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Taylor Woodrow slumps to £1.3m loss despite increase in turnover

Vinci’s civil engineering arm Taylor Woodrow has posted a £1.3m loss in its latest financial results.

The firm reported a pre-tax loss of £1.3m for the year to 31 December 2015, down from a pre-tax profit of £5.6m in its previous results, despite revenue rising to £79.3m from £79.1m over the same period.

The majority of the firm’s work was in the year was made up of two major contracts at Tottenham Court Road and Victoria stations.

The project at Tottenham Court Road accounts for £21m of turnover, down from £23m in 2014, while Victoria makes up £30m, down from £31m.

Other projects for the company include a place on Lot 3 of Highways England’s £5bn Collaborative Delivery Framework, covering projects worth between £25m and £100m.

Taylor Woodrow is also bidding for the £260m Barking Riverside Overground extension in partnership with Amey.

Despite its £1.3m loss, the firm said it would continue to be “highly selective” in the type of work that it tenders for in terms of “project size, location, complexity and contract duration”.

Earlier this year, Taylor Woodrow’s parent company Vinci revealed it was no longer working on nuclear decommissioning at Sellafield, with the firm saying that it “would be very keen to return” after leaving the project due to “changes in the client team”.

Vinci posted a pre-tax loss of £69m in its latest full-year results released in July this year, which the firm blamed on “a small number of complex legacy projects”.

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