Last year saw Winvic's turnover fall by around 20% but its profits nearly doubled.
For Winvic, 80% of business is from repeat business clients across three key sectors: student accommodation, blocks of built-to-rent flats and industrial premises – beds and sheds.
However, it is increasingly diversifying into infrastructure. Its first target is highways, where it has already started to win work, but it has eyes on other fields of civil engineering too.
Winvic appointed Rob Cook as civils & infrastructure director in June 2020. He joined the business from John Graham, where he had been a regional director for civils & infrastructure.
Winvic chief executive Simon Girardier writes in the annual report, filed this week: “Our strategic plan is progressing as intended, with targeted growth in highways frameworks. We are particularly excited about our place on the new Warwickshire highways framework, which aligns with our goal to expand out footprint in this target sector. In the year ahead, our aim is to secure additional frameworks with National Highways and local highways authorities, to reinforce our position as a key player in the industry.”
The Warwickshire appointment follows Winvic securing a place on Lincolnshire County Council’s highways framework in 2022. Also in 2022 it won its first job for National Highways, replacing expansion joints on a bridge on the M62. [See previous report here.]
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Simon Girardier continues in the annual report: “We will continue to nurture and grow our private sector infrastructure work, adding valuable diversity in our skill sets. Additionally, we are exploring frameworks aligned with our strategy to diversify and enhance our capabilities in sectors such as environment, energy, rail and water authorities. These sectors are experiencing growth and we are confident our expertise will be beneficial to the authorities operating in these areas.”
Girardier co-owns Winvic with chairman Simon Hunt and director David Ward. All three men were in their mid-30s when they set up the business in Northampton in 2001. Now they are all 60, or will be by the end of the current financial year.
The accounts for Winvic Group Limited for the year to 31st January 2024 show turnover down 21% to £959m (Jan 2023: £1,217m) but profit before tax up 80% to £18.9m (Jan 2023: £10.5m).
The forward order book stands at £1,725m and turnover for the current financial year is forecast to be £1,125m.
Winvic has only one long term project that was secured at pre-covid pricing levels. This will be complete in the current financial year and the losses have been provided for within the latest accounts.
Simon Girardier said: “The group remains in a strong cash position with no debt and long-term work in progress on its books. Stabilising growth over the last two years has given the business the opportunity to further develop internal processes and controls to place the group in a strong position to grow in a controlled manner over the coming years.”
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