Home Commercial News VolkerWessels records approximately 20% turnover growth

VolkerWessels records approximately 20% turnover growth

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VolkerWessels records approximately 20% turnover growth

A strong growth of about 20 per cent is achieved by VolkerWessels UK\, in its accounts for the year ending 31 December 2019. Revenue of £1.18bn by the group broke rounds up to record the billion-pound barrier. It was 19.9 percent up on the £984m value reported last summer.

The revenue was mainly due to increased volumes at its VolkerFitzpatrick arm, said the company. However, the parent group’s report did not reveal revenues across its operating companies that include VolkerRail, VolkerHighways, VolkerStevin, and VolkerLaser.

With up by almost 10 per cent on the £28.9m seen a year earlier, pre-tax profit in 2019 was £31.7m. The slower rise in profit than revenue means its pre-tax margin was down to 2.7 per cent, from 2.9 percent a year ago.

Besides, cash and equivalents also fell by 8 per cent from £132.6m to £122m. This is a decrease that the company said has arisen from capital investments of £15m as well as a £23m payout to shareholders. Also, it is almost twice the £12m dividend issued in 2018.

A joint venture between VolkerFitzpatrick, Sir Robert McAlpine, and Bouygues Construction is tackling the £965m Lot C1 main works contract. This also covers the Chilterns Tunnels and Colne Valley Viaduct. Although the contract was successfully acquired in 2017, the main works were issued in April 2020 with the notice from HS2.

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