Record year for firm that transformed aquatics centre

Wates Group has reported its highest ever turnover of £2.18 billion in the company’s 127-year history. It was up more than 15 per cent on 2022.

The group also achieved profit before tax of £46.2 million and ended 2023 with a record forward order book of £8.54bn.

The family-owned development, building and property maintenance business had completed the Sandwell Aquatic Centre in 2022 for the Commonwealth Games.

The leisure centre features an Olympic-sized swimming pool with moveable floors to allow for multiple uses. It also has a 10-metre-high pre-cast dive tower, a 25-metre diving pool, and seating for 1,000 spectators. These are accompanied by a community swimming pool, three activity studios, two four-court sports halls, a fitness gym, cycling studio and changing village with a capacity of 600.

Wates has delivered a pre-tax profit every year for more than two decades.

Turnover in the group’s residential business increased by £13m on 2022 figures, to reach £323m, delivering 276 homes over the year with more than 3,000 homes under construction.

Eoghan O’Lionaird, chief executive of Wates Group, said: “Despite a challenging external environment, we delivered a strong performance last year. Whilst it’s great to pass the £2bn turnover mark, it’s just as encouraging to see an increase in profit. Our stable family governance and clear purpose have provided a firm foundation upon which we continue to go from strength to strength.

“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.

“We are also just as proud of our contribution to society as we are of our bottom line. I’m delighted that in 2023 we exceeded some of our social value targets set for 2025. We have now been able to set even more ambitious targets to increase spend with social enterprises and engage more young people in the great work we do, to make sure everything we do brings benefit to the communities we serve.

“Today’s results are a testament to the hard work of people across the group, and I would like to extend my thanks to all our colleagues, as well as our customers, partners, and supply chain, for everything they do to make this continued success possible.”