{"id":448650,"date":"2021-11-24T12:01:35","date_gmt":"2021-11-24T12:01:35","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=448650"},"modified":"2021-11-24T12:01:35","modified_gmt":"2021-11-24T12:01:35","slug":"volkerwessels-profit-boosted-by-hs2-go-ahead","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/volkerwessels\/volkerwessels-profit-boosted-by-hs2-go-ahead-24-11-2021\/","title":{"rendered":"VolkerWessels profit boosted by HS2 go-ahead"},"content":{"rendered":"<p>VolkerWessels\u2019 profit jumped by a quarter last year thanks in part to work on HS2 ramping up.<\/p>\n<p>The contractor said the notice to proceed on the section of HS2 between London and Birmingham in April 2020, where subsidiary VolkerFitzpatrick is working as part of the Align JV, and a number of defence contracts pushed the firm&#8217;s profit up by 25 per cent. In the year to 31 December 2020, VolkerWessels recorded a pre-tax profit of \u00a326.8m \u2013 up on the \u00a321.4m it recorded the year before.<\/p>\n<p>Progress at the RAF Lossiemouth and Lakenheath sites, along with the HS2 notice to proceed, delivered a boost to the company, while VolkerWessels also highlighted its work at the Barking Riverside railway extension in London.<\/p>\n<p>The Align JV, which is composed of Bouygues Travaux Publics, Sir Robert McAlpine and VolkerFitzpatrick, <a href=\"https:\/\/www.constructionnews.co.uk\/hs2\/hs2-reaches-major-milestone-as-tunnelling-begins-13-05-2021\/\">started tunnelling work on phase one<\/a> of HS2 in May. The JV&#8217;s phase one civils contract is worth about \u00a31.6bn in total.<\/p>\n<p>By reducing overheads and with furlough claims totalling around \u00a31m, VolkerWessels managed to restrict the impact of the pandemic on its business, it said.<\/p>\n<p>COVID-19 was blamed for delays to some jobs, causing revenue to fall from \u00a3758.3m in 2019 to \u00a3718.2m last year. The company said work in the commercial office and aviation markets had been particularly affected. In addition, the firm said it faced tougher competition for jobs in the industrial and distribution building sectors.<\/p>\n<p>The company added that the fall in revenue was partly due to the \u201cexceptional demand\u201d it experienced in 2019 for industrial and distribution services, owing to concerns over the UK\u2019s storage capacity post-Brexit. But it added that Brexit, along with the pandemic, had affected investor confidence and slowed growth in 2020.<\/p>\n<p>Cash and equivalents was down, falling from \u00a3145.8m to \u00a3124.8m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VolkerWessels\u2019 profit jumped by a quarter last year thanks in part to work on HS2 ramping up. The contractor said the notice to proceed on the section of HS2 between London and Birmingham in April 2020, where subsidiary VolkerFitzpatrick is working as part of the Align JV, and a number of defence contracts pushed the &#8230;<\/p>\n","protected":false},"author":90643,"featured_media":437369,"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-448650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-volkerwessels","issue-online-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>VolkerWessels profit boosted by HS2 go-ahead | Construction News<\/title>\n<meta name=\"description\" content=\"VolkerWessels\u2019 profit jumped by a quarter last year thanks in part to work on HS2 ramping up. 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