Willmott Dixon passes £1bn turnover mark but profits are down

CONSTRUCTION firm Willmott Dixon saw turnover in 2011 soar past the £1bn barrier to £1,052bn (2010: £989.5m).

However, the company, which announced earlier this year it is to open a new national training and development facility in Birmingham, saw pre-tax profits dip to £21.1m (2010: £26.6m).

Group chief executive Rick Willmott said: “While it’s a substantial milestone in our 160 year history to become a £1bnturnover company, our reduced profit for 2011 also reflects the tough market we are in where margins are now being squeezed.

“The lack of funding in the public sector together with a lack of confidence in the private sector is placing pressure on workload volumes.

Willmott said one of the firm’s goals is to establish a portfolio of homes for market rent in joint venture with land owners and revealed it is in detailed talks with Birmingham City Council about a scheme to build 400 homes near the city centre.