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Development firm posts pre-tax profits of £22m

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Development firm posts pre-tax profits of £22m

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Published by Max Salsbury for 24dash.com in Housing and also in Development, Finance

Housebuilding Housebuilding

A major UK construction company has announced pre-tax profits of £22.3 million.

Wates Group ended 2013 with a turnover of £931m. Though a drop on 2012's figure of £1.1 billion, last year's turnover represented an improved operating margin for the firm, up from 2.2% to 2.5%.

Wates ended 2013 with a forward order book of £2.4bn – 50% higher than at the end of 2012, with net assets of £79.1m – a 12.6% increase on the previous year. The firm had £103.1m in the bank available for reinvestment in its business.

The developer, which was established over 117 years ago, employs more than 2,000 people across the UK, and works on projects in the private and sectors, including providing planned and responsive maintenance to housing associations and local authorities.

Andrew Davies, Wates chief executive, said: “Whilst turnover was down by 22%, reflecting both some delayed starts and more selective project take-on policies, operating margins improved - comparing extremely well to others in the market.

“Our cash position remains one of the strongest in the industry and gives us the platform from which to continue our investment strategy across all business units in 2014 and beyond."

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