James Wates: “Positive results in challenging year”
The Wates Group has built its order book to a record £5.1bn despite what it termed a “challenging year for the sector” in 2017.
The family-owned construction, development and property services firm revealed the figure as it released details of its financial results for the year to 31 December 2017.
Turnover at the group was up 5.9% to £1.62bn, from £1.53bn the year before.
Meanwhile, its pretax profit rose 0.7% to £35.7m, from £35.5m it made in 2016.
The company pointed to “strong growth” in turnover at its property services division (up 11% to £477.3m), while turnover grew 4% in its construction arm to £934.1m.
James Wates CBE, Wates Group chairman, 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.”
Making several references to his firm’s financial stability, he 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 important of all, we improved our industry-leading health and safety record.”
