Winvic profit down after losses on two big projects


Winvic Construction has published a trading update for the year ended 31 January 2023 – reporting higher turnover but lower profit after incurring losses on two key projects. 

Credit: Winvic.

“The business has included losses within these results on two major projects secured prior to the Covid-19 pandemic,” said the Group in its financial statement.  

“These projects suffered from the effects of Covid and high levels of inflation on costs.” 

Adding: “The business believes it has now written these projects back to a secure position.” 

Unpredictable price increases in raw materials over the last 12 months had also impacted the Group’s margins, it said.  


  • Turnover: £1.217 billion (FY2022 £1.029 billion) 
  • Gross profit: £51 million (FY2022 £49.2 million) 
  • Operating profit: £10.9 million (FY2022 £16.4 million) 
  • Profit before tax: £11.1 million (FY2022 £16.5 million) 
  • Profit for the year: £9.1 million (FY2022 £13.5 million) 
  • Net cash: £105 million (FY2022 £101 million) 

Net assets (including profit and loss account) and shareholder funds were valued at £45.6 million (FY2022 £47.9 million). 

75% of its turnover was from repeat business with clients across three key sectors. 

The Group had a forward order book valued at £1.28 million.  

Its forecasted turnover to January 2024 is £950 million. 

“Winvic Group Ltd has delivered another year of strong financial performance for the year ending January 2023, despite challenging market conditions,” said the Group. 

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