But group are still cautious

Willmott Dixon has recorded a dramatic increase in pre-tax profit on a flat turnover for the year to 31 December 2010.

Pre-tax profit increased by 46% to £26.6m on a turnover of £989.5m, down slightly from £998.9m in 2009.

But chief executive Rick Willmott cautioned: “While the group has had a successful year, we remain genuinely concerned about trading conditions that lie ahead. We are, however, prepared to engage evolving circumstances ’head on’.”

Willmott said he believed that construction would be “last in and last out” of recession and warned that tender prices were still very low.

“There appears to be no softening of pricing despite commodity price inflation, and risk transfer appears to be increasing significantly,” he said.