Construction group’s turnover soars to £1.53bn
Construction firm Wates Group, which is currently building MEPC’s Wellington Place in Leeds, has reported a 2016 turnover of £1.53bn, a 20.4% increase on 2015.
The company, which employs more than 200 people in the North East and Yorkshire, ended 2016 with a forward order book of £3.6bn and reported a pre-tax profit increase of 17.1% to £35.5m from £30.3m the year before.
In 2016 the group announced its intentions to expand its housing investment and sales-led development with the launch of its national development arm, Wates Residential.
Throughout 2016, Wates had a total of 2,000 new homes either completed or under construction. This saw Wates Residential build a range of extra care apartments on behalf of Hull City Council and Riverside and Hull City Council’s £8.4m affordable housing development in Orchard Park.
Highlights in 2016 included Wates Living Space’s nationwide maintenance of over 500,000 homes on behalf of social landlords. In Yorkshire this included a £5.5m contract to install new windows and doors across Sheffield City Council’s estate.
The year also saw Wates integrate SES Engineering Services as well as trade and assets of construction projects from Shepherd Construction following the major acquisition in October 2015.
Phil Harrison, managing director, Wates Construction Midlands & North, said: “2016 has been a successful year for Wates. We have seen significant growth of our business in Yorkshire market, through which we have developed an ever stronger network of local supply chain partners to help boost the local economy and increase investment in training.
“Wates’ resilience and reputation as a leading and trusted contractor in the region has positioned us perfectly to immerse our business in the renewed confidence that has emerged across Yorkshire. Our focus is now on extending our 2016 success into 2017 and ensuring that we continue to deliver high quality and value for money for new and prospective clients in the region.”