{"id":462057,"date":"2022-07-20T12:37:57","date_gmt":"2022-07-20T11:37:57","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=462057"},"modified":"2022-07-20T12:37:57","modified_gmt":"2022-07-20T11:37:57","slug":"volkerwessels-warns-of-economic-headwinds-despite-return-to-profit","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/volkerwessels\/volkerwessels-warns-of-economic-headwinds-despite-return-to-profit-20-07-2022\/","title":{"rendered":"VolkerWessels warns of \u2018economic headwinds\u2019 despite return to profit"},"content":{"rendered":"

VolkerWessels UK has warned that high material and labour prices have created \u201ceconomic headwinds of significant increases\u201d in prices.<\/p>\n

In its results for the year ended 31 December 2021, the firm said the speed of decision-making in government had held back some projects. It has interests in rail, highways, building and traffic management.<\/p>\n

Despite its warnings, the firm increased its pre-tax profit to \u00a327.1m, bouncing back from a \u00a36.4m loss in the previous year, which it had blamed on COVID-19 and a number of problem jobs<\/a>.<\/p>\n

Its revenue jumped to \u00a31.15bn, up from \u00a31.08bn in 2020.<\/p>\n

Major works secured in 2021 included the Siemens Gamesa wind-turbine blade facility in Hull, Mulberry Logistics Park at Doncaster, Apex Tribeca in London\u2019s Kings Cross, and Segro Park in Hayes, west London.<\/p>\n

The Dutch-owned company said trading conditions in the UK remained challenging throughout 2021, largely due to the pandemic, and also \u201ctowards the end of the year due to global price rises, and emerging materials and labour shortages\u201d.<\/p>\n

Uncertainty remained about the full affect of Brexit \u201cand the ongoing impact for some of our trading relationships\u201d.<\/p>\n

VolkerWessels UK added: \u201cWhilst our understanding of the impacts of Brexit have become clearer, current economic headwinds of significant increases [of] both materials and labour prices due to scarcity of supply are having [a] significant ongoing impact on our industry.\u201d<\/p>\n

The firm welcomed the certainty provided by the government\u2019s confirmation of \u00a3100bn for infrastructure, with multi-year funding secured for some schools, hospitals and transport projects.<\/p>\n

But it warned that while ministers stressed economic recovery, levelling-up and unleashing economic potential, \u201cthe speed of decision-making to bring specific project investment forward does not yet appear to be in line with these aspirations in all cases\u201d.<\/p>\n

Budgets held by local authority clients \u201cremained challenged\u201d, the company added.<\/p>\n

Last month, the company appointed Richard Offord<\/a> to the role of chief executive, after a 32-year career at the infrastructure specialist.<\/p>\n

Long-serving chief executive Alan Robertson has moved to the newly-created role of chairman. At the time, Robertson said that during his 14 years in charge, \u201cVolkerWessels UK has gone from strength to strength \u2013 not least, weathering the challenges of the pandemic over the last couple of years\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

VolkerWessels UK has warned that high material and labour prices have created \u201ceconomic headwinds of significant increases\u201d in prices. In its results for the year ended 31 December 2021, the firm said the speed of decision-making in government had held back some projects. It has interests in rail, highways, building and traffic management. 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