{"id":108215,"date":"2022-03-24T14:42:42","date_gmt":"2022-03-24T14:42:42","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=108215"},"modified":"2022-03-24T14:42:42","modified_gmt":"2022-03-24T14:42:42","slug":"wates-highest-operating-profit-2021","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/wates-highest-operating-profit-2021\/108215\/","title":{"rendered":"Wates announces ‘highest ever’ operating profit at \u00a340m"},"content":{"rendered":"

Wates Group <\/a>has reported its highest-ever operating profit of \u00a340m, securing \u00a32.3bn of new work during 2021, and ended the year with a record forward order book of \u00a37.1bn, up 7% from its previous record in 2020<\/h2>\n

In addition to its record operating profit, the group also\u00a0reported a leap in pre-tax profits to \u00a337.4m and EBITDA of \u00a351.1m from a turnover of \u00a31.63bn (up 12%).<\/p>\n

Wates ended the year with \u00a3228.7m in cash and net assets at \u00a3177.1m (up 25%).\u00a0 As a UK-based employer, the Group increased its total tax contribution to the Exchequer from \u00a3107m in 2020 to \u00a3233m in 2021.<\/p>\n

Throughout the year, Wates strengthened its commitment to environmental sustainability<\/a>, reporting a cut in carbon emissions by 53% since 2019.<\/p>\n

Wates Construction generated pre-tax profits of \u00a318.7m from a turnover of \u00a3772m, in the provision of new schools, offices, leisure facilities and homes<\/a> while expanding its offer in new sectors including healthcare.<\/p>\n

Wates’ residential services gained the most turnover profit<\/h3>\n

Wates Residential increased its turnover by 75% to \u00a3268m, as well as boosting its headcount by nearly 100 employees.<\/p>\n

Wates Developments saw its turnover jump 65% to \u00a3107m, generating \u00a35.6m in pre-tax profits.<\/p>\n

Wates Property Services increased turnover by 14% across its three divisions to \u00a3475.9m, with its facilities management business, Wates FM, experiencing the best trading year in its history.<\/p>\n

Specialist fit-out and refurbishment contractor, Wates Smartspace, won more than \u00a3150m in new work.<\/p>\n

More than 50% of Smartspace\u2019s work is now for public sector customers.\u00a0 In 2021, this included a series of important projects for the Ministry of Justice (MoJ) and the Department for Work and Pensions.<\/p>\n

The group reached record operating profit amidst a challenging year<\/h3>\n

David Allen, chief executive, the Wates Group, commented:\u00a0\u201cI feel enormous gratitude for and pride in what the team here at Wates achieved in 2021. It is incredible that in a year that was frequently – and for extended periods – very challenging, we continued to work safely and produced the highest operating profit in Wates\u2019 125-year history.<\/p>\n

\u201cWhat we\u2019ve accomplished shows that our strategy \u2013 of focusing on the performance priorities that will help us achieve our goals of being more trusted, sustainable and progressive – is working.<\/p>\n

“This strategy is supported by significant new investments in our residential and developments businesses<\/a>, and by the investments we\u2019re making in data and modern methods of construction to enable us to offer market-leading services to all our customers and partners.<\/p>\n

Allen added:\u00a0\u201cDespite the economic and political pressures that are affecting everyone right now, the strength of our performance in 2021; the size of our order book; our proven ability to help customers and partners meet their sustainability goals; the clarity of our strategy<\/a>; and the quality of our amazing team mean we\u2019re looking forward to the future with confidence and excitement.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Wates Group has reported its highest-ever operating profit of \u00a340m, securing \u00a32.3bn of new work during 2021, and ended the year with a record forward order book of \u00a37.1bn, up 7% from its previous record in 2020.<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,908,1755],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-108215","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-economy","9":"tag-wates"},"acf":[],"yoast_head":"\nWates announces 'highest ever' operating profit at \u00a340m<\/title>\n<meta name=\"description\" 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