2024/25

Results

A message from Managing Partner Adam Glover on G&T’s performance and strategic direction

Against a challenging macro-economic backdrop, I am pleased to report another successful year for Gardiner & Theobald, with global revenue increasing by 5.3% to £307m.

Economic Backdrop

The past 12 months have been shaped by global economic uncertainty, political instability and cost pressures that have created headwinds for the construction and property sectors. In the UK, falling but still high inflation and weak growth remain concerns, despite lower interest rates. In the US, stronger growth has been tempered by elevated interest rates. These conditions have increased cost pressures on our own business, particularly from inflation and taxation, making growth more difficult to sustain.

Our Performance

Despite these challenges, our business has continued to grow. For the year ending March 2025, global revenue rose 5.3% to £307m, driven by a strong first half but a weaker second half, a trend that has carried into much of 2025.

By region, UK revenue grew 5.9% to £235m, while US revenue rose 3.2% to £72m. Project Management accounted for 47% of revenue, Cost Management 37% and Project Controls & Infrastructure 11%. The latter grew by 15% year-on-year and remains a significant opportunity for further expansion.

Positioning for Long-Term Growth

In 2025, we strengthened the foundations for future growth, particularly in the US, where we converted our structure to an LLC. This provides a partnership model for US professionals, better aligning with our UK business, fostering collaboration and enabling us to support clients with increasingly complex, cross-border programmes.

We are also one year into our strategic partnership with Hennick & Co. With their support, we are better positioned to invest in our people, expand capabilities and accelerate international growth. This partnership also creates the opportunity to consider strategic acquisitions where appropriate.

Commitments

Growth for us is not just about scale but also responsibility. Our commitments to clients, people and communities remain at the heart of our business:

  • Clients: We listen, adapt and deliver tailored solutions while building long-term partnerships based on trust and performance.
  • Quality: Our partner-led approach, rigorous methods and professional excellence ensure world-class delivery on every project.
  • People: As a people-powered business, we invest in talent, value diversity and reward merit. Despite market challenges, we welcomed 40 graduates, 11 apprentices and 13 placement students, strengthening our talent pipeline and addressing skills shortages across the built environment.
  • Innovation: We continue to invest in technology, data, AI and risk management. By embracing digitalisation while maintaining strong human relationships, we deliver smarter, faster outcomes for clients.
  • Social Impact: We are committed to positive social impact, from supporting local communities to advancing sustainability. This year, we increased our cumulative social value contribution by £6.5m, reaching £24.15m since we began measurement in 2021 – as independently measured by Thrive.

Outlook

The coming year will remain challenging, but our business model is resilient and our medium-term prospects are strong. With a healthy pipeline, sustained demand across core sectors and an ambitious growth strategy, we are confident in our ability to expand our market presence and deliver long-term success.

I would like to thank our people for their dedication and our clients and partners for their continued trust and support. It is their contribution that underpins our success and propels us into the next chapter of our journey.

Adam Glover signature

Adam Glover

Managing Partner

Adam Glover headshot

2024/25

Highlights

Take a look at some of our favourite highlights from the past year
  • Combined Service Solutions
  • Cost Consultancy
  • Project Leadership
  • Infrastructure Management
  • Specialist Services
  • Bringing People Together