Wates delivers strong 2025 results with record £10bn order book and highest-ever cash position
Wates Group reports a strong and resilient performance for 2025, delivering record turnover and its largest-ever pipeline of work with £10bn secured.
- Best-ever annual turnover for Wates Group with £2.56bn
- Forward order book increased by £1.3bn to record £10bn
- £29.2m statutory profit before tax extends 26 years of continuous profitability
The Group achieved turnover of £2.56bn in 2025 and statutory profit before tax of £29.2m. This extends Wates’ unbroken record of profitability to 26 consecutive years, despite continued challenging conditions across the built environment sector.
The business ended the year with a record net cash position of £248.3m, up £52.7m, reinforcing its long-term resilience and capacity for future investment, while an increase of £1.3bn year on year in its order book provides long-term visibility and confidence for customers, partners and supply chain.
Last year represented a year of consolidation following significant strategic investment and change in 2024, including the embedding of property services company Liberty and the Wates Fit Out business, as well as senior leadership changes in the Wates Construction and Wates Residential businesses. These foundations position the Group well for the next phase of sustainable growth.
The Group’s performance reflects the strength of its diversified portfolio.
- Wates Construction maintained profitability and margin discipline in a difficult market, with landmark projects including the completed fit out and refurbishment of Lloyds Banking Group’s Grade II listed Halifax office, ongoing delivery of over 6,000 new prison places through the Ministry of Justice’s New Prisons Programme and the refurbishment of Victoria Tower on the parliamentary estate.
- SES saw its revenue grow significantly, as investment in offsite manufacturing and technology reached new scale. An ongoing significant project is the AESC UK gigafactory in Sunderland, Wates’ largest by single value project in its history, delivered by SES and Wates Construction together.
- WPS grew its revenue, profit, operating margin and order book by record amounts. The business secured significant decarbonisation programmes during the year, alongside an extension of its facilities management contract with JLL.
- Wates Residential delivered record turnover and a record order book, driven by strong performance across existing customers and new partnerships. Over 2,000 homes were under construction during the year, with planning consent secured for more than 2,500 homes, providing resilience as the market remains challenging.
- Wates Land & Development secured every planning consent it pursued and continued its drive into large-scale developments as a principal developer, which included progress on the 4,500-home Hammonds Farm scheme in Chelmsford.
At the heart of the Group’s performance is its purpose-led approach, which is embedded across decision making and delivery. In 2025, the Group generated £18 of social value for every £1 of profit, contributing to a cumulative £1.4bn of social value delivered to communities since 2020.
Investment in sustainable development also accelerated during the year, including the launch of Wates Wildscape, the new nature and biodiversity business from Wates Land & Development, large-scale decarbonisation of social housing by WPS and continued expansion of offsite manufacturing capability by SES.
The scale of the company’s secured pipeline of work, combined with the Group’s strong cash position, provides confidence to customers, partners, suppliers and shareholders in Wates’ ability to deliver major projects of national significance, while continuing to invest responsibly for the long term.
Our 2025 results demonstrate the resilience of Wates Group and the strength of our long-term model. Despite ongoing industry headwinds, we have delivered strong, sustainable and profitable growth, underpinned by a record £10bn forward order book and our strongest-ever cash position.
“Most important of all are the relationships we build. We work on a long-term basis with our customers, who trust our capability and governance. Guided by our purpose, we have continued to deliver not only strong financial results, but also meaningful impact for the communities we serve.
“I would like to thank our customers, partners and supply chain, and most importantly our nearly 6,000 colleagues. Their commitment and professionalism remain central to Wates’ success.”
Eoghan O’Lionaird
Chief Executive, Wates Group
As a family-owned company with more than a quarter of a century of uninterrupted profitability, we remain focused on growth that is responsible, sustainable and grounded in our purpose.
“These results show the strength of that approach, both financially and socially, and with robust liquidity, a record order book and a clear long-term strategy, Wates is well positioned for the years ahead.”
Tim Wates
Chairman, Wates Group
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2025 Annual Results
Wates Group reported a strong and resilient performance for 2025, delivering record turnover and its largest-ever pipeline of work with £10bn secured.
