Winvic has delivered another strong financial performance despite challenging market conditions and while it seeks to fortify itself and its supply chain from a hardening of the bond market brought on by rampant administrations in the construction sector.

Turnover for the year ended 31 January 2024 was £958.7 million, decreasing from the £1.2 billion achieved in the previous financial period, generating a pre-tax profit of £18.9 million (FY2023: £10.4 million).
The Northampton-headquartered industrial specialist completed 38 projects in the year, with 80 per cent of its revenue coming from repeat business clients across its three key sectors: Industrial, Multi-Room Residential, and Civils & Infrastructure.
It also reported a forward order book valued at £1.7 billion.
“The business has only one long-term project that was secured at pre-Covid pricing levels, this will be completed in this financial year and the losses have been provided for within these accounts,” said Winvic.
It added: “As a consequence of other businesses operating within our sector falling into administration, we have seen a hardening of the insurance backed performance bond market.
“However, due to its strong trading history and cash position the business has been able to provide the bond security necessary to meet its trading position.
“In addition, the business has worked closely with its supply chain to minimise any effects of main contractor administrations on their trading position, to ensure the secure delivery of our projects.”
Smaller construction firms continue to be overrepresented in the latest industry insolvency figures, as businesses across the sector suffer volatility in demand.
More than 4,280 construction companies of various sizes went out of business in the UK in the year to May 2024, according to recent findings by the Insolvency Service.
Of that number, 2,477 (58 per cent) were specialist sub-contractors, whereas 1,600 (37 per cent) were main building contractors.
Construction firms in the UK have gone under at the highest rate in a decade, with more than 10,270 firms lost since 2021.
Winvic generated an operating profit this year of £16.3 million, ahead of the prior financial year (£10.1 million).
Net assets and total equity at 31 January 2024 were valued at £51.3 million, an improvement on the £46.3 million achieved the year before, with healthy cash reserves too of £94.4 million, compared to £131.2 million in FY2023.
It also posted profit for the year of £14.3 million, compared to £8.5 million in the prior trading period.
Winvic Group is forecasted to delivery turnover in January 2025 of £1.1 billion.
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