financial highlights 2010
The Group’s results in 2010 reflect another year of strong performance. Group turnover increased 4% to £985m* with headline pre-tax profits increasing by 12% from £38.9m to £43.5m, making 2010 our sixth consecutive year of operating profit** growth.
The consistency and quality of our earnings reflect the uncompromising way that we deliver for our customers.
Corporate financial stability continues to be paramount. Wates’ financial health and long-term commitment to the construction industry are two key reasons why our clients choose to continue to work with us.
Annual Result highlights for the Group include:
• Turnover £985m* – an increase of 4%
• Profit before tax £43.5m - an increase of 12%
• Year-end cash balance of £169.2m with no reliance on external funding
• A strong balance sheet with net assets of £60.7m
• Forward order book of £2.0bn
• Total pipeline of business opportunities of £4.1bn
Huw Davies, Chief Financial Officer of Wates said: “The strength of our balance sheet, with no reliance on external funding, and our sustained profit generation and forward order book provide a great platform for further progressing and developing our strategy.“
* Includes share of joint ventures’ turnover
** Before exceptional item in 2006
To view a turnpage version of our Annual Report and Summary Financial Statement
To download a pdf of our Annual Report and Summary Financial Statement
To download a pdf of our Annual Report and Accounts
view annual report 2010
