Wates reports sixth consecutive year of operating profit growth

Turnover rose by 4% to £985m in the year ended 31 December 2010, including the company’s share of joint ventures. Profit before tax increased by 12% to £43.5m.

Forward order book stands at £2.0bn and the total pipeline of business opportunities is £4.1bn.

Chairman and chief executive Paul Drechsler said: “2010 was a challenging year with the UK economy still in recovery. However, through close collaboration between our clients, our supply chain partners and our people, we have been able to create value by delivering high-quality projects, winning a strong forward order book and engineering cost efficiencies. We have achieved a strong set of results while maintaining our market share and competitive margins.

“I am particularly pleased to report a year-end balance sheet that is one of the strongest in the industry, a forward order book of £2bn and a total pipeline of new business opportunities worth £4.1bn. To help deliver our ambitious growth strategy, we expect to hire around 300 new people in 2011.”

Got a story? Email news@theconstructionindex.co.uk