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Wates feels the pinch as profits slip

The culture building at First Street
The culture building at First Street
James Graham
James Graham
Deputy Editor, North West

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 Street, Manchest... for the full story register now for free or login below...

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