Wates Group: top director's pay tally jumps to £1.7m

Wates Group’s highest-paid director received £1.7m last year, which is £600,000 higher than his pay in the previous year.

The latest tally is made up of a basic salary of £730,000. This takes on a further glow once his long-term incentive scheme has kicked in with an additional £900,000.

There was also a contribution to his pension scheme of £100,000.

The group enjoyed a lift in pre-tax profit last year to £38m after making a profit of £32m in 2006.

Other information issued today for the first time, a result of Wates producing its full annual report, show that the shareholders enjoyed a dividend of £15m during the year; £11m being paid in June 2007, along with a further £4m five months later.

Consumer satisfaction was higher at 89% (figure in the previous year: 81%). The data is the result of an independent survey undertaken by Oyster.

The number of injuries requiring first aid in 2007 was down, but Wates said “we are disappointed that our reportable injuries increased”.

In all 305 active sites (representing 83% of the total) achieved 100% injury-free working, leaving Wates holding on to the belief that all injuries can be eliminated in the future.

Wates, a privately-owned company, has now bought back 41% of its shares for £6m in cash.