Watkin Jones Reports 21.5% Rise in Revenue

Watkin Jones has released its financial results for the year ending September 2021.

The company reported revenue at £430.2 million, up by 21.5% year-on-year. The increase was attributed to the growing contribution from its build-to-rent developments and a strengthening institutional investor forward sales market.

Operating profit was recorded at £57.3 million, up by 10.8%. The group had £124.3 million in net cash as of 30 September 2021, whilst investors are set to benefit from an 11.6% rise in dividends to 8.2p.

Work on its 13 current developments was also on track, with build costs remaining within forecasts and trading in the new financial year in line with expectations.

Commenting on the results, Richard Simpson, chief executive of Watkin Jones, said: "This is a very strong set of results. WJ has once again demonstrated its end-to-end development capability."

"As well as handing over 12 schemes on time, we leveraged our excellent institutional relationships to drive the forward sale of some 3,800 beds and continued to enhance the depth and quality of our development pipeline, securing good visibility of future earnings."

"Since the year end, we have continued this excellent momentum across the business with increasingly strong investor appetite for residential for rent homes."