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Willmott Dixon group chief executive Rick Willmott has described 2014 as an 鈥渁nnus horribilis鈥� for the firm鈥檚 residential housing business, despite rising turnover and profit at the group as whole.

Writing in the firm鈥檚 annual report, Willmott admitted the business had 鈥渟truggled to close out what have, industry wide, become known as 鈥渓egacy鈥� projects鈥� as the firm and its suppliers 鈥渂attled against rampant cost inflation and resource shortages鈥�.

However, Willmott Dixon鈥檚 overall results for the year ended 31 December 2014, saw pre-tax profit rising by 拢10.1m to 拢26.1m and turnover increasing 24% to 拢1.26bn from 拢1.02bn for 2013.

Turnover in public and commercial construction rose by 拢117m to 拢753m for the year as the firm 鈥渇urther strengthened鈥� its work in the universities sector with large projects for Bournemouth, West London and Birmingham. The group also became development partner for Brentford FC for a new 20,000 seat stadium and nearly 1,000 new homes. The group said that as of March 2015 they had secured 92% of the group鈥檚 budgeted work for 2015 and a secured order book valued at 拢1.4bn.

The problems in residential construction came as the division saw its turnover increase from 拢197m for 2013 to 拢279m in 2014. Willmott Dixon said the legacy projects, which it did not name, had been secured at extremely low prices just before the residential market overheated in the south east. These projects Willmott continued 鈥渆xperienced unrecoverable double digit cost escalation, supply chain failure and, as a consequence, lost time鈥�.

Colin Enticknap, chairman at Willmott Dixon, said the situation created 鈥渟evere inflationary pressure and resource shortages鈥�. He added that resolving these issues had taken far longer than had been hoped.

Public and commercial construction continued to provide a safe bedrock for the group with turnover up 拢117m to 拢753m for the year

The group鈥檚 interior fit out company grew by 拢24m to 拢74m and has been appointed to the 拢20m fit-out of the Design Museum.