Emergency Care Building, Derriford Hospital
The first Wave 1 scheme in the New Hospital Programme to begin main construction
Main financials in 2025:
- Underlying profit before tax (PBT), which excludes exceptional items and goodwill amortisation: £29.1 million (2024: £28.6 million)
- Total profit before tax: £31.8 million (2024: £46.8 million, which included £20.3 million of non-recurring exceptional gains from third party cladding remediation recoveries)
- Turnover: £1.11 billion (2024: £1.16 billion)
- PBT margin: 6% (2024: 2.5%)
- Cash at bank: a record £127.3 million (2024: £121.4 million), with zero debt, plus £45.0 million undrawn revolving credit facility
- Net assets: £182.3 million (2024: £174.1 million)
- Orderbook: £2.6bn, with a further £4.4bn five-year forward pipeline (up 31% on prior year) including £1.3bn of projects under pre-construction appointments.
- £1.45 billion of projects on site or in pre-construction targeting Passivhaus or net zero in operation standards
- Absolute carbon emissions down 14% in the year and 63% since our 2018 baseline
- Over £460,000 of annual customer energy savings delivered through the Energy Synergy® in-use performance service across monitored buildings
- Accident Frequency Rate: 0.09, ahead of industry benchmarks
Current trading (Q2 2026):
- Over £500 million of new work secured by the end of April 2026
- 5% of 2026 turnover already secured or probable
- Record 81% of turnover procured through long-term public sector frameworks
- Secured a place on the New Hospital Programme alliance
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."
2025 numbers in review
Underlying profit before tax rose to £29.1 million (2024: £28.6 million), with total profit before tax at £31.8 million, compared with £46.8 million in 2024. The prior year figure included £20.3 million of one-off exceptional gains from third party contributions against historic cladding provisions, and the 2025 result therefore represents growth on a like-for-like basis.
Turnover remained consistent at £1.11 billion (2024: £1.16 billion), reflecting a focus on project quality, risk profile and margin certainty as a foundation for future growth. Strategic investments to drive long-term growth are expected to lift turnover from 2027 onwards.
Cash at bank grew to a record £127.3 million (2024: £121.4m), with the Group remaining debt-free and continuing to hold a £45m undrawn revolving credit facility, while net assets rose to £182.3 million.
The Group has secured a £2.6 billion orderbook, while its five-year forward pipeline grew 31% to a record £4.4 billion, with £1.3 billion of projects already under pre-construction agreements at year end. Nearly £900 million of new work was added in the year, with over 65% of turnover coming from repeat customers.
Major new contracts signed included the £142 million Emergency Care Building at Derriford Hospital in Plymouth (above), the first Wave 1 project to start on site under the Government’s New Hospital Programme, and The Stage in Luton, a £114 million regeneration scheme delivering 292 homes, a music venue, commercial space and a new public garden square for Luton Borough Council.
The focus on carbon reduction also saw progress, with absolute carbon emissions down 14% in the year and 63% since our 2018 baseline, while intensity (emissions per £m of turnover) is now 85% lower than in 2010.
Looking at its wider purpose to create a long-term legacy within the communities where it works, Willmott Dixon supported 23 people to progress into sustainable employment, including seven within the company, as well as spending £5.32 million with social businesses, helping organisations with a social purpose to grow and thrive.
Framework leadership and private ownership
A record 81% of turnover in 2025 came from long-term public sector frameworks, reflecting sustained investment in framework capability and the strength of Willmott Dixon's customer relationships. The end of 2025 also saw the company extend its long-standing relationship with the Department for Education by securing a six-year place on the next version of its Construction Framework (CF25).
Willmott Dixon is the only contractor present on three of the five key frameworks recognised by the Constructing the Gold Standard verification scheme.
Current trading in 2026
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: turnover £1,026.7m (2024: £1,009.9m)
Construction had a strong year. Average contract values exceeded £30 million, and the ten largest projects secured during 2025 were worth over £600 million in combined value, further enhancing its reputation as a trusted partner for large, complex, sustainability-led projects.
The division now has nearly £1.45 billion of projects on site or in pre-construction that must meet exacting energy performance standards, including Passivhaus. Its Energy Synergy® service, which monitors in-use performance post-occupancy across Construction projects, delivered results 15% better than predicted for customers in 2025, saving over £460,000 in annual energy costs and winning two categories at the CIBSE Building Performance Awards.
Education remained a cornerstone of the pipeline, with over £350 million of new education work secured in 2025, both at pre-construction and main contract stages. Headline wins included London River Academy (a £34 million new SEND school), Durham Academy, Glyn-Coch Primary School in South Wales and Longfield School extension in Leicestershire. Many of these projects must meet stringent net zero in operation standards.
Willmott Dixon Interiors: turnover £86.5m (2024: £146.7m)
Interiors deliberately scaled back in 2025, exiting lower-margin work to consolidate the stable, profitable footing re-established the previous year. This approach has created a strong platform for a return to material growth in the coming years.
A defining feature of the business remains its expertise in roll-out programmes and in working in live, operating environments. Notable projects during 2025 included a refurbishment of 200 Buckingham Palace Road to create a new headquarters for British Transport Police.
The business also continues to excel in the restoration of heritage property, completing a transformation of the Ocean Court building at the world-famous National Maritime Museum in Greenwich. Interiors is currently involved in early work on the £75 million refurbishment of the London Fire Brigade headquarters in Westminster.
Our People
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.”