H1-2023 Trading Update

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.£83m (H1-2022: £45m) and c.£44m (H1-2022: £27m), 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 [e-mail].

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For further information:

Watkin Jones plc
Richard Simpson, Chief Executive Officer	Tel: [phone]
Sarah Sergeant, Chief Financial Officer	www.watkinjonesplc.com
Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker)		Tel: [phone]
Mike Bell / Ed Allsopp		www.peelhunt.com
Jefferies Hoare Govett (Joint Corporate Broker)		Tel: [phone]
James Umbers / David Sheehan / Paul Bundred		www.jefferies.com

Media enquiries:

Buchanan
Henry Harrison-Topham / Jamie Hooper	Tel: [phone]
[e-mail]	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

 

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