Wates Group annual results show record turnover
amid big investment drive
Wates Group annual results show record turnover
Wates Group announced a record annual turnover and record order book, despite intense economic headwinds.
- Wates secured £31.4m underlying pre-tax profit on turnover of £2.40bn in 2024
- Results mean the Group has achieved profits every year for 25 years
- Significant investment combined with a strategic acquisition set Wates up for sustainable long-term growth, with a record £8.64bn pipeline of orders
The Group achieved turnover of £2.40bn in 2024, with an underlying profit before tax of £31.4m, meaning it has now delivered profit before tax every year for the past quarter of a century.
The results, combined with a forward order book of £8.64bn and a strong end-of year cash position of £195.6m – up £57.6m on 2023 year end – set the Group up for continued, sustainable growth in 2025.
It follows a year of significant investment to drive value, improve services and ensure the company is ‘fit for the future’, amid major expansion.
This year’s results represent a robust performance in difficult market conditions, with 2024 marking the 25th year in a row in which the Wates Group has been profitable.
We are proud to be a 100 per cent UK family-owned business. With our new purpose at the heart of everything we do, we have an excellent foundation on which to build continued sustainable profitable growth.
The business ended the year in a strong position with a solid cash balance and a positive tangible net worth. Importantly, we are proud of the excellent relationships we have built, with much of our work delivered for repeat customers.
Our forward order book also demonstrates the confidence that our customers have in us to deliver projects of all types and sizes – and 2024 has seen more large projects won and delivered across our business divisions.
I would like to extend my thanks to all our colleagues, customers, partners and supply chain for their hard work to make our continued success possible.”
Eoghan O’Lionaird,
Chief Executive, Wates Group
Fit for the future
As part of its growth plans, last year Wates completed the acquisition of Liberty Group, a leading property services business, adding around 1,100 employees and taking Wates’ total workforce to almost 6,000 people, part of an overall increase of 36 per cent on 2023.
The acquisition of Liberty means Wates now maintains 600,000 social houses – one in seven in England – putting it in prime position to lead on replacing gas boilers with air source heat pumps in social housing, consolidating its environmental credentials and status as a driving force in decarbonising homes.
Wates secured the transfer of members’ defined benefits from the Wates Pension Fund to pension specialist Clara-Pensions, thereby providing members with increased financial security in the longer term while also managing Wates Group’s pensions risk.
The company also invested in key areas, including supply chain, compliance, the environment and the Building Safety Act.
Industry leaders
Wates established its lines of business as standalone divisions, each with a dedicated management board, giving them the flexibility and autonomy to thrive while contributing to the long-term strength of Wates Group:
- SES – previously part of the Construction Group – is led by Executive Managing Director Rob Clifford. It delivers technical solutions for customers, including state-of-the-art facilities like the life sciences fit out at Victoria House in the heart of London’s Knowledge Quarter.
- Pip Prongué, a respected leader in the residential sector, joined Residential as Executive Managing Director, and Steffan Battle was appointed Executive Managing Director for Construction. All three now sit on the Executive Committee.
- In October, as part of the Construction division, Wates created a new team headed up by Lee Phillips focused on commercial fit out in London, a strategic growth opportunity for Wates in 2025. The team now employs 20 people.
Strong trajectory of business growth
Across the Group, 2024 saw significant new project and contract wins that will underpin the future of Wates for the coming years:
- The Residential division won three strategic new contracts in the south of England, in Guildford, Surrey, Horton Heath, Hampshire, and Moulescoomb, Sussex, which together will enable us to deliver a combined total of more than 800 new homes in areas of the country where housing is urgently needed.
- The Construction division won contracts across multiple sectors for both public and private-sector customers, including a major regeneration project at Gresham, Middlesborough, the Victoria House life science hubs for Oxford Properties in London, and fit out services for three MOJ projects, as well as breaking ground on the expansion programme at HMP Highpoint in Suffolk, which will deliver 741 prison places.
- The Property Services division won contracts across the country, including responsive maintenance programmes with the Peabody housing association, as well as Social Housing Decarbonisation Fund-related work with London Borough of Brent and A2 Dominion Housing Group. It increased its turnover by 30 per cent on 2023 values to £547.2m with its forward order book increasing to £2.7bn, enhanced following the acquisition of Liberty Group.
- SES secured a record amount of new work across a range of sectors including sports, education, industrial, commercial and life sciences.
I am proud of our teams, who have delivered strong results in 2024 against a challenging backdrop. As a fourth-generation family business, we maintain our long-term commitment to being a force for good in society and we are excited about our future prospects.”
Tim Wates,
Chairman of Wates Group
In 2024, Wates shareholders contributed £1.8m to the Wates Family Enterprise Trust, an independent charity set up by the owners of Wates Group that has been supporting young people, communities and nature-based neighbourhoods since 2008.
