REG - Watkin Jones plc - Full Year Results 2022
25/01/2023 07:00
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RNS Number : 7524N Watkin Jones plc 25 January 2023
Watkin Jones plc
(the 'Group')
FY Results 2022
'Operationally resilient; well positioned for growth with strong development
pipeline and sound balance sheet'
The Group announces its annual results for the year ended 30 September 2022
('FY22'):
Adjusted Results(1) Statutory Results
FY22 FY21 Change (%) FY22 FY21 Change (%)
Revenue £407.1m £430.2m (5.4)% £407.1m £430.2m (5.4)%
Gross profit £67.6m £84.8m (20.3)% £67.6m £84.8m (20.3)%
Operating profit £54.7m £57.3m (4.5)% £24.3m £57.3m (57.6)%
Profit before tax £48.8m £51.1m (4.5)% £18.4m £51.1m (64.0)%
Basic earnings per share 14.8p 16.4p (9.8)% 5.2p 16.4p (68.3)%
Dividend per share 7.4p 8.2p (9.8)% 7.4p 8.2p (9.8)%
Adjusted net cash(2) £82.6m £124.3m (33.5)%
1. For FY22 Adjusted Operating profit, Adjusted Profit before tax and
Adjusted Earnings per share are calculated before the impact of the
exceptional charge of £30.4 million for the potential costs of the remedial
work required under the new Building Safety Act.
2. Adjusted net cash is stated after deducting interest bearing loans
and borrowings, but before deducting IFRS 16 operating lease liabilities of
£49.1 million at 30 September 2022 (30 September 2021: £129.3 million).
Key Highlights
· Revenue of £407 million, reflecting record forward sales of £900
million and increasing contribution from our BTR developments. 5.4% lower year
on year, impacted by the market volatility in September which led to two
anticipated forward sales being deferred.
· Adjusted operating profit of £54.7 million reflecting strong
operational delivery and build cost management, but 4.5% below FY21 due to:
o Lower than expected forward sales in September 2022;
o Some pricing and margin softness on sales concluded in the second half;
offset by
o Higher than anticipated profit of £18.3 million from the sale of two
operational PBSA assets as part of a portfolio sale.
· Strong balance sheet, with gross and net cash (adjusted) as at 30
September 2022 of £110.8 million and £82.6 million respectively.
· Full year dividend of 7.4p, in line with policy of 2x cover.
· Continued operational resilience of the business:
o Eight developments delivered in the year
o Build costs and supply chain well managed throughout the year in the face
of a challenging industry backdrop
o Good progress in all phases of our development model including land
acquisitions and planning consents.
· Residential for Rent sector has continued to perform strongly with
occupancy and rental growth driven by tenant demand; this is expected to lead
to a recovery in investor demand for our assets in FY23.
· Record revenues from Fresh with 22,896 beds under management and
bookings well advanced for the next academic year.
· An exceptional charge of £30.4 million has been recognised in the
year for the potential costs of the remediation work required under the
Building Safety Act, which we expect will be incurred over a period of up to 5
years.
Outlook
· The Group retains very good visibility over its development
pipeline, has low levels of asset exposure and strong liquidity.
· Interest in forward sales is returning to the market although new
forward sales are assumed to be weighted to H2 which will impact H1/H2 revenue
and operating profit weighting.
· The secured development pipeline has been maintained at £2.0
billion (estimated future revenue - based on reasonable pricing assumptions):
o £0.7 billion forward sold; providing a solid revenue base through FY23
o Further £0.8 billion secured with planning; representing a very
significant portfolio of developments capable of being forward sold in FY23 as
markets re-open.
· Significant planning consents have been gained in Q1, including for
a BTR development in Woking (366 apartments), PBSA developments in Bristol
(260 beds) and Guildford (290 beds) and a joint PBSA/ BTR development in
Edinburgh (c. 400 beds and c.400 apartments).
· Gross margins for PBSA and BTR will continue to be impacted by
purchasers' increased borrowing costs and are currently anticipated to be
c.12-14% in the short term. However, we expect to recover blended Group gross
margin to over 15% in the medium term.
· We will slow down our affordable housing business to focus on the
higher margin, more mature PBSA and BTR developments.
· We expect build cost inflation to moderate and for supply chain
availability to improve throughout FY23. We will remain vigilant for signs of
distress in the construction supply chain and are ready to take action as
necessary to ensure project delivery.
