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Watkin Jones CEO to Step Down

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

The chief executive of Watkin Jones is to step down once a suitable successor has been found.

Mark Watkin Jones cited personal reasons for stepping aside, saying: "After careful consideration I have decided that it is necessary for me to step back from my position as chief executive officer.

"Solid foundations are in place for my successor to work with, including an excellent management team that has supported me over the years in successfully growing the business and who will continue to drive Watkin Jones forward for the long-term benefit of our shareholders."

The departure comes as the company saw profits soar and annual revenues top £300m in its first full year as a listed company.

Pre-tax profit at the student accommodation developer more than tripled to £43.3m (2016: £13.3m) in the 12 months to September 30, on revenues of £301.9m (2016: £267.0m).

The company listed in early 2016 and the absence of significant IPO costs this year led to the improvement in profitability.

Commenting on the latest results, outgoing CEO Watkin Jones said: "We are delighted to report another impressive set of final results demonstrating our ability to continue the strong momentum established during our first year on the AIM market.

"The group has generated strong revenue and earnings growth, driven by our core student accommodation development business."