Dixon is forecasting continued strong performance for the remainder of the year. Credit: Ceri Breeze via Shutterstock.

Willmott Dixon, a UK-based construction company, has published its current trading update and financial outcomes for 2023, indicating a loss before tax but an overall strong start to the new year.  

For the year ending 31 December 2023, the company reported a turnover increase to £1.172bn ($1.49bn) from £1.147bn in the previous year. 

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However, it also reported a loss before tax, goodwill, and exceptional items of £5.2m, a decline from the £0.8m profit made in 2022.  

The construction division of Willmott Dixon generated a turnover of £1.043bn, up from £1.014bn in 2022 while its interiors business experienced a slight decrease in turnover from £133.4m to £130.9m.  

Frameworks accounted for 67% of the company’s turnover, procured via long-term agreements, with more than 50% of the turnover coming from repeat customers.  

The company remained debt-free, with net assets reported at £158.8m for 2023.  

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Additionally, Dixon has had a strong start to the year, securing £700m in new orders since December 2023, as of the end of May 2024.  

The first quarter (Q1) of 2024 has already seen profits and turnover surpass budgeted forecasts, with a record order book valued at more than £3bn as of April 2024.  

Furthermore, 2% of its projected work for 2024 has already been secured, indicating a robust pipeline for the upcoming year.  

Willmott Dixon CEO Graham Dundas said: “With inflation easing and a strong pipeline of high-quality work, our resilient balance sheet and a healthy mix of long-term revenues means that Willmott Dixon is well-positioned to prosper in 2024. 

“Significantly, our cash position remains strong; we closed out 2023 with a cashbook of £115m, underlining our position of financial strength, and recently renewed our banking facilities with a new three-year term.”