Winvic tops £1bn revenue as orders surge 25%

Aaron Morby 2 weeks ago

Shed and multi-room building contractor Winvic broke through the £1bn turnover mark last year on the back of booming orders.

Revenue flew as the firm completed 28 projects and secured 46 new projects, soaring 56% to £1.03bn.

The business also cashed in on efforts to build up its expertise in net zero carbon early on, securing a dozen zero carbon projects over last year.

Amid the rapid growth, average group operating margin slid to 1.5% in the year from 2% previously.

Reported pre-tax profit for the year to January 2022 was ahead at £15.6m, compared with £13.9m previously.

A year of rapid expansion saw net cash at year-end jump from £79m to £126m.

Winvic has continued to diversify from its core shed business, also now working in build-to-rent, student accommodation, commercial projects and major civils and infrastructure.

Demand has continued to rise across its sweet spot markets, building up an order book worth £1.69bn, nearly a quarter up on the year before.

Managing director Simon Girardier said: “Despite continued economic uncertainty, the key markets in which Winvic operates remain strong and with our continued policy of developing key strategic relationships with both clients and suppliers, the board believe this order book places the company in a secure position for the future.”

In the core industrial, distribution and logistics sector, Winvic delivered 14 million sq ft of space during the year.

In the multi-room residential market, Girardier said that Winvic was on track to 6,000-plus beds over the next three years.

He said the primary focus for the multi-room sector remained on the Midlands due to the shortage of good quality housing stock for both affordable and the higher rental market.

Winvic also reported profitable opportunities in the south west with two job awards in Bristol to deliver 470 build to rent flats and 370 student beds.

In the civils market, Winvic last year delivered its first project direct with National Highways, four complex bridge structures, and a freeport rail terminal.

This year Winvic is aiming to secure certification on the Railway Industry Supplier Qualification Scheme to allow it to target work and frameworks for Network Rail.

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