VolkerFitzpatrick profit up 50%

VolkerFitzpatrick’s pre-tax profit has rocketed by 50% to almost £17.5m for the year to 31 December 2008.

Turnover at the civil engineering firm, formerly known as Fitzpatrick Contractors, has also climbed steeply by 29% to nearly £449m.

VolkerFizpatrick managing director Alan Robertson said that prospects for 2009 looked "healthy, yet challenging".

And he joined a growing number of contractors who have highlighted concerns over a potential reduction in public capital spending, before the private sector has had a chance to recover.

"Much will depend on the continuity of the public infrastructure investment programme and the availability of funding to private clients, particularly in the commercial and industrial sectors," he said.

Operating margins at the company were around 3.8%, up from 2.9% in the previous year.

The company’s workforce also swelled throughout 2008, with an average of 972 employees for the year, up from 934 in the previous year.

Earlier this year the company, which undertakes civil engineering contracts mostly in the South East and Midlands, underwent a rebranding exercise which saw it brought into the Dutch-owned VolkerWessels UK.

The new group, which has a £700m turnover, incorporates VolkerRail (formerly GrantRail), and VolkerStevin. It will also involve the creation of a new division to deal with highways maintenance work called Volker Highways.