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Watkin Jones' Trading Update

Posted by Richard Ward in

Image courtesy of Flickr, (View licence)

Watkin Jones, the PBSA and BTR specialist, has revealed that annual revenue will come in slightly below expectations for the year ending September.

In a trading statement released ahead of its annual report, the group told investors revenue is expected to come in at £430 million, slightly below expectations, but margins will be improved due to the timing of land sales. This ensures profits are forecasted to be in line with market expectations.

The company has five build-to-rent projects and seven purpose-built student accommodation schemes that have been handed over to operators this year, whilst development work across its 13 sites is on track.

Commenting on the update, Richard Simpson, chief executive of Watkin Jones, said: "It's been a year of good progress for Watkin Jones. Our end-to-end development capability, combined with favourable market dynamics and our capital light business model, has enabled us to deliver a strong operational and financial performance."

"During the year, we continued to enhance the future value of our BtR and PBSA pipeline and reinforce our reputation with institutional investors as the UK's leading residential for rent developer. This, together with the ongoing re-focusing of our homes business into the affordable housing market, provides a robust platform for sustained earnings growth."