Construction UK Logo For Mobile
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
20/03/2017

Wates Reports Turnover Growth In Financial Results

Construction News Image
Wates has reported a 20.4% rise in turnover in its financial results for the year ended 31 December 2016.

The company increased turnover last year to £1.53 billion, up from £1.27bn in 2015.

In addition, profit before tax rose 17.1% to £35.5 million (2015: £30.3m), while operating profit grew 23% to £45.5m (2015: £37m). Group cash was also up 50.4% to £191.6m from £127.4m in 2015.

Key highlights of the year saw 2,500 new homes either completed or under construction, along with the successful integration of SES (Engineering Services) together with trade and assets of projects from Shepherd Construction. Wates Living Space now also maintains over 500,000 homes on behalf of housing associations and local authorities across the UK.

hss

With an order book of £3.6bn, Chief Executive Andrew Davies said the Group is "encouraged by the company's operational performance.

"We have put in place the right systems, right processes and right people to meet our strategic objectives," he said.

"The successful integration of SES Engineering Services as well as a number of construction projects from Shepherd Construction has broadened our coverage and capabilities.

"The growth in our construction output has been particularly encouraging, given the current uncertainties in our sector. We believe we are well-positioned to keep delivering for our clients, because of the quality of our people, our stable supply chain and our focus on the communities in which we work."

(LM/MH)

Latest Construction News

21/08/2017

Construction work on the No. 1 Spinningfields development in Manchester is almost complete. BAM Construction has handed the building over to Allied London. The firm delivered the tallest commercial office building in the city within 106 weeks and met the original Practical Completion date. Desig
21/08/2017

EDF Energy has selected Balfour Beatty as its preferred bidder for the Hinkley Point C nuclear power station tunnelling and marine works package. The four year package will include the development of three marine tunnels totalling over 9.5 kilometres in length and seven metres in diameter to form p
21/08/2017

A new Household Recycling Centre (HRC) is to be developed in Peterborough. The building in Fengate will be double the size of the existing facility and is expected to be running from next year. It will replace the current centre in Dogsthorpe by summer 2018. The majority of the new facility will
21/08/2017

Work on a new community hub in Manchester has been completed. The hub is located on the corner of Hyde Road and Clowes Street. The development houses the relocated West Gorton Medical Centre from Wenlock Way, and includes a pharmacy and shop with customer and disabled parking. The new surgery bu
21/08/2017

The average new home in England will have to last 2,000 years, aqccording to the Local Government Association (LGA). The firm which represents 415 local authorities made the announcement due to the "sluggish rate of house building". The country has not built enough homes for decades. As a result,
21/08/2017

An investigation has been launched after the front facia at a multi-storey car park in Nottingham collapsed suddenly. No-one was injured however it is blocking the main entrance and exit of the NCP Nottingham City car park. A spokesperson from NCP said: "The fire service and police are working wit
18/08/2017

Graham has won a £19 million contract to carry out four road improvement projects in the East of England. The two packages, covering the A47, A11, A1 and A12, consist of key safety improvements including surfacing, structures and technology schemes from Peterborough to Norwich, through to Lowestoft
18/08/2017

Plans have been submitted for the first phase of a regeneration project in Birmingham. A total of 207 new homes are to be built on the 43-acre Icknield Port Loop site. The scheme is being delivered by regeneration specialists Urban Splash and Places for People with landowners Canal & River Trust an
18/08/2017

Colas has unveiled the world's Autonomous Impact Protection Vehicle (AIPV) to help protect road workers on motorways. Developed in partnership with US companies Royal Truck and Equipment (RT&E) and Micro Systems Inc. (MSI), the vehicles has been designed to be used as a mobile crash barrier, which
18/08/2017

The UK Government has sold the Green Investment Bank (GIB) to Macquarie Group for £2.3 billion. The Edinburgh-based GIB will now become home to a new revenue-generating business, as well as providing services to the green energy portfolios of both Macquarie and GIB in the UK. In addition, the deal
Elite Ireland Ltd.Classic BlindsC-Tec Building SolutionsC-Tec Building solutionsStainless UK LtdNational Domelight CompanyTimeless TimberLloyd Acoustics LtdThe Heritage And Restoration Group LtdGreens Recycling
Terms and Conditions