A BUILDING firm has hailed its fortitude in a “challenging year for the sector” after new contracts helped deliver a record order book.

Wates Group says it stands ready to deliver another 12 months of progress following strong headway across its construction, residential and property services divisions.

According to latest annual results revealed today (Monday, March 19), the business’ order sheet stood at a record £5.1bn in the year to December 31, with pre-tax profit steady at £35.7m.

Turnover was up 5.9 per cent on a year ago at £1.62bn as net assets increased 69 per cent to £119.4m.

Bosses at the company, which previously took over parts of York-based Shepherd Group, including its Darlington engineering division that led construction of trainbuilder Hitachi Rail Europe’s £82m Newton Aycliffe factory, say the figures reflect a strong management team and strategy.

James Wates, chairman at the operator, which also has offices in York, said: “These are really positive results, demonstrating our continued success in what has been a challenging year for the sector.

“They attest to the quality and commitment of our people, the strength of our relationships with customers and partners, our robust financial management and the resilience of our strategy, systems and processes.”

According to the firm’s results, construction turnover increased nearly five per cent to £934.8m, with residential development turnover steady at £206.1m as Wates built more than 5,000 new homes in 2017.

Turnover across its property services arm was 11 per cent better off at £477.3m.

Mr Wates added: “Performance across all areas of the business was very strong and we continued to maintain a balance of public and private sector clients.”

The company’s portfolio includes the £22.3m Teesside University National Horizons Centre, which it is building in Darlington’s Central Park.

The life sciences base will act as a bridge between university learning and organisations, including the Centre for Process Innovation (CPI), to bolster skills and research across bioscience.

The CPI is known for nurturing next generation healthcare treatments at its £38m National Biologics Centre in Darlington.