services, and respond more swiftly to market opportunities. Current Group Chair Jerome Frost OBE will step into the newly created CEO role from April 2025 and lead the new Executive Management Board. Hilde Tonne, former CEO of Norway’s transmission system operator Statnett SF, will join as Non-Executive Chair of the new Arup Group Limited Board.
Jerome Frost OBE, incoming CEO, said: "Our expertise includes engineers, planners, economists, psychologists, data scientists, and ecologists all under one roof. This breadth of technical knowledge allows us to pioneer solutions to the increasingly complex challenges our clients face.
“While we've made significant strides, we're updating our firm's governance to position ourselves for stronger growth. This will help us be even more responsive to our clients' priorities and support cities and communities around the world in becoming more resilient to increasing shocks and stresses."
