Wates’ orders healthy despite profit dip
Wates Construction, which has a regional base in Manchester, today announced annualo profits down 17% in the 12 months to the end of 2009.
The national contractor recorded turnover of £945m, down 7% from £1.02bn in 2008, and profit before tax of £38.9m. Wates also reported a record forward order book of £2.3bn.
During 2009 Wates completed the £31m North Liverpool Academy and Liverpool John Moores University's £24.1m arts and design academy. The firm also handed over the £18.1m first phase workshops for Stockport College and started a £7m refurbishment of Manchester College's Fielden Campus.
John Shannon, business unit director for Wates Construction in the North West, said: "2009 was a challenging year, with the UK economy in recession and demand for construction services in decline. However, Wates' focus on delivering value for customers and local communities has ensured we have continued to win a variety of new projects and is reflected in this highly satisfactory set of results.
"We are facing further economic uncertainty in 2010 and the challenge is to get closer to our customers to understand their challenges and deliver for them. We have made a strong start with projects secured in both the public and private sectors, alongside our appointment to the highly prized North West Construction Hub."
