A FAMILY-owned construction group with offices in Newbury has reported record profits.
The Wates Group, which specialises in residential development, and property services companies, says the operating profit of £40m comes on the back of securing £2.3bn of new work during 2021.
Its forward order book is £7.1bn, up 7% from the previous year, and another record figure.
The group is entering its 125th anniversary year, and says that its total tax contribution to the Exchequer rise from £107m in 2020 to £233m in 2021.
And the firm says that it has strengthened its commitment to environmental sustainability, cutting carbon emissions by 53% since 2019.
It also continued to give back to the communities where it operates, generating £116m in social value over the course of the year.
The Group will shortly be announcing details of a significant new sustainability-linked loan facility.
David Allen, chief executive, the Wates Group, said: “I 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’ 125-year history.
“What we’ve accomplished shows that our strategy – of focusing on the performance priorities that will help us achieve our goals of being more trusted, sustainable and progressive – is working. This strategy is supported by significant new investments in our residential and developments businesses, and by the investments we’re making in data and modern methods of construction to enable us to offer market-leading services to all our customers and partners.”
He added: “Despite 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; and the quality of our amazing team mean we’re looking forward to the future with confidence and excitement.”
