Building group celebrates “continued success” amid challenging sector
The construction group behind a multimillion pound redevelopment project at RAF Marham has seen its revenue jump off the back of large contracts.
Wates Group saw turnover rise 5.9% to £1.62bn in 2017, up from £1.53bn the year before, and its chairman hailed business’s “continued success” in a challenging year for the sector.
The family-owned firm has been building the squadron headquarters, for the F-35B Lightning II aircraft which is due to arrive in Norfolk this year.
The £27m contract alongside contract wins with Marks & Spencer, the London School of Economics and Royal Mail helped Wates to post pre-tax profits of £35.7m, slightly up from £35.5m in 2016, and the company said its £5.1bn order book is a record.
Chairman James Wates said: “These are really positive results for the Wates Group, demonstrating our continued success in what has been a challenging year for the sector.”
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