Underlying profit edges up at Willmott Dixon as turnover stays flat

Willmott Dixon said underlying profit was up last year as revenue stayed flat at £1.1bn.

Underlying profit edged up £500,000 to £29.1m although pre-tax profit was down to £32m from £47m last time.

But the 2024 pre-tax profit figure had been inflated by a £20m gain for cladding remediation work with part of that figure understood to be related to its dispute on a £250m scheme in south-east London called Woolwich Central.

It is due to file its 2025 accounts at Companies House later this month with these likely to include an updated figure on the cost of repairs at Woolwich Central. In its last set of accounts, the firm said the repair bill at the residential job had topped £50m.

In a statement ahead of these being filed, Willmott Dixon said turnover last year was flat at £1.1bn with year-end cash at a record £127m. The firm said its order book stood at £2.6bn.

Construction remains its biggest business with turnover staying flat at just over £1bn but revenue from its interiors business was down 41% to £86.5m with the firm adding: “Interiors deliberately scaled back in 2025, exiting lower-margin work to consolidate the stable, profitable footing re-established the previous year. This approach has created a strong platform for a return to material growth in the coming years.”

Chief executive Graham Dundas said it was keeping tabs on its supply chain with inflation driving up costs in the wake of the conflict in the Middle East.

He added: “Across our industry, prices are coming under strain, and I’m conscious that our supply chain partners will be feeling rising costs most acutely. We are alive to the very real risks around cost inflation and supply chain resilience and need to continue and extend our close, collaborative partnerships.”