· We have looked carefully at our overhead cost base and in November
implemented a cost-out plan which is expected to generate annualised savings
in the region of £3-4 million.
· Our balance sheet strength will allow us to acquire good quality
development pipeline opportunities which will both support long term growth
and provide scope to take advantage of opportunities created by the more
volatile market environment.
· We are looking at a range of initiatives to mitigate market
volatility and enhance the Group's long term growth potential.
Richard Simpson, Chief Executive Officer of Watkin Jones, said: 'The Group
performed well throughout most of the year, however we were impacted by
liquidity issues in the forward sales market following the mini budget.
Underlying sector tenant demand for residential for rent remains very strong,
and we have entered the new financial year with a strong secured pipeline and
record levels of consented developments. Our good balance sheet liquidity puts
us in an excellent position from which to take advantage of attractive land
acquisition opportunities, which will support margin recovery as market
conditions improve in the second half of the year."
Analyst meeting
A meeting for analysts will be held in person at 9.30am today, Wednesday 25
January 2023, at Buchanan, 107 Cheapside, London EC2V 6DN. A copy of the Full
Year results presentation is available at the Group's website:
http://www.watkinjonesplc.com
An audio webcast of the meeting with analysts will be available after 12pm
today:
https://webcasting.buchanan.uk.com/broadcast/63bc1a63dd6e7150320157d4
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 46,000 student beds
across 136 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
Chief Executive Officer's review
We delivered a good operational performance across the Group during FY22 and
made further progress with implementing our strategy. The resilience of our
business, based on our strong balance sheet, capital-light model and high
visibility of development pipeline, gives us confidence that we can withstand
the current uncertain economic environment and benefit from opportunities
created by it. Occupier demand across the residential for rent sector remains
strong, which should support investor demand for our assets once market
conditions normalise.
Performance
The Group performed solidly across all four divisions. We delivered eight
developments and secured new sites and planning consents, finishing the year
with a record pipeline capable of delivering £2.0 billion of revenue over the
coming years. We completed £0.9 billion of forward sales, across 11 schemes,
as investor demand for residential for rent assets remained strong for most of
the year. Fresh also further enhanced its reputation for great customer
service, supporting new mandate wins.
As we announced in October 2022, our overall revenue and profit was impacted
by market volatility towards the end of our financial year. This impacted two
forward sale transactions which were planned to close in September 2022. The
effect of these was partially offset by the profit on the sale of two leased
assets, which together resulted in our adjusted operating profit being 10%
below our expectations for the year. These forward sales are now expected to
transact in FY23.
Despite the market volatility, our business remains cash generative. As we
generally only start construction once developments are forward sold, our
exposure to significant expenditure is limited. As a result, we were able to
maintain our dividend payments to shareholders, declaring a dividend of 4.5
pence per share.
Results
Revenue for FY22 was £407.1 million, down 5% (FY21: £430.2 million), while
gross profit was 20% lower at £67.6 million (FY21: £84.8 million). Adjusted
operating profit, which excludes the impact of the £30.4 million exceptional
provision for building remediation, was £54.7 million (FY21: £57.3 million).
BTR has continued to grow rapidly. Revenues were £191.2 million, representing
38% growth (FY21: £138.6 million). We made good progress with our schemes
on-site and forward sold five developments during the year. Our secured
pipeline stands at 4,400 apartments. Notable successes in the year included
agreeing a £200 million forward fund transaction on a 715-unit development in
Cardiff.
In PBSA, we delivered seven schemes with 1,813 beds ahead of the 2022/23
academic year. Revenues were £180.0 million (FY21: £259.9 million) and we
forward sold five developments. Our secured pipeline now stands at around
6,457 beds. During the year, we acquired an 819-bed consented site in Bristol
and a 397-bed site in Stratford, London, subsequently securing planning
consent on the Stratford development. We also agreed the sale of a PBSA
portfolio totalling 2,063 beds, comprising a forward funding deal for three
PBSA development schemes and the sale of two operational PBSA assets.
We progressed our affordable-led developments, continuing to work through the
remaining sites from our traditional business building private homes for sale.
Revenue was £14.5 million (FY21: £22.7 million).
Fresh performed well, with revenue increasing to £9.1 million (FY21: £7.8
million), reflecting higher student occupancy and an increased number of units
under management. It achieved outstanding ratings for customer service, both
from clients and residents, and won a number of prestigious awards. At the
year end, Fresh had 22,896 student beds and apartments under management. By
2024, it is currently expected to manage almost 25,000 units, including
expected renewals.
