Region’s confidence at decade high, says Wates
The diverse construction, development and property services group has reported increased turnover and profit in the past year as the North West enjoys its most buoyant period since the financial crisis, according to managing director Phil Harrison.
The company reported a 2016 turnover of £1.53bn, a 20.4% increase on 2015. Wates, which employs over 300 people in the North West, ended 2016 with a forward order book of £3.6bn and reported a pre-tax profit increase of 17.1% to £35.5m. Wates is currently building the first phase of Bruntwood and Select Property Group’s Circle Square in Manchester.
An expansion plan into Cumbria has yielded contract wins on the £30m Campus Whitehaven for Cumbria County Council and BAE Systems’ new Central Training Facility in Barrow, valued at £21.3m.
Throughout 2016, Wates had a total of 2,000 new homes either completed or under construction, 240 of which were handed over by Wates Residential to Matrix Homes.
Phil Harrison, managing director, Wates Construction North and Midlands, said: “The North West is currently at its most confident for almost a decade, with some of the region’s key cities enjoying major investments in new commercial and private residential developments.
“Wates’ resilience and reputation as a leading and trusted contractor in the region has positioned us perfectly to immerse our business in this market buoyancy while growing our operations into new markets in Cumbria. I have no doubt that 2017 will bring further opportunity for our business to thrive as we continue our drive for innovation and skills training in the North West.”