Wates has reported a fall in turnover and a 17% drop in its pre-tax profit, for the year to 31 December 2009.
Profit stood at 拢38.9m, while turnover was 拢945.3m, a decrease of 7% on 2008鈥檚 figure of 拢1.02bn.
The construction business was the most successful area of the Wates Group, reporting operating profit up 36% at 拢42.5m.Its order book is up 15% at 拢2.3bn.
The residential development business recorded a loss of 拢0.9m, after making a profit of 拢11.2m in 2008.
Its residential landbank increased by 7% to 2,614 acres.
Wates is cash rich, with 拢178.9 million cash in the bank, an increase of 6% on the previous year.
The group鈥檚 staff numbers fell by more than 200, dropping to 2,118 from 2,323 the prior year, but the average wage increased to 拢52,608 to 拢51,589.
Chairman and chief executive Paul Drechsler said: 鈥�2009 was a challenging year, with the UK economy in recession and demand for construction services in decline.
鈥淲ates鈥� strong balance sheet, highly-engaged employees, track record for delivery, excellent reputation for social responsibility and long-term family ownership remain a very attractive proposition for customers.
鈥淎gainst a background of an even more challenging economic environment in 2010, the Board is confident that the company has the strategy, the customers and the people to continue to deliver value for all its stakeholders.鈥�
听
Got a story? Email news@theconstructionindex.co.uk
