Despite shelving plans to list last month consultant says it will float on Stock Exchange

Consultant Turner and Townsend has insisted it will still float on the Stock Exchange despite shelving plans to list last month amid the credit crunch.

The assertion came after the group posted strong results for the year ended 30 April 2007, which saw turnover jump 29% to 拢173.1m.

Pre-tax profit was also up, from 拢15.7m to 拢21.1m and chairman Tim Wray took home 拢994,000 (2006: 拢854,000).

A spokesman said: 鈥淲e have grown significantly since April 2007 and the results clearly can鈥檛 reflect the excellent progress that has been made since then.鈥�

The company suspended its flotation plans after failing to achieve its 拢200m target valuation. City sources speculated that it had achieved a valuation of about half that amount.

Rival consultancies Cyril Sweett and Baqus have both performed poorly since floating at the end of last year.

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