Willmott Dixon, a privately owned construction and interiors company, has reported a consistent group revenue of £1.2bn ($1.61bn) for the 12 months ending 31 December 2024, maintaining its strategic focus on project and supply chain selection.

The company has seen a substantial increase in profit before tax (PBA), reporting £46.8m in 2024 compared to a £14.4m loss in the previous year.

The company's PBA plus exceptional items and goodwill amortisation stood at £28.6m, a significant recovery from a £5.2m loss in 2023.

The losses experienced in 2023 were partly due to substantial provisions set aside for addressing legacy cladding remediation works. However, in 2024, the company managed to secure net recoveries exceeding £20m from third parties related to those past provisions, significantly boosting its profits.

Willmott Dixon's net assets also increased to £174.1m, up from £158.8m in the previous year.

In 2024, the company had a record £1.3bn in contract awards.

The company's cash position also improved to £121.4m, supported by a debt-free balance sheet, an increase from £115.1m in 2023.

Among the projects secured in 2024 were a £90m student village in Stoke-on-Trent and a £61m project for the Defence Infrastructure Organisation, both in the UK.

The company's construction segment reported a turnover of £1bn, consistent with the previous year, while Willmott Dixon Interiors saw growth with a turnover of £146.7m, up from £130.9m.

The Interiors segment undertook various projects, including upgrades to public amenities and regeneration programmes.

In terms of current trading in 2025, Willmott Dixon boasts an order book of nearly £2.35bn, with over £900m in net-zero projects.

Willmott Dixon chief executive officer Graham Dundas said: “We’re delighted to have returned to profit as we expected in 2024, responding strongly to a difficult economic environment in 2023, and adding a record £1.3bn of new contract awards to our high-quality order book.

“Our strategies, including a more rigorous focus on contract selection, are generating much improved consistency in our financial performance, with all parts of the group delivering a meaningful contribution to the welcome return to profit in 2024.

“These results, and the operational performance that underpins them, give us great momentum and a solid foundation to move on into 2025, backed up by a very strong cash position and a solid pipeline of opportunities. I look forward to the rest of the year with confidence and cautious optimism.”

"Willmott Dixon swings to profit in 2024" was originally created and published by World Construction Network, a GlobalData owned brand.