Wates Group reported pre-tax profits of £35.5m (£30.3 in 2015), from a turnover of £1.53bn (£1.27bn in 2015) for the year ending 31 December 2016.

We ended the year with a healthy order book of £3.6bn – with a cash position of £191.6m, up by £64.2m on 2015.

• Turnover up by 20.4% from 2015
• Profit before tax up 17.1% from 2015
• Operating profit (EBITDA) up 23% at £45.5m
• Group cash up 50.4% from 2015
• Cash flow from operations up 22.5% to £71.7m (2015: £58.5m)

PRESS RELEASE: 20 March 2017 – Strong performance brings 23% rise in operating profits for Wates

We are encouraged by the Company’s operational performance, which has produced these results. We have put in place the right systems, right processes and right people to meet our strategic objectives. 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.

 

“At the heart of everything we do is an absolute commitment to health and safety. In 2016 we introduced our Company-wide ‘We’re Safer Together’ zero harm campaign, giving us a structure around which all our efforts will be focused over the next three years and beyond.”

 

Andrew Davies, Chief Executive, Wates Group