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<\/a><\/div>\n<\/div>\nLast year Wates invested \u00a356m in its residential developments businesses and \u00a310m in its commercial property portfolio.<\/p>\n
Across the group, residential development revenue rose 11% to \u00a3233m, property services turnover grew 8% to \u00a3514m, while mainstream construction slipped back to around \u00a3850m.<\/p>\n
The group maintained a strong cash position throughout the year, finishing 2018 with \u00a3114m and received significant backing from its existing banks and from a new bank who, together, extended facilities from \u00a360m to \u00a3120m.<\/p>\n
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<\/a><\/div>\n<\/div>\nChief executive David Allen said after encouraging results Wates was looking forward to a strong 2019 with record orders at \u00a35.4bn. He predicted group revenue would be up by around 10% in the year ahead.<\/p>\n
“We\u2019ve delivered another year of increased profits by continuing to concentrate on working in the sectors and geographies where we have proven expertise and for customers with whom we enjoy positive, effective relationships.<\/p>\n
\u201cWe\u2019ve entered 2019 in great shape, with a record order book and significant backing from our banks to support the investments we want to make in our future.<\/p>\n
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