Group posts flat turnover as it prepares to weather government cuts
Willmott Dixon group made £8.6m in pre-tax profits in the six months to 30 June, up from £6.3m in the same period last year.
Turnover was steady, rising fractionally from £475m to £481m, but chief executive Rick Willmott said that to maintain this amount of revenue in 2011 and 2012 the company would have to “secure an increasing proportion of the declining publicly sector market - focussing in particular on health and social housing - and to secure a substantial foothold in new private sector markets as they come on stream.”
He said that cuts contained the October comprehensive spending review “will inevitably have an impact upon the wider industry” but said that the company was “continuing to take steps to position the group with longer term projects.”
“Given the challenges faced in the construction, housing and property sectors we are satisfied to have delivered half year results ahead of budget.
“Perhaps more importantly secured order books have held up better than expected in our capital works and support services divisions, and we’ve made good progress in positioning the regeneration division to deliver future growth,” he said.