Wates continues its strong performance
24 March, 2010
Wates Group Limited today announced its financial results for the year ended 31 December 2009, reflecting another year of strong performance. Group turnover was £945m* with Group Profit Before Tax of £38.9m.
The Construction business recorded a fifth successive year of profit growth, growing operating profit by 36% to £42.5m, and delivering a net margin of 4.7%.
The Residential Development business recorded a loss of £0.9m, compared to £11.2m profit in 2008, which arose from several significant land sales.
Other highlights include:
- Group year-end cash balance at £178.9m, up 6% on 2008
- Strong balance sheet maintained with net assets at £59.5m
- Construction forward order book increased by 15% to £2.3 billion
- Residential landbank increased by 7% to 2,614 acres
Paul Drechsler, Chairman & Chief Executive of Wates, said:
“2009 was a challenging year, with the UK economy in recession and demand for construction services in decline. I am really pleased that the organisation’s focus on delivering value for customers and local communities is reflected in the highly satisfactory set of results and also in the winning of several leading industry awards.”
Mr Drechsler continued: “Wates also made great progress in 2009 against our corporate responsibility goals in reducing waste and carbon emissions and in boosting skills. Wates Giving provided funding of £1.3 million to 55 charities across the UK, including our Building Futures programme. We were pleased when the 251st long-term unemployed person completed Building Futures, with 64% of all participants going into employment, education or training.
“Wates’ strong balance sheet, highly-engaged employees, track record for delivery, excellent reputation for social responsibility and long-term family ownership remain a very attractive proposition for customers. Against a background of an even more challenging economic environment in 2010, the Board is confident that the company has the strategy, the customers and the people to continue to deliver value for all its stakeholders.”
To download this press release as a PDF click here
To download a pdf of our Annual Report and Accounts (summary) click here
To download a pdf of our Annual Report and Accounts (full) click here
Categories: national
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