‘Shed’ specialist Winvic drives turnover up by 30%
Winvic has increased its turnover by 29.5% to £628m in the year to 31 January 2019 as it retained what it claimed was its status as the UK’s top industrial “shed” specialist.
Pre-tax profit in 2019 fell by just over £10m to £20.5m, as Winvic grew its workforce substantially to gear up for further growth. The firm’s operating margin for the year was 3.2%.
Winvic said it had secured and delivered more projects than ever before during the year, with a total of 30 started and 42 completed over the period, with a range of both new and repeat business clients.
It added that its specialism in industrial sheds, often with complex requirements such as material handling equipment and temperature-controlled environments, had led to larger contracts as well as multiple-unit and multi-phase deals for a range of developers.
The firm also increased its multi-room residential sector turnover to over £115m during the year thanks in part to build-to-rent developments in seven major cities ranging in value from £20m-£45m. Multi-room residential work now accounts for 20% of Winvic’s total turnover, which is expected to rise to 30% “in the next couple of years”.
The business, which also has fit-out, civils and retail and leisure arms, has a forward order book of £650m, including £155m within the multi-room sector and £420m in the industrial market.
The number of employees of Winvic increased to around 275 during its 2019 financial year, up from 204. The company said that more people than ever with its business were now working towards professional accreditations and qualifications, achieving chartered status with the Chartered Institute of Building (CIOB), Institute of Civil Engineers (ICE) and Royal Institute of Chartered Surveyors (RICS).
Earlier this week, it also unveiled its new BIM cave as part of a newly created virtual reality (VR) zone in its Construction Innovation Centre (CIC).