Accounts filed by VolkerWessels UK for the year ended 31st December 2021 show a pre-tax profit of £27.1m on revenue up 6% to £1,152m (2020: £1,082m).
The modest revenue growth was in line with expectations after some Covid-related delays in 2020. The £27.1m profit – and 2.4% profit margin – marks a turnaround from 2020’s £6.4m pre-tax loss.
VolkerWessels UK includes VolkerRail, VolkerHighways, VolkerStevin, VokerLaser and VolkerFitzpatrick. These five business are supported by VolkerServices, which provides most of the back office support.
All subsidiaries made strong profits except for VolkerStevin, the water and marine engineering business, which experienced “some specific challenges on a small number of contracts”, chief executive Alan Robertson said. Most of these projects ended in 2021.
Net assets of the group at year-end were £119m (2020: £92m) with cash and equivalents increased by £34m to £136m. “With a continued strong cash position, this provides the group not only with sufficient resilience to respond to unforeseen events but also enables targeted ongoing investment in improvements to the business,” Alan Robertson added.
As previously reported, VolkerFitzpatrick managing director Richard Offord takes over from Alan Robertson as chief executive of VolkerWessels UK on 1st August 2022. Alan Robertson steps up to become chairman.