The Group remains cash generative, reflecting our capital-light model. At the
year end we had adjusted net cash of £82.6 million.
Strategy
We continue to follow a clear strategy based on delivering growth across the
Group, operational excellence through continuous improvement and ensuring we
have responsible operations.
There is good momentum underlying the sectors we operate in, with rising
consumer demand for student accommodation, BTR and affordable housing.
Despite current investment market volatility, we expect these sectors will
remain highly attractive to institutional investors, based on strong consumer
demand, forecast rental growth and the secure income that residential for rent
assets deliver.
Our self-delivery model helps to ensure we deliver on time and to budget, and
we have continued to refine our operational structures and processes to
further enhance our delivery. We also work with third-party contractors to
provide additional capacity where needed, particularly in locations where we
do not have a local presence.
In times of supply chain disruption, it is important that we partner with the
best. We have long-standing relationships with much of our supply chain,
including firms we have worked with for decades. We are further improving the
way in which we manage and work with our supply chain, to ensure efficiency
and consistency of product. We know the sustainability of our supply chain is
key to achieving our own sustainability targets, and in November 2022 we held
a supplier conference to set out our expectations in this regard.
One of the key demonstrations of our responsible business principles in action
during the year related to remediating fire safety issues in the Group's
historical developments, which is discussed in further detail in the annual
report.
More broadly, this was the first full year of the ESG strategy we launched in
FY21, covering people, places and planet. We are pleased with our progress so
far and while there is a long way to go, we remain on track to meet our
multi-year targets.
People
Achieving high health and safety standards is critical and our approach has
continued to produce a significantly better performance than the national
average. Our incident rate, which is the number of incidents recorded per
100,000 employees, was 175 (FY21: 102). This compares with 2,880 for the wider
industry (source: HSE).
Unfortunately, in November 2022, we took the difficult decision to enter into
an employee consultation to restructure some areas of the business and reduce
headcount by around 40 roles. This followed a review of our ways of working
and took into account the macroeconomic uncertainty. The restructure will
reduce our cost base while ensuring we are operating more effectively and
efficiently to support our long-term success.
Outlook
Macroeconomic conditions remain challenging and uncertain in the short term.
However, the underlying market drivers supporting the residential for rent
sector remain strong. We expect the housing supply/demand imbalance, rising
interest rates and increasing numbers of full-time students to continue to
fuel strong consumer demand for rented homes. This should translate into
strong occupancy levels and further rental growth.
We therefore anticipate that, despite elevated borrowing costs, the
opportunity for higher yields and long-term returns will ensure that
residential for rent assets remain attractive to institutional investors.
However, we also believe it is prudent to assume that higher borrowing costs
for our institutional clients will result in margin pressure continuing into
FY23, and that new forward sales will be weighted to the second half of FY23.
Our balance sheet strength provides a distinct competitive advantage for the
Group and we have a resilient business model which is well positioned for
success. Our cash-generative, forward-selling, capital-light model means we
have very good visibility of our development pipeline and minimal assets on
the balance sheet that are exposed to a decline in value. We have £2 billion
of secured development pipeline and entered FY23 with secured revenue of
around £270 million.
Delays in the UK planning system appear to be easing and we have secured a
number of planning consents on prime assets which will enable us to respond
quickly to investor demand as capital markets recover. In the meantime we will
look for attractive land acquisition opportunities to drive future revenue and
profit growth and restore margins back to target.
Richard Simpson
Chief Executive Officer
25 January 2023
Operating review
Build To Rent
BTR development delivered further strong growth, with revenues of £191.2
million (FY21: £138.6 million), up 38% due to the five forward sales that we
completed during the year. The 71-bed BTR element of the Steelworks
development in Sheffield achieved practical completion in March 2022 and we
continued to progress the forward sold developments at Hove and Lewisham,
which are due to reach practical completion in 2023 and 2024 respectively.
We forward sold five BTR schemes in FY22, totalling more than 2,000
apartments, which generated revenue from the associated land sales during the
year. These schemes are in:
· Lewisham (322 apartments);
· Birmingham (551 apartments, including 47 affordable homes);
· Leatherhead (214 apartments, including 36 affordable homes);
· Bath (316 apartments, with nearly one-third to be let at a discount
to market rent); and
· Cardiff (718 apartments).
