Watkin Jones plc H1-2023 Trading Update (0312W)
April 13 2023 - 2:00AM
UK Regulatory
TIDMWJG
RNS Number : 0312W
Watkin Jones plc
13 April 2023
13 April 2023
Watkin Jones plc
(the 'Group')
H1-2023 Trading Update
The Group provides the following trading update for the half
year ended 31 March 2023 (the 'period' or 'H1-2023').
-- First half performance has been driven by our contractually
secure forward sold developments which are on site. Project margins
have been in line with the updated guidance given in January, with
the exception of our scheme in Exeter where the Group has incurred
certain additional costs following the liquidation of a
contractor.
-- Underlying residential for rent market continues to perform
well with both strong tenant demand and rental growth in our core
PBSA and BTR sectors.
-- We are seeing appetite for forward funds continuing to
recover and expect to close a number of transactions in our H2. We
currently have five schemes either formally under offer or where we
expect to appoint preferred bidders imminently.
-- As previously flagged, performance will be materially H2 weighted.
-- The Group had gross and net cash as at 31 March 2023, of
c.GBP83m (H1-2022: GBP45m) and c.GBP44m (H1-2022: GBP27m),
respectively.
Notice of Interim Results
The Group's Interim Results will be announced on Tuesday 23 May
2023. There will be a pre-recorded audiocast of the Interim Results
presentation available to view on the Group's website
(www.watkinjonesplc.com) from 7am (BST) on the day of the
announcement. At 11am (BST), there will be a live 30-minute Q&A
webcast for sell-side analysts, hosted by Richard Simpson (CEO) and
Sarah Sergeant (CFO). Those analysts wishing to join and receive
dial in details should register their interest via
watkinjones@buchanan.uk.com.
- Ends -
For further information:
Watkin Jones plc
Richard Simpson, Chief Executive Officer Tel: +44 (0) 20 3617 4453
Sarah Sergeant, Chief Financial Officer www.watkinjonesplc.com
Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) Tel: +44 (0) 20 7418 8900
Mike Bell / Ed Allsopp www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20 7029 8000
James Umbers / David Sheehan / Paul Bundred www.jefferies.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper Tel: +44 (0) 20 7466 5000
watkinjones@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Watkin Jones is the UK's leading developer and manager of
residential for rent, with a focus on the build to rent, student
accommodation and affordable housing sectors. The Group has strong
relationships with institutional investors, and a reputation for
successful, on-time-delivery of high quality developments. Since
1999, Watkin Jones has delivered 48,000 student beds across 143
sites, making it a key player and leader in the UK purpose-built
student accommodation market, and is increasingly expanding its
operations into the build to rent sector. In addition, Fresh, the
Group's specialist accommodation management business, manages over
22,000 student beds and build to rent apartments on behalf of its
institutional clients. Watkin Jones has also been responsible for
over 80 residential developments, ranging from starter homes to
executive housing and apartments.
The Group's competitive advantage lies in its experienced
management team and capital-light business model, which enables it
to offer an end-to-end solution for investors, delivered entirely
in-house with minimal reliance on third parties, across the entire
life cycle of an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with
the ticker WJG.L. For additional information please visit
www.watkinjonesplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTGPUPACUPWGQP
(END) Dow Jones Newswires
April 13, 2023 02:00 ET (06:00 GMT)
Watkin Jones (LSE:WJG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Watkin Jones (LSE:WJG)
Historical Stock Chart
From Jul 2023 to Jul 2024