{"id":90444,"date":"2021-03-16T11:43:07","date_gmt":"2021-03-16T11:43:07","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=90444"},"modified":"2021-03-16T11:43:07","modified_gmt":"2021-03-16T11:43:07","slug":"wates-group-end-the-year","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/wates-group-end-the-year\/90444\/","title":{"rendered":"Wates ends year with record order book of \u00a36.6bn"},"content":{"rendered":"<h2>In one of the most challenging years in its 124-year history, <a href=\"https:\/\/www.wates.co.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Wates Group<\/a> secured \u00a32.4bn of new work in 2020 enabling it to end the year with a record forward order book of \u00a36.6bn, up 13.5% from 2019<\/h2>\n<p>Wates Group delivered EBITDA of \u00a314.7m and pre-tax profits of \u00a31.7m (after exceptional costs of \u00a311.4m) from a turnover of \u00a31.45bn.<\/p>\n<p>It ended the year with \u00a3215.9m of cash (and \u00a3161.6m of net cash, which was \u00a350.8m up on 2019) and, in addition, has access to an undrawn \u00a3120m revolving credit facility.<\/p>\n<p>Wates Group accessed \u00a350m of bank funding through the <a href=\"https:\/\/www.gov.uk\/guidance\/apply-for-the-coronavirus-large-business-interruption-loan-scheme\" target=\"_blank\" rel=\"noopener noreferrer\">Coronavirus Large Business Interruption Loan Scheme<\/a> and received \u00a37.7m of income from the <a href=\"https:\/\/www.gov.uk\/government\/collections\/coronavirus-job-retention-scheme\" target=\"_blank\" rel=\"noopener noreferrer\">Coronavirus Job Retention Scheme<\/a>.<\/p>\n<p>As a UK-based employer, the Wates Group made a total tax contribution of \u00a3107m to the Exchequer.<\/p>\n<p>Wates Residential increased its turnover by 21.1% and accounted for 52% of all work won across the group, including its appointment as development partner for <a href=\"https:\/\/www.harrow.gov.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Harrow Council<\/a>\u2019s \u00a3600m, <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/development-partner-harrow\/82314\/\" target=\"_blank\" rel=\"noopener noreferrer\">1,500-home regeneration scheme<\/a>.<\/p>\n<p>In November, the board approved plans to invest significantly in its housing businesses and in the measures needed to improve the environmental sustainability of Wates&#8217; operations.<\/p>\n<h3>Supporting the public sector to \u2018build back better\u2019<\/h3>\n<p>David Allen, chief executive, the Wates Group, said: \u201cWe began 2020 with enormous optimism, having just achieved the highest level of profits the Group had generated for almost a decade and a record order book.<\/p>\n<p>\u201cWithin three months, the pandemic left us facing a battle for survival.<\/p>\n<p>\u201cThat we finished the year with a positive result is a credit to the remarkable efforts, resilience and adaptability of everyone at Wates.<\/p>\n<p>\u201cThe pandemic challenged us to work in different ways and to adapt.<\/p>\n<p>\u201cWe reorganised our business to focus on helping to tackle the UK\u2019s housing shortage, supporting the public sector to <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/build-back-better-council\/87614\/\" target=\"_blank\" rel=\"noopener noreferrer\">build back better<\/a> and investing in the modern methods of construction that will enable us to meet our customer\u2019s needs in the future.<\/p>\n<p>\u201cTogether, we have set the business up to succeed and we remain committed to our goal of becoming the most sustainable, trusted and progressive business in the sector.\u201d<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In one of the most challenging years in its 124-year history, Wates Group secured \u00a32.4bn of new work in 2020 enabling it to end the year with a record forward order book of \u00a36.6bn, up 13.5% from 2019.<\/p>\n","protected":false},"author":20,"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":[24813,676,54592,908,283,276,656,916,639,465,1755],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-90444","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-building-contracts","8":"tag-construction","9":"tag-coronavirus","10":"tag-economy","11":"tag-finance","12":"tag-government","13":"tag-housing","14":"tag-modern-methods-of-construction","15":"tag-procurement","16":"tag-sustainable-construction","17":"tag-wates"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wates ends year with record order book of \u00a36.6bn<\/title>\n<meta name=\"description\" content=\"Wates Group secured \u00a32.4bn of new work in 2020 enabling it to end the year with a record forward order book of \u00a36.6bn, up 13.5% from 2019\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/wates-group-end-the-year\/90444\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wates ends year with record order book of \u00a36.6bn\" \/>\n<meta property=\"og:description\" content=\"Wates Group secured \u00a32.4bn of new work in 2020 enabling it to end the year with a record forward order book of \u00a36.6bn, up 13.5% from 2019\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/wates-group-end-the-year\/90444\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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