Wates results show record turnover

Wates Group Limited announced its financial results for the year ended 31 December 2008, showing a 25% increase in pre-tax profit , with Group turnover breaking the £1 billion mark for the first time in the company’s 111 year history.

Annual Results highlights include:

• Group profit before tax up 25% to £47.1m
• Group turnover exceeded £1 billion for the first time, up by 6% to £1,009 million
• Year end cash balance at £169.5 million, up 27% from 2007
• Group net assets increased to £62.1m
• Group profit margin at 4.2%
• Forward order book remains strong at £2 billion

Wates chairman and chief executive said: “The 2008 financial results position Wates well for the challenging times ahead in the market, and reflect the very successful combination of family ownership and a commitment to long-term planning. Wates people are passionate about delivering quality construction services for customers and this has been a major contributor to our significant growth.

“The company has the strategy, the customers, the people and committed family owners to continue to deliver in what is expected to be a much more difficult and challenging economic environment.”