Willmott Dixon has released abbreviated accounts showing that it made an operating loss of 拢15,000 in 2022.
It also has 拢61.8m of provisions on its books for recladding work and cash flow shows 拢4.0m of depreciation and amortisation of fixed assets.
Excluding exceptional item and amortisation of goodwill, the company shows a pre-tax profit of 拢811,000 for 2022, compared to 拢24.0m in 2021. So far, the company has chosen not to share the actual bottom-line pre-tax result but all will be revealed within a few weeks when Companies House filings are published.
Group turnover was up 4% to 拢1.15bn (2021: 拢1.10bn). Willmott Dixon Construction contributed turnover of 拢1,014m (2021: 拢946m) while Willmott Dixon Interiors鈥� turnover dipped to 拢133m (2021: 拢156m) due to projects being stalled.
Chief executive Rick Willmott explained: 鈥淟ast year鈥檚 profit was impacted by provisions we have made to reclad property that was originally signed-off as compliant by Local Authority Building Control, but where that compliance has been re-interpreted under the post-Grenfell safety regime.
鈥淭he implications of the Building Safety Act (BSA) continue to be interpreted and there remains considerable uncertainty on the government鈥檚 evolving regulatory position on high-rise residential construction which will only lead to the postponement or cancellation of developments whilst the industry waits for clear and unambiguous regulation.鈥�
He added: 鈥淥ur own results for 2022 were impacted by further provisions we have made to address the implications of responding to the BSA. The aggregate provision for these legacy issues stands at a very material 拢62m and we naturally expect to recover a substantial portion of this from designers, fire engineers, supply chain and insurers who, so far, have not faced up to their responsibilities or obligations across those 鈥榠n scope鈥� projects.鈥�
Group turnover was up 4% to 拢1.15bn (2021: 拢1.10bn). Willmott Dixon Construction contributed turnover of 拢1,014m (2021: 拢946m) while Willmott Dixon Interiors鈥� turnover dipped to 拢133m (2021: 拢156m) due to projects being stalled.
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