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Wates passes £1 billion turnover mark in 2011
20 April, 2012
Major UK construction services company the Wates Group (Wates) today reports another resilient performance for the year ended 31 December 2011, having again passed the £1 billion turnover mark and delivered a profit before tax of over £40 million.
In the year in which it was named Business in the Community’s Company of the Year and awarded a Queen’s Award for Enterprise in Sustainable Development, Wates increased turnover by 13 per cent to £1,117m, despite challenging trading conditions. With £40.1m profit before tax (down 8 per cent on 2010), Wates ended the year with a healthy forward order book of £2bn. The company had a cash balance of £132.1m and strengthened its balance sheet, with shareholders’ funds increasing to £64.3m.
Paul Drechsler, Chairman and Chief Executive of the Wates Group, said: “In what has been another difficult year for the construction industry and with some operational challenges, the kind of resilience we demonstrate derives from our long-term commitment to the industry and close collaboration with our customers, supply chain partners and people. As a family-owned business now in its fourth generation, we understand the importance of making a lasting difference, and our strong financial position reflects our focus on legacy, responsibility and sustainability, as well as our ongoing investment in staff development and training.
“With margins under pressure across the sector, we have continued to win more high-quality projects and grow market share. We have also been quick to adapt to the changing needs of our customers, as demonstrated by our successful acquisition of Linbrook Services Ltd in 2011, which means that we now offer a full range of services to the affordable housing market.
“Our financial stability gives clients the confidence to know that they are working with a secure, responsible partner who is here for the long-term. However, we are not complacent and are still recognising an environment of economic uncertainty and a fiercely competitive marketplace that will demand we focus and strengthen our operational model to enable us to work even more effectively for customers.
“We will continue to explore further opportunities in education, social housing, commercial and retail markets where we aim to consistently deliver excellent projects.”
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