Willmott Dixon operating margins improve

Latest interim financial results from Willmott Dixon, released today (Wednesday), show an operating margin of 1.9%, an improvement on the more modest figure of 1.4% in the same period last year.

Turnover in the six months to 30 June 2004 was higher at £190m and operating profit on ordinary activities before tax was put at £3.5m, substantially higher than the previous figure of £2.3m.

Inspace, the property support services division, is to be floated in a move which will raise £10m, part of which will be used to reduce the company’s debt.

The company is 65%-owned by the Willmott family; 20% by the Dixon family; and 15% by management. Floating on Aim, the junior section of the Stock Exchange, will return funds to both families.

Rick Willmott has taken over from Colin Enticknap as chief executive of Willmott Dixon.

Enticknap is now chief executive of Inspace which employs 900 people and has expectations of turnover hitting £100m this year.