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19th Nov 2018
Watkin Jones has released its half year results for the six months ending 31 March 2017, with results in line with expectations.
Although revenues for the period were down 8.4% on the same period a year earlier, they were in line with management's expectations. The decline was attributed to the timing of forward development sales and are expected to increase in the second half of the year.
Gross profit for the period increased 23.8% to £29.1 million (H1 2016: £23.5 million), while its gross margin rose 21.8%, up from the 16.1% reported during the same period a year earlier.
Commenting on his group's results for the six months to April 2017, Mark Watkin Jones, said: "The group's student accommodation development business continues to be underpinned by the attractive fundamentals of the student accommodation market, with the group continuing to see strong demand from UK and international clients.
"We have seen increased institutional demand for good quality purpose built assets, with a number of new international funds recently entering the market. This has had a positive effect on development values as competition has increased and yields have sharpened. Clients looking for scale see partnering with Watkin Jones as the best way to secure new assets in prime locations. The forward sale model and student accommodation pipeline of 31 sites provides the group with excellent visibility on future earnings and cash flow."
The group's forward pipeline of 31 sites consists of over 11,200 beds with an appraised development value of more than £920 million. Of the current pipeline, 28 are due for delivery by FY 2019 and three are for delivery in FY 2020.
Fresh Student Living, the group's operation management arm, is contracted to manage 12,117 beds across 43 schemes for the current year. This will increase to 19,532 beds across 65 schemes by the FY 2020.
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