Wates tops £2bn turnover for first time


Wates Group has topped £2 billion in turnover for the first time in its 127-year history – amid high inflation and interest rates and disrupted supply chains.  

Wates chief executive, Eoghan O’Lionaird. Credit: Wates.

Revenue in FY2023 was up by more than 15 per cent on the previous recorded year, generating a pre-tax profit of £46.2 million (+37 per cent on FY2022).   

The construction business reported £1.17 billion turnover, up 22 per cent on the previous financial period, and secured £1.1 billion in new work, with a highest ever average project value of £48.3 million.  

Turnover in the residential business increased by £13 million on FY2022 figures, to reach £323 million, delivering 276 homes over the year and with more than 3,000 homes under construction. 

Meanwhile the developments arm secured its highest ever profit before tax alongside turnover of £147 million, an increase of 16 per cent on the prior year.  

And Wates’ property services business, which includes Living Space, Smartspace, and Facilities Management, increased turnover in FY2023 to £545 million. 

The group also ended the financial year with a record forward order book value of £8.54 billion.   

Significant investments during the period, including in its House Building Joint Ventures portfolio, resulted in a lower net cash position than in FY2022, of £138 million.  

Wates’ £90 million RCF remained undrawn at the year end.   

Chief executive, Eoghan O’Lionaird, said: “We are in an excellent position, with profitability across all parts of our business, a solid cash balance and a positive tangible net worth.  

“Our record forward order book demonstrates our customers’ confidence in our ability to deliver projects of all types and sizes.  

“This confidence is hard-earned, with Wates delivering profit before tax every year for more than two decades.” 

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