Wates reports resilient performance
The Wates Group has reported a turnover of £115.5m in the North West in 2012.
The construction company behind the new £25m Home development at First Street, Manchester, and the £8m Hugh Baird College in Bootle, saw a 7% increase in overall turnover to £1.2bn, with pre-tax profit of £29m for the year ending 31 December 2012.
Phil Harrison, managing director for Wates in the Midlands and North, said: "The 2012 results demonstrate our long-term focus on financial stability and sustainable business growth.
"We've had a positive start to 2013 with our appointment to some of the region's flagship projects, demonstrating that investment in regeneration has remained strong against a backdrop of what will continue to be a turbulent market.
"This year will see Wates continue its role in the region's economic growth, including our engagement with suppliers to ensure that subcontractor work packages are appointed locally."
In the past 12 months, Wates completed Liverpool John Moores University's £37.6m Redmonds Building and Merseyside Fire & Rescue Service's £5.9m Toxteth Fire Fit Hub.
Current projects include Cheshire West & Chester Council's £8m restoration of Lion Salt Works in Northwich.
The report states as follows:
- Total turnover up to £1,194m (2011: £1,117m)
- Underlying pre-tax profits of £29.3m (2011: £32.9m)
- Group margin at 2.7% (2011: 3.2%)
- Restructuring costs incurred £4.9m (2011: nil)
- Group net cash £121.3m (2011: £132.1m)
- Net assets increased to £70.2m (2011: £64.3m)
- Order book remains robust at £1.6bn (2011: £2bn
Underlying pre-tax profits and margin are stated before re-structuring costs of £4.9m (2011: nil) and profit on sale of investments £1.3m (2011: £7.2m).
