Construction firm’s profits grow on back of Midlands Engine project

Contractor Wates Construction, which told TheBusinessDesk.com last week that it is looking to add to its 35-strong team in the East Midlands, has seen both its profits and turnover rise for the year-ending 31 December 2016.

Profit before tax was up 17.1% to £35.5m, while turnover was up 20.4% to £1.53bn.

Throughout the year, Wates also oversaw the delivery of a range of projects via the East Midlands Property Alliance (empa) framework, on which it has held positions for the Intermediate (£2.5m-£7.5m) and Provincial (£500k-£7.5m) frameworks since January 2014.

Phil Harrison (pictured), managing director, Wates Construction Midlands & North, said: “2016 has been a successful year for Wates. The drive for economic growth in the Midlands, supported by the Government’s Midlands Engine strategy has opened up some exceptional development opportunities in both the East and West Midlands.

“Wates has a very well established reputation for quality and innovation across the Midlands and our continued work with the East Midlands Property Alliance in particular has enabled us to mature our expertise in delivering value for money for the public sector. Complementing this is our growth in the private residential and commercial markets, which have seen renewed confidence in 2016.”