Booming Winvic eyes near £1bn revenue next year

Aaron Morby 1 year ago
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Shed and multi-room building contractor Winvic is forecasting revenue growth of nearly 50% this year on the back of booming orders.

The firm has seen orders soar across its sweet spot markets, building up an order book worth £1.35bn.

Managing director Simon Girardier said the outlook for this year was now ‘very positive’ with revenue predicted to soar to a record £985m.

He said the growth would predominantly come from an increase in project size in all its key markets as opposed to a significant number of individual projects.

Unveiling strong results for the year to January 2021, he said Winvic rode out Covid delivering pre-tax profit up 48% to nearly £14m from revenue slightly down at £659m from £686m previously.

The fall came from around £60m worth of projects being delayed or suspended due to measures put in place because of Covid.

Over the year headcount rose by 11% to 373 employees, with Winvic taking £465,000 from the Government job retention scheme to support furloughed staff.

Over the year, Winvic cemented its position as a leading shed builder, delivering 10m sq ft of industrial space taking the total built to date to over 75m sq ft.

Average project values continued to rise due to the growing demand for complex MHE, sortation and temperature controlled requirements with online retail and food storage facilities, and last-mile delivery and fulfilment centres.

Its growing multi-room business delivered three major student schemes and two substantial build to rent schemes last year.

Girardier said the forward order book was also strong in this sector with over 3,500 beds under construction securing turnover through to 2024.

He said the civils and infrastructure business has strengthened its standing in the last year, securing six major schemes involving two freeport rail terminals and four complex bridge structures. Winvic also secured its first contrat directly with National Highways at A5 Hinckly to construct a new roundabout for a new logistics park.

He said: “This puts us in a strong position to focus on opportunities presented within public sector frameworks in the year ahead and future pipeline opportunities.

“We are aiming for steady growth over the next four years by securing work with key public sector clients like National Highways, Network Rail, local highways authorities and the Environment Agency.”

 

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