8 April 2016 | Herpreet Kaur Grewal
Wates Group has reported pre-tax profits of £30.3 million from a turnover of £1.27 billion for the year ending 31 December 2015, partly owing to its acquisition of Shepherd Facilities Management.
Wates ended the year with a healthy order book of £4 billion – a 34 per cent increase on 2014 – with net assets of £93 million and a cash position of £127 million – up by £40 million on last year.
- Total turnover £1.27bn (2014: £1.05bn)
- Pre-tax profits of £30.3m (2014: £24.1m)
- Group cash at bank (£127.4m) (2014: £87.4m)
- Group net assets £93.3m (2014: £86.5m)
- Order book up 34% at £4bn (2014: £3bn)
Andrew Davies, the group’s chief executive, said: “2015 is a story of disciplined growth at Wates. Our sector has weathered some challenging conditions over the past few years, but despite this, our business has performed extremely well. Growth of 21 per cent in turnover has been accompanied by improved profitability across all areas of the business.
“Our reach and capacity has grown with the acquisition of SES (Engineering Services) Limited, Shepherd Facilities Management and the assets of a number of construction projects from Shepherd Construction Limited.”
In 2014 pre-tax profits were £24.1 million and turnover was £1.05 billion.
