Contractor posts solid results for 2011, but profit dips
Willmott Dixon has posted turnover of over 拢1bn for the first time in its 160 year history.
The contractor pushed revenue up to 拢1,052m for the year ended 31 December 2011, up 6% on 拢989.5m in 2010.
However profit dipped to 拢21.1m, down 21% from 拢26.6m the previous year.
Rick Willmott, group chief executive, said: 鈥淲hile it鈥檚 a substantial milestone in our 160 year history to become a 拢1bn turnover company, our reduced profit for 2011 also reflects the tough market we are in where margins are now being squeezed.
鈥淭he lack of funding in the public sector together with a lack of confidence in the private sector is placing pressure on workload volumes.
鈥淭hat said, our strategy to focus Willmott Dixon on new areas of growth, especially in the green economy, to re-balance our work equally between public and private sectors and develop a pipeline of opportunities in our development division Regen, which will also benefit our Capital Works division, is gaining real traction.鈥�
No comments yet