UK
Ireland
Scotland
London
Construction News
20/03/2017
Wates Reports Turnover Growth In Financial Results
Wates has reported a 20.4% rise in turnover in its financial results for the year ended 31 December 2016.
The company increased turnover last year to £1.53 billion, up from £1.27bn in 2015.
In addition, profit before tax rose 17.1% to £35.5 million (2015: £30.3m), while operating profit grew 23% to £45.5m (2015: £37m). Group cash was also up 50.4% to £191.6m from £127.4m in 2015.
Key highlights of the year saw 2,500 new homes either completed or under construction, along with the successful integration of SES (Engineering Services) together with trade and assets of projects from Shepherd Construction. Wates Living Space now also maintains over 500,000 homes on behalf of housing associations and local authorities across the UK.
With an order book of £3.6bn, Chief Executive Andrew Davies said the Group is "encouraged by the company's operational performance.
"We have put in place the right systems, right processes and right people to meet our strategic objectives," he said.
"The successful integration of SES Engineering Services as well as a number of construction projects from Shepherd Construction has broadened our coverage and capabilities.
"The growth in our construction output has been particularly encouraging, given the current uncertainties in our sector. We believe we are well-positioned to keep delivering for our clients, because of the quality of our people, our stable supply chain and our focus on the communities in which we work."
(LM/MH)
The company increased turnover last year to £1.53 billion, up from £1.27bn in 2015.
In addition, profit before tax rose 17.1% to £35.5 million (2015: £30.3m), while operating profit grew 23% to £45.5m (2015: £37m). Group cash was also up 50.4% to £191.6m from £127.4m in 2015.
Key highlights of the year saw 2,500 new homes either completed or under construction, along with the successful integration of SES (Engineering Services) together with trade and assets of projects from Shepherd Construction. Wates Living Space now also maintains over 500,000 homes on behalf of housing associations and local authorities across the UK.
-- Advertisement --
With an order book of £3.6bn, Chief Executive Andrew Davies said the Group is "encouraged by the company's operational performance.
"We have put in place the right systems, right processes and right people to meet our strategic objectives," he said.
"The successful integration of SES Engineering Services as well as a number of construction projects from Shepherd Construction has broadened our coverage and capabilities.
"The growth in our construction output has been particularly encouraging, given the current uncertainties in our sector. We believe we are well-positioned to keep delivering for our clients, because of the quality of our people, our stable supply chain and our focus on the communities in which we work."
(LM/MH)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
