A building and property maintenance company which is providing facilities management services to Yorkshire Building Society has reported the highest-ever turnover and underlying profit in its 127-year history.
Family-owned Wates Group said its turnover increased more than 15 per cent to £2.18bn in 2023 and it reached a pre-tax profit of £46.2m. The company also ended the financial year with a record forward order book of £8.54bn. Wates made significant investments during the year, resulting in a lower net cash position than in 2022, of £138m. This included continued investment in its house building joint ventures portfolio.
This confidence is hard-earned, with Wates delivering profit before tax every year for more than two decades.” During the year, the group also reached two of its 2025 social value targets ahead of schedule. The group’s strategic spending with social enterprises, which multiply the company’s impact in communities where it operates, reached £31m since 2020, exceeding the original 2025 target of £25m.
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