For year ended 31st December 2017 Wates made a pre-tax profit of 拢35.7m (2016: 拢35.5m), a rise of 0.7%.
Turnover was up 拢90m, or 6% to 拢1.62bn (2016: 拢1.53bn).
There was strong growth in property services turnover, up 11% to 拢477.3m. Construction turnover was up 4.6% to 拢934.8m.
Turnover from residential developments increased by 0.4% to 拢206.1m.
Wates started 2018 with a record order book of 拢5.1bn, a rise of 42% over the year (2016: 拢3.6bn).
Chairman James Wates said: 鈥淭hese 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.
鈥淭he 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.
鈥淧erformance across all areas of the business was very strong. We continued to maintain a balance of public and private sector clients, with notable success in appointments to major public sector frameworks for Scape Procure and the Education and Skills Funding Agency. We completed landmark projects for the V&A Museum, the Houses of Parliament and the London Business School, while our Property Services businesses continued to grow. A record number of new homes were built, with major development schemes in the pipeline with, for example, Homes England and the London Borough of Havering.
鈥淭hese results reflect our belief that profitability has to be linked to the long-term sustainability, not only of our company, but of the industry and the communities in which we work. In 2017 we continued to invest in social enterprises, spending 拢2.65m and remaining on course to spend a cumulative 拢20m by 2020. The Group employed 190 trainees and apprentices as well as providing training and learning opportunities for over 1,500 young people to help build the workforce of the future. Most importantly of all, we improved our industry-leading health and safety record."
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