Growing order book for Wates
CONSTRUCTION group Wates is encouraged by its growing order book despite lower earnings and revenues.
The firm, which is working on the new Cornerhouse cinema in Manchester called Home, said revenues slipped 22% to £931m and pre-tax profits were down 13% to £22.3m.
The North West accounted for £82.5m of revenue, down from £115.5m last time.
But the family-owned Surrey-based firm, which has Northern bases in Warrington and Altrincham, said its order book was up 50% to £2.4bn and net assets were up 12.6% to £79.1m.
Phil Harrison, managing director for Wates Construction Midlands and North, said: “Our performance both nationally and regionally has remained strong and our focus on delivering high quality and value for money has enabled us to sustain a resilient position in the market place throughout 2013.
“Moving forward, steady economic growth will continue to boost our business pipeline and give us new means to invest in our people and ensure that our supply chain management continues to facilitate sustainable local economic growth. The turbulence of our market has undoubtedly required sharp adaptability and operational efficiency, our commitment to which has continued to give our customers the confidence in our position as a responsible and trusted contractor.”
Wates Construction is currently delivering the new £15m Ellesmere Port Sport and Leisure Village and the £14m Northwich Memorial Court development.
