Wates feels the pinch as profits slip

CONSTRUCTION group Wates reported an increase in revenue in 2012 but profits were down during a "tough year".

Group turnover rose 7% to £1.2bn but pre-tax profits, adjusted for the impact of restructuring costs, slipped 10% to £29m.

In a statement it said just under a 10th of revenue, or £115.5m, came from its activities in the North West. This was up 24% on 2011.

The family-owned Surrey-based firm has Northern bases in Warrington and Altrincham and is building the £25m cultural centre at First ... For the full story register now for free or login below...