{"id":450733,"date":"2022-01-17T06:50:27","date_gmt":"2022-01-17T06:50:27","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=450733"},"modified":"2022-01-14T18:37:16","modified_gmt":"2022-01-14T18:37:16","slug":"volkerwessels-blames-6m-loss-on-problem-jobs-and-covid","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/volkerwessels\/volkerwessels-blames-6m-loss-on-problem-jobs-and-covid-17-01-2022\/","title":{"rendered":"VolkerWessels blames \u00a36m loss on problem jobs and COVID"},"content":{"rendered":"<p>VolkerWessels has blamed the \u00a36.4m loss it incurred in 2020 on disruption caused by COVID and a number of problem jobs.<\/p>\n<p>VolkerStevin, its engineering subsidiary that focuses on the water, energy and defence market, had a \u201csmall number\u201d of problem jobs, the group said. The jobs were ongoing in 2021 and the provision taken should cover all losses, the company said in its annual accounts for the year to 31 December 2020.<\/p>\n<p>As with many other contractors, disruption caused by the COVID-19 pandemic inflicted losses on the group. Around 30 VolkerWessels sites were temporarily shut in March 2020 due to client demands or local rules, which required the sites to be demobilised. There was a delay on new projects starting and the company incurred extra costs due to the pandemic. The negative impact of this was \u201cmitigated\u201d by strong performance in its VolkerFitzpatrick, VolkerHighways and VolkerLaser businesses. The performance for its other major subsidiary, VolkerRail, was described as \u201csolid\u201d.<\/p>\n<p>Revenue for the year was \u00a31.08bn, down from \u00a31.18bn.<\/p>\n<p>The group has estimated that the overall financial cost of the pandemic was around \u00a314m. To try and offset this, VolkerWessels cut its overheads and made use of the Coronavirus Job Retention Scheme, claiming \u00a31.7m for furloughed workers. The number of workers employed rose to 3,263 from 3,087 during the year, however.<\/p>\n<p>Aside from the pandemic, trading was made harder in 2020 due to the uncertainty about the UK\u2019s relationship with the EU post-Brexit.<\/p>\n<p>The ramping up of HS2 in 2020 helped to boost the company\u2019s revenue thanks to its inclusion with the Align JV working on the C1 contract, covering the Chiltern Tunnels and Colne Valley Viaduct. Confirmation that the main civils work could proceed, which was granted in April 2020, also helped to boost the group\u2019s order book from \u00a31.15bn to \u00a31.74bn.<\/p>\n<p>A subsidiary of the company, which focuses on road, rail and airport infrastructure, and work on commercial and education projects, <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/volkerwessels\/volkerwessels-profit-boosted-by-hs2-go-ahead-24-11-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">reported last year that profit was up by a quarter<\/a> thanks to the start of work on the main civils contracts on HS2.<\/p>\n<p>The new group accounts include VolkerWessels\u2019 work in the energy, marine and water sectors.<\/p>\n<p>Chief executive Alan Robertson said the company would benefit from further investment in infrastructure: \u201cThe business has a robust pipeline of work, and given its breadth of capabilities, is extremely well-positioned to deliver positively across a buoyant infrastructure sector, going forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VolkerWessels has blamed the \u00a36.4m loss it incurred in 2020 on disruption caused by COVID and a number of problem jobs. VolkerStevin, its engineering subsidiary that focuses on the water, energy and defence market, had a \u201csmall number\u201d of problem jobs, the group said. The jobs were ongoing in 2021 and the provision taken should &#8230;<\/p>\n","protected":false},"author":26091,"featured_media":377956,"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-450733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-volkerwessels","issue-21-january-2022"],"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 blames \u00a36m loss on problem jobs and COVID | Construction News<\/title>\n<meta name=\"description\" content=\"VolkerWessels has blamed the \u00a36.4m loss it incurred in 2020 on disruption caused by COVID and a number of problem jobs. 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