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Volker Wessels UK turnover drops 19% in first half of 2010

20 Sep 10 Volker Wessels UK has experienced a 19% fall in turnover to £190m for the first six months of the year.

Volker Wessels UK has experienced a 19% fall in turnover to £190m for the first six months of the year.

The Dutch construction group's UK business delivered turnover of £235m in the first half of 2009, and £429m for the full year.

CEO Gerard van de Aast said that the restructuring of Volker Wessels in the UK, a process that began last year, was “starting to bear fruit”.

“Our companies work together increasingly closely and are consequently better able to operate effectively under difficult market conditions,” he said. “Despite shrinking government budgets, Volker Wessels UK’s order book comprises many good quality projects.

“Volker Highways achieved good results in road maintenance in the first six months of the year. In the second half of the year, Volker Fitzpatrick commences a number of large construction projects and civil works.”

Volker Wessels, through its subsidiary Volker Laser, acquired waterproofing and concrete repairs contractor Quickseal during the reporting period.

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Total revenue across the whole group for the first six months of 2010 was £1.59bn (H1 2009: £1.67bn). Profit before interest, depreciation, amortisation and tax (EBITDA) for the period was £53.7m (H1 2009: £57.1m).

"Despite the current recession in the construction sector, we performed as anticipated in the first six months of 2010", said van de Aast.

"Most VolkerWessels companies succeeded in achieving results in line with expectations. While our companies operating in housing and railways face particularly difficult market conditions, there are also opportunities for our companies that build infrastructure, energy, water and communications networks.

“The spread of our activities means that we also perform relatively well in difficult times. We shall continue to focus on providing high quality, sustainable solutions for our clients. We expect slightly lower operating revenues in 2010 as a whole, with an EBITDA in line with 2009."

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