For the 12 months to 31st December 2023 Willmott Dixon Holdings made a loss before tax, goodwill and exceptional items of آ£5.2m.
Reported pre-tax loss for 2023 was آ£14.4m (2022: آ£8.7m pre-tax loss).
Turnover for 2023 was up by 2% at آ£1.172bn (2022: آ£1.147bn).
The Willmott Dixon Construction business accounted for آ£1.043bn of the total turnover(2022: آ£1.014bn); Interiors added آ£130.9m (2022: آ£133.4m).
At the year end the group had آ£115.1m cash at bank, net assets of آ£158.8m and zero debt.
However, it claims a strong start to 2024, with آ£700m of new orders booked by the end of May and a record orderbook of more than آ£3bn.
Chief executive Graham Dundas, who took over from Rick Willmott in January, said: “The 2023 performance was disproportionately impacted by a small number of significant supply chain partner insolvencies. The affected projects are now either finished or close to completion, allowing us to quickly return to predictable profits in 2024.â€
He added: “We are delighted by the strong start that Willmott Dixon has made to 2024, with our Q1 profit and turnover already ahead of our budgeted forecasts and a record pipeline of over آ£3bn.
“I’m particularly encouraged by the way in which the business has responded to a difficult 2023, when certain projects were materially impacted by the industry-wide problem of significant inflation, as well as key supply chain failures at critical times.
“With inflation easing and a strong pipeline of high-quality work, our resilient balance sheet and a healthy mix of long-term revenues means that Willmott Dixon is well-positioned to prosper in 2024.â€
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