Turnover and profit on the increase at Wates
Construction, development and property services company Wates Group has reported increased revenue and profits for the year ending 31 December 2017, with a record order book of £5.1 billion heading into 2018.
In a year which saw the company awarded the accolade of Contractor of the Year and retain its Investors in People Gold accreditation for the third successive time, Wates saw its turnover grow by 5.9% to £1.62bn. It maintained a strong cash position throughout the year, finishing 2017 with £169.5 million at bank.
Performance was strong across the business with increased turnover in the group’s key sectors of construction, residential developments and property services.
Turnover was up £90m to £1.62bn, with strong growth in Property Services (up 11.0% to £477.3m) and Construction (up 4.6% to £934.8m). Residential Developments turnover increased by 0.4% to £206.1m.
James Wates CBE, chairman of the Wates Group, said: “These are really positive results for the Wates Group, demonstrating our continued success in what has been a challenging year for the sector. They attest to the quality and commitment of our people, the strength of our relationships with customers and partners, and our robust financial management.
“The results demonstrate the resilience of our strategy, systems and processes, which have provided a strong foundation for our performance, led by our Executive team and David Allen, our Acting Chief Executive.
“Performance across all areas of the business was very strong. We continued to maintain a balance of public and private sector clients, with notable success in appointments to major public sector frameworks for Scape Procure and the Education and Skills Funding Agency.”
Mr Wates added: “These results reflect our belief that profitability has to be linked to the long-term sustainability, not only of our company, but of the industry and the communities in which we work. In 2017 we continued to invest in social enterprises, spending £2.65m and remaining on course to spend a cumulative £20m by 2020.
“The group employed 190 trainees and apprentices as well as providing training and learning opportunities for over 1,500 young people to help build the workforce of the future. Most importantly of all, we improved our industry-leading health and safety record.”