Contractor Wates Group has reported pre-tax profits of £22.6m (£22.3m in 2013), from a turnover of £1.05bn (£931m in 2013), according to its results for 2014.

Wates ended the year with a forward order book of £3 billion – 21 per cent higher than at the end of 2013, with net assets of £86.5m – a 9.3 per cent increase on the previous year and in a strong cash position, with £86.6m in the bank available for reinvestment in the business.

Andrew Davies, Chief Executive of Wates, said: “Whilst 2014 remained challenging, our business performed well. Group turnover (including the Group’s share of joint ventures’ and associates’ turnover) was up 12.8 per cent on 2013 at £1.05bn and we returned a £22.6m profit.

“Despite the still demanding trading conditions, the consistency of our performance demonstrates our excellent capabilities, resilience, and delivery within our core sectors.

Pre-tax profits increased by 1.4 per cent to £22.6m, from turnover up 12.8 per cent at £1.05bn, and finished the year with a forward order book of £3bn.

Other significant figures included:

“Our focus throughout 2014 was to invest in our business for future growth. In November we completed the acquisition of the Purchase Group – a highly respected business which focuses on the provision of responsive and planned maintenance services to housing associations and local authority clients in the affordable housing sector. Through its 130-strong employees, the Purchase Group brings the footprint and operational capability to grow our responsive maintenance business in the Midlands, Wales and the North within our construction business.

“We also continued our investment programme in residential development, and further invested in our Needspace? business to boost the opportunities that the London managed-office rental market affords us.

“In addition, we continue to invest in our people, systems and capabilities, including BIM.

“Keeping people safe from harm and providing a healthy and safe environment in which to deliver our work remains our number one priority. As we continue our focus and drive to zero-harm, 2014 saw a 35 per cent improvement in our RIDDOR AFR to 0.115, with a 17 per cent improvement in 1day+ AFR to 0.204.

“Our programme of continuous improvement includes a pro-active workforce engagement plan that focuses on education and engaging our site operatives on safety and occupational health issues. In 2014, as part of our drive to address the wider health agenda, we launched ‘Bin the Broom’ – an industry leading initiative that is having a positive impact on our sites, reducing airborne dust.

“As the markets return we are confident we have identified the right sectors for growth matched to our capabilities, and we have the right strategy to support this.”