Wates profit jumps 17% to £35m

Steady growth in profits at privately-owned builder Wates saw the firm end the year with over £190m in cash, up 50% on the previous year.
Pre-tax profits rose 17% to £35m in 2016 on a similar turnover rise to £1.53bn. The 20% uplift in revenue was driven by 40% growth in construction turnover, mainly from the full integration of SES Engineering Services.
Andrew Davies, chief executive of Wates, said the firm was now focussed on maintaining steady growth