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The government needs to be more ambitious with its net zero agenda and should begin by removing VAT from retrofit work, according to the new boss of Wates.

Speaking in his sixth week at the helm of the firm, chief executive Eoghan O鈥橪ionaird said it was 鈥渟elf-evident鈥� the UK needed to decarbonise the built environment 鈥渢hrough retrofitting the buildings that are currently standing鈥� and urged government to 鈥渢hink longer term on decarbonisation鈥�.

鈥淕overnment should do their part in clarifying the regulatory landscape that will facilitate longer term planning and longer-term investment towards that end,鈥� he said. 鈥淸Removing VAT] would be such an easy give and such a sensible give and such a powerful promoter of retrofitting towards zero carbon.鈥�

O鈥橪ionaird鈥檚 comments on retrofit come on the morning of the government鈥檚 so-called energy security day 鈥� previously billed as 鈥榞reen day鈥� 鈥� which is expected to see the announcement of a new net zero strategy along with a raft of measures drawn up to bolster the UK鈥檚 energy security.

He was speaking as Wates said turnover hit a record 拢1.89bn last year, a rise of 17% on the year before. But pre-tax profit was down 6% to 拢33.7m.

O鈥橪ionaird, who joined from 拢500m turnover marine services firm James Fisher & Sons and was brought in to replace David Allen, now the finance chief at Mace, said Wates鈥� total forward order book was up 17% to 拢8.35bn. The firm had 拢153m of cash at the year-end.

Revenue at its construction arm, Wates鈥� biggest, was up 24% to 拢958m, with the business recording its highest ever average contract value size at 拢43m.

This included projects such as the Sandwell Aquatics Centre, which was used in last year鈥檚 Commonwealth Games in Birmingham, and 拢100m worth of work on Wates鈥� largest ever job 鈥� the 拢500m Envision AESC gigafactory in Sunderland.

Chief financial officer Philip Wainwright, who served as interim chief after Allen鈥檚 departure, said battery manufacturing factories could be a 鈥渞ich seam鈥� of work for the construction sector, but that the jobs were 鈥渘ot straightforward鈥�.

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鈥淭his is sophisticated, complicated M&E that very few others are able to integrate with their construction animal,鈥� he said.

O鈥橪ionaird, a Japanese speaker, said Wates was in a good position to compete for phases of work on the job for Envision AESC, which is headquartered in Kanagawa, and pointed out that decarbonising road transport was going to require 鈥渉undreds of thousands of cars worth of batteries鈥�.

鈥淪o we are going to need many of this scale of factories in the UK alone, and the UK has expressed the ambitious to become a supplier internationally of electric car batteries 鈥� so the opportunity for Wates is quite substantial.鈥�

Asked about his strategy for the business, O鈥橪ionaird said it was too soon into his tenure for him to 鈥渆xpound on any particular philosophy as it pertains to Wates鈥�.

But he said the firm had a 鈥渧ery clear sense鈥� of the part it wants to play in the built environment, centred around the net zero agenda. 鈥淲hether that is constructing zero carbon, whether it is supporting the decarbonisation of social housing, or whether it is in building factories such as the gigafactory, we regard this not just as an opportunity for the company, but also as part of what makes Wates tick.鈥