Contractor Wates Group will consider making further acquisitions in order to bolster plans to grow turnover to £2bn. Speaking after unveiling a snapshot of the firm's results, chief executive Andrew Davies said the group, which grew turnover by 13% to £1.05bn in the year to December 2014, was on course to grow to £2bn and would look to add capability to the business through acquisition. However, Davies declined to comment on reports that it is currently in negotiations to buy a large part of York-based rival Shepherd's construction business. Wates said in a statement that it made a pre-tax profit in 2014 of £22.6m, very slightly up on the £22.3m reported in 2013. Its operating profit margin fell slightly, to 2.3% from 2.5%, a decline which Davies said was due to difficult trading conditions and the fact a large number of new contracts were starting up. However, the firm's forward order book grew to £3bn, up 21% on 2013, and it reported an improved cash position with about £80m in net cash.
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