Wates has reported their highest ever turnover of £1.89bn, with a profit total of £33.7m in the last financial year
In the latest Wates Annual Review, which details the facts and figures behind Wates’ 2022 financial year, the company earned strong profits against a tumultuous economic backdrop, 17% up on the previous year.
Wates also have a promising outlook in future works, having secured £2.8bn of new work during 2022 with a record forward order book of £8.35bn.
The financial year report marks Wates’ 125th anniversary year
Against strong inflationary pressure, interest rate rises and other mixed economic headwinds, Wates rounded out the financial year with their order book and profit up across all divisions and net assets of £162m.
They reported ending the year with £153m of net cash, with a £90m undrawn bank facility, and as a UK-based employer, increased total tax take on behalf of the Exchequer from £233m in 2021 to £313m in 2022.
Wates’ chief executive paid tribute to his predecessor
Eoghan O’Lionaird, chief executive, Wates Group, commented on the figures behind the financial year:
“These results in our 125th year represent a really strong performance in the context of a challenging economic environment. Each of our divisions have contributed strongly to profitability and I am delighted to see such consistency across the Group.
“2022 saw us continue our upward trajectory on turnover, reaching £1.89bn the highest in our history. This high figure reflects the strong and stable family governance, hard work of people across the business, the scale of our ambition, our proven capability to manage large scale projects of strategic national significance, and our customers’ confidence in our ability to deliver for them, particularly in the public sector.
“We are in a strong, resilient position, with profitability across all our divisions, another record forward order book, and a solid cash balance. These results are a testament to the efforts of everyone at Wates, and my particular thanks go to Philip Wainwright for his sterling performance as Interim Chief Executive. He has left a firm foundation from which I hope to continue growing this remarkable business.”
