Company reports increased profit for year ended 31 December 2018, with forward order book of £5.4bn.
- £114.2m cash balance
- Significant endorsement from banks, with £120m of funding secured to support future investment
- Significant investment in residential development projects across the UK in 2018
- Profit before taxation up 1% to £35.9m (2017: £35.7m)
- EBITDA of £48.0m, up 1.7% (2017: £47.2m)
- Record order book of £5.4bn (2017: £5.1bn)
- Turnover at £1.601bn (2017: £1.62bn)
- Net assets up 7% to £135.8m (2017: £119.4m)
“These are really encouraging results. We’ve delivered another year of increased profits by continuing to concentrate on working in the sectors and geographies where we have proven expertise and for customers with whom we enjoy positive, effective relationships.
“Over the past year we’ve been reflecting on what really matters to us and how we want our business to be in the future. We believe we have a responsibility to work together – with our customers, suppliers and everyone involved in or affected by what we do – to inspire better ways of creating the places, communities and businesses of tomorrow.
“We’ve entered 2019 in great shape, with a record order book and significant backing from our banks to support the investments we want to make in our future. So, we’re excited about what lies ahead for the Wates Group, whatever external pressures the next few months might bring.”
David Allen, Chief Executive, the Wates Group