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Sun July 21 2024

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Second successive loss for Willmott Dixon

8 Jul Willmott Dixon plunged to a pre-tax loss inn 2023 for the second consecutive year but is distinctly upbeat about its 2024 prospects.

Chief executive Graham Dundas (left) and chair Rick Willmott
Chief executive Graham Dundas (left) and chair Rick Willmott

For the 12 months to 31st December 2023 Willmott Dixon Holdings made a loss before tax, goodwill and exceptional items of £5.2m. In 2022 it made a pre-tax loss of £8.7m (including substantial exceptional items).

Turnover for 2023 was up by 2% at £1.172bn (2022: £1.147bn).

The Willmott Dixon Construction business accounted for £1.043bn of the total turnover(2022: £1.014bn); Interiors added £130.9m (2022: £133.4m).

At the year end the group had £115.1m cash at bank, net assets of £158.8m and zero debt.

However, it claims a strong start to 2024, with £700m of new orders booked by the end of May and a record orderbook of more than £3bn.

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Chief executive Graham Dundas, who took over from Rick Willmott in January, said: “The 2023 performance was disproportionately impacted by a small number of significant supply chain partner insolvencies. The affected projects are now either finished or close to completion, allowing us to quickly return to predictable profits in 2024.”

He added: “We are delighted by the strong start that Willmott Dixon has made to 2024, with our Q1 profit and turnover already ahead of our budgeted forecasts and a record pipeline of over £3bn.

“I’m particularly encouraged by the way in which the business has responded to a difficult 2023, when certain projects were materially impacted by the industry-wide problem of significant inflation, as well as key supply chain failures at critical times.

“With inflation easing and a strong pipeline of high-quality work, our resilient balance sheet and a healthy mix of long-term revenues means that Willmott Dixon is well-positioned to prosper in 2024.”

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