In the 12 months to 31st December 2024 Willmott Dixon turned over £1.2bn, much the same as the previous year, but turned 2023’s £14.4m pre-tax loss into a profit of £46.8m this time.
The losses of 2023 were partly down to significant provisions made for legacy cladding remediation works. In 2024 the company secured net recoveries from third parties of more than £20.0m against those historic provisions, boosting profits.
Profit before tax, exceptional items and goodwill amortisation was £28.6m (2023: £5.2m loss)
The order book currently stands at £2,345m with most of it from long-term public sector frameworks.
Willmott Dixon Construction accounted for £1.0bn of the turnover, with Willmott Dixon Interiors adding £146.7m.
In 2024, 81% of Willmott Dixon’s turnover was in the public sector, with 77% procured through long-term frameworks
At year-end, cash at bank stood at £121.4m, with no debt (2023: £115.1m, no debt). Net assets had risen to £174.1m (2023: £158.8m).
Chief executive Graham Dundas said: “We’re delighted to have returned to profit as we expected in 2024, responding strongly to a difficult economic environment in 2023, and adding a record £1.3bn of new contract awards to our high-quality order book.
“Our strategies, including a more rigorous focus on contract selection, are generating much improved consistency in our financial performance, with all parts of the group delivering a meaningful contribution to the welcome return to profit in 2024.
“These results, and the operational performance that underpins them, give us great momentum and a solid foundation to move on into 2025, backed up by a very strong cash position and a solid pipeline of opportunities. I look forward to the rest of the year with confidence and cautious optimism.
The company also picked up a record £1.3bn in new work in 2024, including: a £90m project to build a new student village in Stoke-on-Trent for the University of Staffordshire that will be built using Passivhaus principles; a £61.0m project from the Defence Infrastructure Organisation to enable the rebasing of the 18 Army Education Centre and 1 Military Working Dogs from St George’s Barracks to Kendrew Barracks; a £60m project for Bridgend College to build its new net zero in operation (NZiO) Town Centre Campus; and a £49.0m redevelopment of Wigan & Leigh College, also NZiO.
On trading so far this year, Dundas said: “We’ve started the current trading year strongly with secured and probable workload of 93% by March. Most of this has been procured through public sector procurement frameworks, the bedrock of our order book, with 81% of our turnover derived from the public sector and 77% through long-term frameworks.
“Over half of our work is with repeat business customers, and this remains an area that we’ll continue to grow using our presence on a combination of national and local frameworks.
“The above factors give us much to be optimistic about although we remain far from complacent in what has become an uncertain world. While we await the government’s spending review this summer, we are confident that our presence in critical sectors such as education, blue light services, residential and transport – supported by our leading position in sustainable construction – provides greater resilience.”
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