Willmott Dixon has posted higher underlying profit for 2025 alongside a record forward pipeline, as the privately owned construction and interiors group released its trading update and accounts for the year to 31 December 2025.

Underlying profit before tax rose to £29.1m (2024: £28.6m). Statutory profit before tax was £31.8m, compared with £46.8m last year, which benefited from £20.3m of non‑recurring gains linked to third‑party cladding remediation recoveries. Revenue totalled £1.11bn (2024: £1.16bn) and the PBT margin was 6% (2024: 2.5%). Cash at bank reached a record £127.3m, with no debt and a £45.0m undrawn revolving credit facility, while net assets increased to £182.3m (2024: £174.1m).

The orderbook stood at £2.6bn at year end and the five‑year forward pipeline climbed 31% to £4.4bn, including £1.3bn of projects already in pre‑construction. Almost £900m of new work was added during the year and more than 65% of turnover came from repeat customers.

Sustainability and building performance remained central to delivery. The company had around £1.45bn of projects on site or in pre‑construction targeting Passivhaus or net zero in operation standards. Absolute carbon emissions fell 14% year on year and are down 63% against a 2018 baseline, with carbon intensity per £m of turnover now 85% lower than in 2010. Through its Energy Synergy® in‑use performance service, monitored buildings delivered over £460,000 of annual energy savings for customers. The Accident Frequency Rate was 0.09, ahead of industry benchmarks.

Chief Executive Officer Graham Dundas commented: "2025 was a year of real momentum and a platform for future growth. Every part of the Group contributed materially to underlying profit and we have secured a £2.6 billion orderbook with a record £4.4 billion forward pipeline that we expect to convert into contract awards over the coming years.

"Our results reflect the discipline of our selective approach of focusing on projects where we bring the very best skills and expertise for the benefit of our customers. We intend to grow in a measured and calculated way, by deepening long-standing customer relationships, by building on strong framework positions and further extending our expertise in Passivhaus and net zero delivery.

"The Government's commitment to £725 billion of UK infrastructure investment over the next decade reinforces the sectors where Willmott Dixon is most active, including education, healthcare, defence, and property that reaches exacting net zero standards. Our access to opportunities in these sectors through our framework positions remains as strong as it has ever been. Next year, we'll be celebrating our 175th year as a privately-owned business. As we look to the future, our record cash position, zero debt and strong order book provide a strong foundation in the current uncertain geopolitical world."

-- Advertisement --

Major wins during the year included the £142m Emergency Care Building at Derriford Hospital in Plymouth, the first Wave 1 scheme to start on site under the Government's New Hospital Programme, and The Stage in Luton, a £114m regeneration project bringing 292 homes, a music venue, commercial space and a new public garden square for Luton Borough Council.

Frameworks continued to underpin growth, with a record 81% of 2025 turnover coming from long‑term public sector frameworks. The company also extended its long‑standing relationship with the Department for Education by securing a six‑year place on the next Construction Framework (CF25). Willmott Dixon remains the only contractor on three of the five key frameworks recognised by the Constructing the Gold Standard verification scheme.

In current trading (Q2 2026), the group reported more than £500m of new work secured by the end of April. It said 5% of 2026 turnover is already secured or probable, and confirmed its selection for the New Hospital Programme alliance, reinforcing its healthcare credentials.

On trading so far this year, Graham said: "We have started 2026 strongly, with over £500 million of new work already secured by the end of April and a record pre-construction pipeline to convert. We were also chosen for the New Hospital Programme alliance, which further strengthens our healthcare credentials following the start of work on the first Wave 1 project in the programme, the £142 million Emergency Care Building at Derriford Hospital in Plymouth.

"We remain far from complacent about the wider economic picture, including the risk of renewed inflation from geopolitical events. Across our industry, prices are coming under strain, and I'm conscious that our supply chain partners will be feeling rising costs most acutely. We are alive to the very real risks around cost inflation and supply chain resilience and need to continue and extend our close, collaborative partnerships.

"While we navigate the current uncertainty caused by world events, our framework position, our financial strength and the quality of our people give us the confidence to look forward with controlled optimism."

Willmott Dixon Construction delivered a strong performance, with turnover of £1,026.7m (2024: £1,009.9m). Average contract values exceeded £30m, and the ten largest projects secured in 2025 were worth over £600m combined, reinforcing its role on large, complex, sustainability‑led schemes. The division now has nearly £1.45bn of work on site or in pre‑construction to stringent energy standards, including Passivhaus. Its Energy Synergy® service achieved post‑occupancy results 15% better than predicted in 2025, saving customers more than £460,000 annually and taking two categories at the CIBSE Building Performance Awards. Education remained a core market, with more than £350m of new work secured across pre‑construction and main contracts, including London River Academy (a £34m new SEND school), Durham Academy, Glyn‑Coch Primary School in South Wales and the Longfield School extension in Leicestershire, many to net zero in operation standards.

Willmott Dixon Interiors reported turnover of £86.5m (2024: £146.7m) after deliberately stepping away from lower‑margin activity to consolidate the profitable platform rebuilt the previous year, paving the way for renewed growth. The business continued to specialise in roll‑out programmes and delivery in live environments, including a refurbishment at 200 Buckingham Palace Road to create a new headquarters for British Transport Police. It also completed the transformation of the Ocean Court building at the National Maritime Museum in Greenwich, and is involved in early work on the £75m refurbishment of London Fire Brigade's headquarters in Westminster.

The company advanced its social value agenda by supporting 23 people into sustainable employment, seven of them within Willmott Dixon, and spending £5.32m with social businesses to help organisations with a social purpose expand.

Graham concluded: "Our people are exceptional and the greatest asset this company has. In 2025, we saw their commitment recognised at the highest level by some of the most respected benchmarks of workplace quality anywhere in Europe.

"This included being named the fourth best workplace in Europe by the Financial Times' Best Employers list of the top 1,000 companies, one of only two UK companies to feature in the top ten. We also ranked in the top ten of the 'Big Company' category of The Sunday Times Best Places to Work guide and were named the best big construction company to work for. In the FT Diversity Leaders list we appeared in 81st place, higher than any other Tier One contractor.

"Our annual engagement score held at 98%, and women now make up 34% of our workforce, more than double the industry average of 16% and a continued step towards our ambition of gender parity by 2030. In a sector facing a structural skills crisis, being the employer of choice is not just a cultural ambition; it is a direct competitive advantage that shows in the quality of our delivery for customers.

"In 2027, Willmott Dixon celebrates its 175th anniversary. The values and ethos that have shaped our history, and the private ownership model that lets us take decisions in the long-term interests of our customers, people and communities, also underpin the confidence with which we look ahead."