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Wed September 23 2020

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Winvic profits slide despite record turnover

11 Sep Financial results filed by Winvic Group Ltd show record turnover but profitability in retreat.

For year to 31st January 2020, Winvic saw turnover reach a new high for the company at £686m, up 9% on the previous year’s £628m.

However, pre-tax profit fell by more than 50% to £9.4m, compared to £20.3m the previous year.

There was net cash at year-end of £85.7m.

The big shed specialist with a growing presence in build-to-rent and student accommodation construction markets is confident about its future prospects, even though this year’s turnover is expected to be a little lower at around £650m.

The directors said: “The group’s prospects look very positive for 2020 and beyond with a forward order book of £904m.”

Most of the order book (£680m) is in the industrial market, with £125m for multi-room building projects (build-to-rent flats and student halls).

In their annual report, the directors continued: “Our drive to attract high performing, talented individuals will ensure we sustain our enviable record of project delivery to industry leading standards whilst upholding outstanding safety records.

“Whilst there remains a lot of uncertainty in respect of Covid-19, the company is confident that with the benefit of their secure and proven supply chain, loyal and excellent employees and strong balance sheet they are in a good position to ride out any future challenges.”

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