Willmott Dixon says it expects to make a full year profit for the first time since 2021 after two successive years of losses.

The firm racked up a £14.4m loss last year on top of the £8.7m it lost in 2022 but in an update said it was “on track for returning to full year profit in 2024 and growth in 2025”.

As a private contractor, Willmott Dixon is not required to publish interim results – unlike its listed peers – but the firm has decided to release half year numbers for the first time in more than a decade.

Graham Dundas sasy the firm is in line to post a pre-tax profit this year for the first time since 2021

A spokesperson said the decision was made to show “we are emerging as a stronger business with the challenges of 2023 behind us”.

In unaudited accounts, it said its pre-tax profit for the six months to June was £10m compared to a £1.3m loss for the same period last time.

Turnover was down 5% to £561m with cash at the bank standing at £109m compared to £115m last time.

It added that 69% of its turnover comes through frameworks and over 55% of income is with repeat customers.

Chief executive Graham Dundas said: “I’m pleased to start with the excellent news of a prompt and healthy return to profit for the business after a difficult 2023. While market conditions remain competitive, both profit and turnover are ahead of our forecasts, underlining my confidence in our ability to deliver profitable long-term growth.”

It said that it has agreed over £1bn of orders by August with 98% of budgeted workload for this year now contracted.