Willmott Dixon's turnover has increased by more than two thirds to almost 拢1bn, its latest annual results show.
The group's turnover increased by 69% to reach 拢998.9m for the year ending 31 December 2009 (2008: 拢592.4m).
Profit before tax, excluding amortisation, increased 79% to 拢21.4m (2008: 拢12m). With amortisation, the pre-tax profit figure was 拢18.2m, a rise of 52% on the previous year.
Net current assets increased to 拢73.2m (2008: 拢29m), with cash jumping to 拢59.9m (2008: 拢7.9m).
Colin Enticknap, group chairman, said Willmott Dixon had secured 鈥渙ver 84% of our budgeted workload for 2010, allowing focus to shift towards the more difficult challenge of 2011鈥�.
During 2009, the group restructured into three business streams: Capital Works (construction, social housing, and interiors); Regeneration (property, private housing, and investments); and Support Services (property and social housing maintenance).
Chris Durkin returns from a sabbatical to head Support Services. John Franckiewicz will run Capital Works, with Andrew Telfer running Regeneration.
In social housing, despite a thin order book at the start of 2009, volumes matched those in 2008 at 拢189m.
The firm exited the private sector maintenance market, 鈥渨here reducing sales volumes could no longer justify the national infrastructure required鈥�, according to Enticknap.
Enticknap said that Willmott Dixon was working hard to reduce its dependence on educational work, and 鈥渋s working hard to develop relationships with private sector customers who offer the prospect of providing high volumes of future workload鈥�.
But he added: 鈥淲e do not see this as a quick or easy fix.鈥�
Willmott Dixon has decided it will not appeal against the 拢4.5m fine imposed following the Office of Fair Trading's investigation into bid-rigging in the construction industry.
鈥淲hilst we seriously considered appealing their decision, our concern that reputational damage from protracted publicity could potentially have caused more damage than the fine itself, led us to decide otherwise,鈥� said Enticknap.
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