National contractor Wates, which has four offices in the North West, has reported a record order book of £5.1bn and a pre-tax profit of £36m in its latest annual results.
Wates reported an annual turnover of £1.6bn for the year to 31 December 2017, up 5.9% year-on-year . Property services and construction divisions were the stand-out performers, with the former reporting an 11% rise in turnover, while the latter saw revenue grow by 4.6% to £934.8m.
The Surrey-headquartered group saw pre-tax profit edge up to £35.7m, up 0.7% year-on-year, while it reported cash of £169.5m.
The contractor, which has offices in Bangor, Kendal, Manchester, and Warrington, has won or completed a series of major projects over the previous 12 months.
Wates handed over Stockport’s £45m Redrock leisure scheme, which includes 75,000 sq ft of space last winter. Occupiers include The Light cinema, which has 10 screens, alongside Zizzi, Pizza Express, Gourmet Burger Kitchen, Mangobean Coffee, and The Gym.
The group has also made a concerted push into Cumbria through its Kendal office, adding 15 staff to its team in the region last year. It has an order book of around £50m in Cumbria, and is working on projects including a £23.1m central training facility in Barrow for BAE Systems.
Other contract wins announced in the year include a three-school deal secured through the Education and Skills Funding Agency’s North West framework. The trio of contracts, worth a combined £21m, will see Wates deliver schools in Sefton, Northwich, and Upton Heath.
The largest of these, the £10.1m Maghull High School in Sefton, secured planning earlier this year.
In January, the contractor also started a comprehensive refurbishment programme of more than 200 homes for Manchester City Council through its Living Space arm. The project in Clayton, near the Etihad Stadium, will see Wates restore 62 vacant homes and carry out repair works to 151 other properties.
Group chairman James Wates said: “These are really positive results for the Wates Group, demonstrating our continued success in what has been a challenging year for the sector.
They attest to the quality and commitment of our people, the strength of our relationships with customers and partners, and our robust financial management.
“The results demonstrate the resilience of our strategy, systems and processes, which have provided a strong foundation for our performance, led by our executive team and David Allen, our acting chief executive.”