Construction group profits plummet despite rise in turnover

  • 23/06/2016
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Construction group profits plummet despite rise in turnover
Construction firm Willmott Dixon reported a drop in profit before tax of more than £10m in its financial results for 2015, despite a 5% rise in turnover.

Across all areas, including residential and interiors, the group reported profit before tax of £15.8m for last year, down from £25.9m in 2014.

However, the group reported turnover of £1.33bn in 2015, up 5% from the £1.26 experienced in 2014, with construction alone up from £753m to £866m.

Chief executive Rick Willmott said the company is emerging from what was a “tough period for the industry”.

“Construction has over 80% of its turnover for the next 12 months secured including a multitude of projects in the pre-construction phase, suggesting that the general construction market remains relatively buoyant,” said Willmott.

Willmott Dixon separated its residential arm last year, and Willmott said 2016 will see the business focus on delivering “a significant part” of the government’s goal to build one million homes by 2020.

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