Company has racked up two successive years of losses
Willmott Dixon says it expects to make a full year profit for the first time since 2021 after two successive years of losses.
The firm racked up a 拢14.4m loss last year on top of the 拢8.7m it lost in 2022 but in an update said it was 鈥渙n track for returning to full year profit in 2024 and growth in 2025鈥�.
As a private contractor, Willmott Dixon is not required to publish interim results 鈥� unlike its listed peers 鈥� but the firm has decided to release half year numbers for the first time in more than a decade.
A spokesperson said the decision was made to show 鈥渨e are emerging as a stronger business with the challenges of 2023 behind us鈥�.
In unaudited accounts, it said its pre-tax profit for the six months to June was 拢10m compared to a 拢1.3m loss for the same period last time.
Turnover was down 5% to 拢561m with cash at the bank standing at 拢109m compared to 拢115m last time.
It added that 69% of its turnover comes through frameworks and over 55% of income is with repeat customers.
Chief executive Graham Dundas said: 鈥淚鈥檓 pleased to start with the excellent news of a prompt and healthy return to profit for the business after a difficult 2023. While market conditions remain competitive, both profit and turnover are ahead of our forecasts, underlining my confidence in our ability to deliver profitable long-term growth.鈥�
It said that it has agreed over 拢1bn of orders by August with 98% of budgeted workload for this year now contracted.
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