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Wates targets £2bn by 2012

Wates has set a target to more than double its turnover in just five years after posting record results today.

The firm’s accounts show that turnover in 2007 was up 10 per cent to £948.7 million with pre-tax profits rising 20 per cent to £37.7 million.

Group margins rose to 4 per cent from 3.6 per cent in 2006 and its cash balance was £133.1 million.

But the company, headed by Paul Drechsler will have to maintain these booming results if it is to hit target set in its revised business strategy.

The strategy, outlined in the results, calls for the business to hit a turnover of £2 billion by 2012.

To achieve this will require average annual turnover growth each year of more than 16 per cent.