The family owned firm saw turnover increase to £2.56bn in 2025 from £2.4bn last time as pre-tax profits rose to £29.2 from £2.6m.

The business also ended the year with a record net cash position of £248.3m – up £52.7m.

Wates said it was reaping the dividends of a year of consolidation in 2024 which saw the embedding of property services company Liberty and the Wates Fit Out as well as senior leadership changes in the Wates Construction and Wates Residential operations.

Wates Construction remained profitable in a difficult market as turnover dipped to £1.2bn from £1.3bn.

SES saw its revenue grow significantly to £590.4m from £432.7m, as investment in offsite manufacturing and technology reached new scale.

Eoghan O’Lionaird, Chief Executive, Wates Group, said: “Our 2025 results demonstrate the resilience of Wates Group and the strength of our long-term model. Despite ongoing industry headwinds, we have delivered strong, sustainable and profitable growth, underpinned by a record £10bn forward order book and our strongest-ever cash position.

“Most important of all are the relationships we build. We work on a long-term basis with our customers, who trust our capability and governance. Guided by our purpose, we have continued to deliver not only strong financial results, but also meaningful impact for the communities we serve.

“I would like to thank our customers, partners and supply chain, and most importantly our nearly 6,000 colleagues. Their commitment and professionalism remain central to Wates’ success.”

Tim Wates, Chairman, Wates Group, added: “As a family-owned company with more than a quarter of a century of uninterrupted profitability, we remain focused on growth that is responsible, sustainable and grounded in our purpose.

“These results show the strength of that approach, both financially and socially, and with robust liquidity, a record order book and a clear long-term strategy, Wates is well positioned for the years ahead.”