Wates profit falls in ‘another challenging year’
A strong North West order book helped construction company Wates Group to surpass £1bn turnover in 2011.
Wates is on site with Liverpool John Moores University's new £20m Redmonds Building to house film and law schools on Mount Pleasant, and the University of Manchester's £12m Learning Commons building on Oxford Road. In all, the North West part of the business turned over £92.5m last year.
Turnover across the group was up 13% to £1.1bn, although pre-tax profit dipped 8% to £40.1m for the year ending 31 December 2011.
Additional projects currently being delivered by Wates include Cheshire West & Chester Council's £8m restoration of Lion Salt Works in Northwich and Merseyside Fire & Rescue Service's £5.2m Fire Fit Hub in Toxteth. These projects were procured through the North West Construction Hub following Wates' appointment to both the medium and high value Hub frameworks in 2010. Wates is also working on the £113m Gateways to Oldham housing project which will see 317 new homes built and a further 322 refurbished across the borough.
Phil Harrison, managing director for Wates in the Midlands and North, said: "In another challenging year for the industry, Wates' adaptability and resilience has enabled us to continue to provide value for money for our clients. Furthermore, our ability to lead the industry in the adoption of innovative technology solutions enables us to efficiently deliver high-quality projects, on time and on budget.
"Wates' financial stability gives our customers the confidence in our longevity as a secure, responsible contractor. We uphold a commitment to appointing supplier and sub-contractor work packages locally and this has a positive lasting impact on local economic development and employment.
"As a family-owned business Wates is committed to making a tangible difference to the areas in which we work and the next year will see us invest in further training opportunities to strengthen the industry and its future workforce."
