Wates Group Ltd, one of the largest UK building & construction companies, has announced its financial results for the year ended 31 December 2007, which demonstrate excellent growth in all businesses and a 20% increase in Group pre-tax profit.

2007 proved to be a successful year for the Wates Group on many fronts; 110 years of family ownership by the Wates Family and, during the year, Wates updated its long-term strategy and set new goals for the period up to 2012.

The Wates Group has also made progress in recognising and rewarding talent and performance within its organisation through improvements to HR practices. The Group's corporate responsibility agenda remains at the heart of operations and to date has provided 110 long-term unemployed people with the training and the opportunity to return to full-time employment.

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The company's success rate on the 'Building Futures' programme was 65%.

Paul Drechsler, Chairman & Chief Executive of Wates said: "I am delighted that the organisation's focus on delivering value for customers has been rewarded through strong sales and profit growth. The company enters 2008 with a much stronger balance sheet and a record order book.

"These results position Wates well for the current uncertainty 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."

(CD/JM)