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Watkin Jones Releases Its Half Year Trading Update

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Watkin Jones has released its half-year trading update for the period ending March 31st.

Adjusted EBIT is forecasted to be in line with the company's expectations and slightly below H1-2020. The company holds around £88 million in cash, compared to £72.4m last year.

Meanwhile, construction activities are on track across its build-to-rent and PBSA developments, which consist of c.4,500 and 8,250 beds respectively.

Commenting on the results, Richard Simpson, Chief Executive Officer, said: "The rapid roll-out of the COVID-19 vaccine in the UK and decline in infections is beginning to restore some normality and confidence to the UK economy and our market sectors. We've maintained momentum from the second half of last year, making further good progress in securing new forward sales, adding to our development pipeline and with our construction activities all on track."

"We anticipate our profit for the first half of the year to be in line with our expectations and slightly below last year, which was before the onset of the disruption caused by the pandemic."

"The fundamentals supporting the markets for high quality build to rent and student accommodation assets remain strong and with the continued progress we have made in the first half of the year, gives us confidence in our future trading."