BTR generated gross profit of £32.8 million (FY21: £29.8 million), an
increase of 10%. The gross margin for the year was 17.2% (FY21: 21.5%). We
continue to target a BTR gross margin of 15% in the medium term, comprising a
margin on land sales of 10% and a development margin of 16%.
During the year, we received a resolution to grant planning consent for a
778-apartment development in the regeneration area of Titanic Quarter in
Belfast. We also secured sites in Leeds (230 apartments) and Hove (82
apartments) subject to planning. The current secured development pipeline for
BTR is shown opposite.
Key statistics
Forward sold Secured pipeline Delivered FY22
5 2,121 11 4,380 1 71
Schemes Apartments Schemes Apartments Scheme Apartments
BTR apartments (estimated year of physical completion)
Total pipeline FY23 FY24 FY25 FY26 FY27
Forward sold 2,380 397 456 809 402 316
Forward sales in legals - - - - - -
Sites secured with planning 1,144 - - 151 993 -
Sites secured subject to planning 856 - - 312 393 151
Total secured 4,380 397 456 1,272 1,788 467
The secured development pipeline has an estimated future revenue value to us
of £1.0 billion (FY21: £0.95 billion), of which £517 million is currently
forward sold (FY21: c.£197 million).
The market opportunity
Increasing numbers of people in the UK are renting their homes for the medium
to long term, resulting in strong demand for high quality BTR accommodation.
The UK has a long-standing need for new homes, with supply failing to keep up
with demand. Between 2017 and 2022, the government targeted a net increase of
300,000 homes in England each year. However, actual completions have
consistently fallen short, with the most recent figures showing there were
232,820 additional homes in England in 2021/22. This was a 10% increase on
2020/21.
Urbanisation is another important factor. The UK has one of the highest rates
of urbanisation, which influences issues such as infrastructure constraints,
competition for land, planning, logistics and housing affordability. Many of
the locations where we see the greatest potential for BTR are in urban areas
with universities, where education leads to employment and the need for
housing.
Lifestyles are also changing. People are getting married and having children
later, delaying the point at which they buy a house. Young people often see
renting as a better lifestyle choice, providing quality of living while
maintaining flexibility, in the expectation of moving locations for jobs more
frequently than in the past. BTR also offers good home-working facilities and
a sense of community, which is increasingly attractive given the move to
flexible and home working since the pandemic.
Affordability is becoming increasingly important, particularly in the current
climate of rising mortgage costs and record house prices. As the cost of
living crisis continues, renters are likely to look for ways of reducing costs
- this might include zero deposit schemes such as those provided in many BTR
developments. Further added value is gained through inclusive amenities such
as co-working or meeting spaces, outdoor space, gyms, security and concierges.
With consistently strong demand for housing, the supply of BTR apartments
continues to grow. At the end of September 2022, the British Property
Federation estimated that the BTR sector had grown by 15% compared to one year
earlier. The total number of BTR homes completed, under construction or in the
pipeline was over 240,000 units. Of these, around 77,000 had been completed,
with 50,000 under construction and the remainder in planning. Almost half of
local authorities had BTR in their planning pipeline - a record number - and
growth in the regions was significantly stronger than in London, partly due to
the growth of single family BTR.
Savills has calculated that there are 4.5 million households in private rented
accommodation. With consensus estimates showing that BTR could account for 30%
of the market at full maturity, there is considerable scope for growth for
years to come.
Ownership of UK rented housing remains highly fragmented, with only around
1.7% estimated to be owned by institutional investors, well below the levels
seen in countries with more mature rental markets such as Germany and the USA.
This percentage should rise over time, as BTR assets are attractive to
institutional investors, given their rental growth, high levels of occupancy
and rent collection rates that typically exceed 95%. Investment into BTR
assets exceeded £5 billion in the 12 months to Q3 2022, with investment in Q3
alone up 75% on the previous year. There were numerous new entrants to the
investor market, primarily from overseas.
Student Accommodation
PBSA revenues were £180 million (FY21: £259.9 million), a decrease of 31%.
This was predominantly due to the deferral of the PBSA scheme due to complete
in September 2022. We delivered seven PBSA developments totalling 1,813 beds
as planned during the year, all of which had been forward sold. We also
forward sold a further five schemes in:
· Edinburgh (279 beds, for delivery in FY23);
· Colchester (286 beds, for delivery in FY23);
· Swansea (370 beds, for delivery in FY23);
· Nottingham (354 beds, for delivery in FY24); and
· Bath (335 beds, for delivery in FY24).
