Wates turnover hits £1bn

Annual turnover at Wates Group broke the £1bn barrier for the first time in the company's 111-year history for the year to 31 December 2008.

The company has also unveiled a 25% increase in pre-tax profit to £47.1m. The group profit margin now stands at 4.2%.

Meanwhile, the company said that its forward order book stands at £2bn.

Turnover between the company's five divisions was split as follows:

• Construction - £484m
• Living Space - £237m
• Retail - £170m
• Interiors - £96m
• Developments - £18m

Wates chairman and chief executive said: “The 2008 financial results position Wates well for the challenging times ahead in the market, and reflect the very successful combination of family ownership and a commitment to long-term planning.  Wates people are passionate about delivering quality construction services for customers and this has been a major contributor to our significant growth.

“The company has the strategy, the customers, the people and committed family owners to continue to deliver in what is expected to be a much more difficult and challenging economic environment.”