Wates’ property services unit has revealed significant business growth, following the acquisition of property services business Liberty, in the division’s latest annual review.
Turnover for the year ended 31 December 2023 £364.4 million, up 54 per cent from £236 million in 2022, generating a pre tax profit of £9 million (2022: £4.4 million).
Wates Property Services Limited maintains and improves spaces, offering social housing maintenance and decarbonisation expertise as well as facilities management across public sector and corporate properties.
The business retrofitted 2,000 homes under social housing and decarbonisation fund (SHDF with 3,000 in progress.
Its forward order book stands at £1.9 billion up 6.1 per cent from2022.
The business’ strong results follow the acquisition of leading property services business, Liberty, from social housing provider, ForHousing.
The acquisition has helped grow Wates Property Services Limited’s capabilities to include heating and compliance, with 1,100 people joining the business.
In March this year, Wates Group topped £2 billion in turnover for the first time in its 127-year history.
David Morgan, executive managing director, Wates Property Services, said: “2023 was an excellent year for Wates Property Services. We delivered solid profitability and a strong pipeline of work with a record order book of £1.9 billion
“All the markets in which we operate are positive, supporting our organic growth plans.
“The review shows a strong year for us reflecting the culmination of five years of progressive growth.”
“I am excited for what the future holds as our teams continue to innovate and find better ways of working.”
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