Willmott Dixon reports record £3bn orderbook


Willmott Dixon has said it is confident of a return to profit in 2024 after last year’s financial performance was impacted by supply chain insolvencies. 

Chief executive Graham Dundas (left) with chairman Rick Willmott. Credit: Willmott Dixon

Turnover for the year ended 31 December 2023 was £1.172 billion, up from £1.147 billion in the previous financial period, generating a loss before tax of £5.2 million (FY2022: £0.8 million profit). 

Much of its revenue last year (67 per cent) was procured though long-term frameworks, more than half with repeat customers, and affected projects are now either finished or close to completion. 

The contractor’s Construction business saw turnover last year of £1.043 billion ahead of £1.014 billion the year prior, while its Interiors division declared £130.9 million, down from £133.4 million. 

Twenty-three projects during 2023 were either net zero in operation or Passivhaus standard builds. 

Willmott ended 2023 with £115.1 million in cash reserves, net assets worth £158.8 million, and zero debt. 

As part of a trading update for 2024, the contractor reported £700 million of new orders secured since December including £230 million in April, with more than 85 per cent of work for the year now also locked in.  

This new work, a mix of full contract wins and preconstruction orders, takes Willmott’s order book to more than £3 billion for the first time. 

It added turnover and profit in the first quarter of 2024 are already ahead of its budgeted forecasts. 

Chief executive, Graham Dundas, said: “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 £3 billion. 

“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.” 

Was this interesting? Try Construction sees sharpest rise in new jobs in a year  

If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk 

Get industry news in 5 minutes!

A daily email that makes industry news enjoyable. It’s completely free.