Wates Group posts record £2.2bn turnover

Family owned developer Wates Group has reported a record turnover of £2.2bn. The figure is the highest in its 127-year history and is a 15% increase on revenues a year earlier. Pre-tax profit totalled £46.2m. The group added that it now had a record order book of more than £8.5bn and that over the year had generated some £225m in social value. Wates said trading across all its divisions was strong during 2023, with its construction group reporting a £1.2bn turnover, up by 22% from last year, its residential business reporting a £13m increase in revenues to £323m and its development group reporting a turnover of £147m – up by 16% on 2022. Wates’ property services business also increased turnover in 2023 to reach £545m. Chief executive Eoghan O’Lionaird said: “Despite a challenging external environment, we delivered a strong performance last year. While it’s great to pass the £2bn turnover mark, it’s just as encouraging to see an increase in profit. Our stable family governance and clear purpose have provided a firm foundation upon which we continue to go from strength to strength. “We are in an excellent position, with profitability across all parts of our business, a solid cash balance and a positive tangible net worth. Our record forward order book demonstrates our customers’ confidence in our ability to deliver projects of all types and sizes. This confidence is hard-earned, with Wates delivering profit before tax every year.”