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Tue March 02 2021

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Rogue projects slow Willmott Dixon

30 May 14 Willmott Dixon saw its profits drop 19% in 2013 as several projects failed to deliver expected margins.

Rick Willmott
Rick Willmott

Turnover at the privately-owned construction group was down marginally for the year to £1.02bn, just £10m down on 2012’s £1.03bn.

Profit before tax and amortisation was £16.2m (2012: 20.1m).

Chief executive Rick Willmott said: “Our work volumes and turnover continue to hold up well, while our reduced pre-tax profit reflects a small number of projects now completed that did not deliver the margins we had expected.” 

He continued: “We are seeing more opportunities across our industry owing to greater economic confidence and a stronger housing market and we have focused our skill-sets and resources accordingly. Our frameworks and long-terms contracts continue to give us a robust pipeline of construction and support services work while our development business Regen, delivering both homes for sale and private rent, really ‘came of age’ in 2013 with a significant volume of development that will increase in 2014 and beyond.”

The secured forward order book stood at £2.05bn in March 2014 and 91% of the budgeted work has been secured for 2014.

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