Contractor says it only spent £5.3m of £10m it expected to

Willmott Dixon has managed to claw back nearly £5m of a provision it made for remediation work to a residential scheme it completed in 2012.

In a note accompanying its accounts, which have now been filed at Companies House, the firm said it booked a £10m provision for the work on the unnamed scheme in its 2024 accounts.

But in its 2025 figures, the firm said the cost of work was lower than expected meaning £4.7m of funds have been recovered.

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Willmott Dixon said the cost of repair work on the job was less than it thought it would have to spend

It added that the £3.9m it put aside in 2024 to “complete extensive recladding works on a multi-storey residential development completed in 2012” had not increased. It added: “The relevant works were completed in 2025, with no additional exceptional costs incurred.”

The latter job is believed to be a £250m scheme in south-east London called Woolwich Central with the overall repair bill on the job topping £50m.

Turnover last year 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 recoveries it banked following a dispute on Woolwich Central.

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