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Media Info - WATES GROUP REPORTS £35.2M TURNOVER IN THE EAST MIDLANDS AS ITS NATIONAL ORDER BOOK CLIMBS 50%

Media Info - WATES GROUP REPORTS £35.2M TURNOVER IN THE EAST MIDLANDS AS ITS NATIONAL ORDER BOOK CLIMBS 50%

The Wates Group has reported a strong financial performance for the year with a national profit of £22.3m and a forward order book of £2.4bn.

The construction services company currently delivering a £45m contract to improve Charnwood Borough Council’s housing stock has reported a turnover of £931m for the year ending 31 December 2013.

The Group finishes the year with an order book of £2.4bn, a 50% increase on 2012’s £1.6bn and net assets of £79.1m, a 12.6% increase on last year.

Phil Harrison, Managing Director for Wates Construction Midlands and North, commented:

“Our performance both nationally and regionally has remained strong and our focus on delivering high quality and value for money has enabled us to sustain a resilient position in the market place throughout 2013.

“Moving forward, steady economic growth will continue to boost our business pipeline and give us new means to invest in our people and ensure that our supply chain management continues to facilitate sustainable local economic growth. The turbulence of our market has undoubtedly required sharp adaptability and operational efficiency, our commitment to which has continued to give our customers the confidence in our position as a responsible and trusted contractor.”

Joanne Jamieson, Regional Managing Director for Wates Living Space, commented:

“Our strong financial position and commitment to deliver on time and on budget is crucial to our customers, who are placing more emphasis than ever on reliability and the added value that Wates can bring to projects through our CSR activities. This is clearly demonstrated by our robust performance over the past year in the face of an incredibly challenging market place. We cannot be complacent but we are well placed to take advantage of the opportunities emerging in the new build and maintenance housing sectors as the construction industry continues to strengthen."

Wates Construction was appointed to the East Midlands Property Alliance (empa) Intermediate and Provincial frameworks by managing agent, Scape in January this year.

Wates Living Space was recently appointed by Shoreline Housing Partnership to carry out a £40m revamp of homes in North East Lincolnshire. The major investment programme includes work on over 7,660 homes and 500 apartment blocks.

  • Total turnover £931million* (2012: £1,194million*)
  • Pre-tax profits of £22.3million (2012: £25.7million)
  • Group operating margin at 2.5% (2012: 2.2%)
  • Group cash at bank of £103.1 million (2012: £121.3million)
  • Group net assets of £79.1million (2012: £70.2million)
  • Order book up to £2.4billion (2012: £1.6billion)


*Including share of joint ventures’ and associates’ turnover.


 


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