Wates posts strong 2025 results with record £10bn order book

The business recorded £2.56bn turnover and £29.2 million statutory pre‑tax profit in 2025, extending its 26‑year run of profitability despite continued market pressures. Net cash rose to a record £248.3m, up £52.7m, while the order book grew by £1.3bn year on year, strengthening long‑term visibility.

The year marked a period of consolidation following major strategic changes in 2024, including the integration of Liberty, the expansion of Wates Fit Out and leadership changes across Construction and Residential. The Group says these moves have laid the groundwork for its next phase of growth.

Wates Construction maintained profitability in a challenging market, delivering projects including Lloyds Banking Group’s Halifax office refurbishment, major works for the MoJ’s New Prisons Programme and the Victoria Tower refurbishment.

SES reported significant revenue growth as offsite manufacturing scaled up, with the AESC UK gigafactory in Sunderland becoming the largest single-value project in Wates’ history.

Wates Property Services (WPS) achieved record growth across revenue, profit and margin, securing major decarbonisation programmes and extending its FM contract with JLL.

Wates Residential delivered record turnover and a record order book, with more than 2,000 homes under construction and planning consent for over 2,500 more.

Wates Land & Development secured planning consent on every scheme pursued, including progress on the 4,500‑home Hammonds Farm development in Chelmsford.

Wates’ purpose‑led strategy remained central to performance. In 2025, the Group generated £18 of social value for every £1 of profit, contributing to £1.4bn of cumulative social value since 2020.

Sustainability investment accelerated, including the launch of Wates Wildscape, large‑scale social housing decarbonisation programmes through WPS, and continued expansion of SES’s offsite manufacturing capability.

Eoghan O’Lionaird, chief executive, Wates Group, said: “Our 2025 results demonstrate the resilience of Wates Group and the strength of our long-term model. Despite ongoing industry headwinds, we have delivered strong, sustainable and profitable growth, underpinned by a record £10bn forward order book and our strongest-ever cash position.

“Most important of all are the relationships we build. We work on a long-term basis with our customers, who trust our capability and governance. Guided by our purpose, we have continued to deliver not only strong financial results, but also meaningful impact for the communities we serve.

“I would like to thank our customers, partners and supply chain, and most importantly our nearly 6,000 colleagues. Their commitment and professionalism remain central to Wates’ success.”

Chairman Tim Wates added: “As a family-owned company with more than a quarter of a century of uninterrupted profitability, we remain focused on growth that is responsible, sustainable and grounded in our purpose.

“These results show the strength of that approach, both financially and socially, and with robust liquidity, a record order book and a clear long-term strategy, Wates is well positioned for the years ahead.”