Winvic profits slide despite record turnover

Winvic

September 14, 2020 – Financial results filed by Winvic Group Ltd show record turnover but profitability in retreat.

For year to 31st January 2020, Winvic saw turnover reach a new high for the company at £686m, up 9% on the previous year’s £628m.

However, pre-tax profit fell by more than 50% to £9.4m, compared to £20.3m the previous year.

There was net cash at year-end of £85.7m.

The big shed specialist with a growing presence in build-to-rent and student accommodation construction markets is confident about its future prospects, even though this year’s turnover is expected to be a little lower at around £650m.

The directors said: “The group’s prospects look very positive for 2020 and beyond with a forward order book of £904m.”

Most of the order book (£680m) is in the industrial market, with £125m for multi-room building projects (build-to-rent flats and student halls).

In their annual report, the directors continued: “Our drive to attract high performing, talented individuals will ensure we sustain our enviable record of project delivery to industry leading standards whilst upholding outstanding safety records.

“Whilst there remains a lot of uncertainty in respect of Covid-19, the company is confident that with the benefit of their secure and proven supply chain, loyal and excellent employees and strong balance sheet they are in a good position to ride out any future challenges.”

Source:- https://www.theconstructionindex.co.uk/news/view/winvic-profits-slide-despite-record-turnover

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