{"id":425613,"date":"2020-10-01T13:25:56","date_gmt":"2020-10-01T12:25:56","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=425613"},"modified":"2020-10-01T13:25:56","modified_gmt":"2020-10-01T12:25:56","slug":"volkerwessels-records-20-turnover-growth","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/volkerwessels\/volkerwessels-records-20-turnover-growth-01-10-2020\/","title":{"rendered":"VolkerWessels records 20% turnover growth"},"content":{"rendered":"

VolkerWessels UK achieved strong growth of almost 20 per cent in its accounts for the year ending 31 December 2019.<\/p>\n

The group broke through the billion-pound barrier to record revenue of \u00a31.18bn, up 19.9 per cent on the \u00a3984m reported last summer<\/a>. The company said the leap in revenue was mainly due to increased volumes at its VolkerFitzpatrick arm, but the parent group\u2019s report did not break out revenues across its operating companies, which also include VolkerRail, VolkerStevin, VolkerHighways and VolkerLaser.<\/p>\n

In the accounts, filed with Companies House this week, the company warned that the impact of the pandemic is \u201cexpected to be significant during 2020\u201d and said it had seen a hit to both revenue and gross margin \u201cof slightly less than 10 per cent\u201d.<\/p>\n

Pre-tax profit in 2019 was \u00a331.7m, up almost 10 per cent on the \u00a328.9m seen a year earlier. The slower rise in profit than revenue means its pre-tax margin was down to 2.7 per cent, from 2.9 per cent a year ago.<\/p>\n

Cash and equivalents also dropped by 8 per cent from \u00a3132.6m to \u00a3122m, a decrease the company said arose from capital investments of \u00a315m as well as a \u00a323m payout to shareholders, almost twice the \u00a312m dividend issued in 2018.<\/p>\n

VolkerWessels UK was not able to beat the record \u00a31.36bn order book it reported a year earlier. Instead its secured orders at the end of 2019 fell to \u00a31.15bn. The company blamed the dip on a number of factors, including \u201cthe fact that the go-ahead for some key rail projects was delayed into 2020; a change of mix of contract type in the order book, and a higher level of framework contracts which [\u2026] are only valued in the order book when specific work is instructed\u201d.<\/p>\n

Among its delayed rail projects is HS2. A joint venture between VolkerFitzpatrick, Bouygues Construction and Sir Robert McAlpine is tackling the \u00a3965m Lot C1 main works contract, covering the Chilterns Tunnels and Colne Valley Viaduct. The contract was awarded in 2017 but notice to proceed with HS2\u2019s main works<\/a> was only issued in April this year.<\/p>\n

VolkerWessels also blamed Brexit uncertainty for weakened demand. Among other negative pressures, it said contractors bidding for public contracts have come under increased scrutiny as a consequence of past insolvencies and high debt levels among tier-one contractors.<\/p>\n","protected":false},"excerpt":{"rendered":"

VolkerWessels UK achieved strong growth of almost 20 per cent in its accounts for the year ending 31 December 2019. The group broke through the billion-pound barrier to record revenue of \u00a31.18bn, up 19.9 per cent on the \u00a3984m reported last summer. The company said the leap in revenue was mainly due to increased volumes …<\/p>\n","protected":false},"author":84992,"featured_media":350815,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,38309],"tags":[],"class_list":["post-425613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-volkerwessels"],"yoast_head":"\nVolkerWessels records 20% turnover growth | Construction News<\/title>\n<meta name=\"description\" content=\"VolkerWessels UK achieved strong growth of almost 20 per cent in its accounts for the year ending 31 December 2019. 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