For Colchester, the client acquired the land directly, meaning we only
recorded revenues on four land sales during the year.
PBSA revenues also include rental income from our historic leased PBSA assets.
The rental income on these assets was £13.6 million (FY21: £10.8 million),
an increase of 26% as a result of improved student occupancy following the
easing of the pandemic restrictions.
During the year, we sold two of the six assets, generating a profit of £18.3
million which was recognised centrally.
Gross profit from PBSA development was £26.4 million (FY21: £50.5 million),
representing a gross margin of 14.7% (FY21: 19.4%). This reflected a higher
weighting towards lower-margin land sales from forward sales completed in the
year.
Our target margin in PBSA is 20%, comprising a c.10% margin on land sales and
a development phase margin of c.22.5%.
We have continued to add to the PBSA pipeline and to progress sites through
the planning process. Sites acquired during the year included an 819-bed
development scheme in Bedminster, Bristol. We also purchased a site in
Stratford (397 beds) on an unconditional basis, with the resolution to grant
planning permission received in April 2022.
Our first fully co-living studio development, a 133-bed scheme in Exeter, is
under construction and will be available to rent to the wider residential
tenant market, including students.
The current secured development pipeline for PBSA is as shown below.
PBSA beds (estimated year of physical completion)
Total pipeline FY23 FY24 FY25 FY26 FY27
Forward sold 1,757 1,068 689 - - -
Forward sales in legals - - - - - -
Sites secured with planning 2,329 - 819 1,510 - -
Sites secured subject to planning 2,371 - - 406 1,450 515
Total secured 6,457 1,068 1,508 1,916 1,450 515
The estimated future revenue value to the Group of the secured development
pipeline is c.£1.0 billion (FY21: £0.9 billion), of which £130 million is
currently forward sold (FY21: £160 million).
In 2020/21, there were around 2.2 million fulltime students, up 8% on 2019/20
(source: HESA). Of these, Cushman & Wakefield (C&W) estimates that 1.6
million students require a bed during their course.
Trends in demand for UK university places remain positive. UCAS reported
nearly 684,000 applications had been received for 2022 by the June 2022
deadline, of which 549,000 were from the UK. Demographic factors mean the
number of 18 year olds in the UK is set to increase until 2030, while the
proportion of 18 year olds applying for higher education continues to grow,
reaching 44.1% in 2022.
The number of international students is also important, as they are more
likely to live in PBSA than UK students. Applications from non-EU countries
increased by 9% in 2022, to just under 112,000. The number of EU applications
has fallen post-Brexit, reaching 23,000 in 2022, less than half the level in
2020.
Key statistics
Forward sold Secured pipeline Delivered FY22
5 1,660 15 6,457 7 1,813
Schemes Beds Schemes Beds Scheme Beds
The market opportunity
The number of full-time students in the UK continues to grow steadily and is a
key determinant of demand for PBSA.
The growth in non-EU applications has made up much of the difference and with
the EU now providing just over 3% of applications, the level of demand from
the EU does not have a meaningful impact on overall demand for UK university
places.
A notable trend in higher education is the flight to quality. With
universities charging the same tuition fees and no cap on student numbers,
better institutions have grown and lower-quality institutions have struggled.
The latest data show that applications for higher tariff institutions were
over 50% higher than applications for lower tariff universities. This has
clear implications for the location of new PBSA developments.
There is a long-term demand-supply imbalance for PBSA. This imbalance is
expected to increase, with the predicted annual increase in the number of
students exceeding the supply of new beds. There are currently around 698,000
PBSA beds in the UK, with privately owned PBSA accounting for more than 53%.
In total, around 24,600 new beds were delivered in 2021/22, only 700 more than
in the previous year (source: C&W).
Much PBSA stock is outdated and needs redevelopment, presenting further
opportunities. Around one quarter of total PBSA is unrefurbished,
first-generation stock, built pre-1999. A number of these beds are therefore
reaching the end of their operational lives and will need replacing (source:
C&W).
Institutional investors remain attracted to UK PBSA as a mature, stable and
income-producing asset class. Knight Frank reported £6.9 billion of
transactions in 2022, the highest investment volume on record, driven by the
sale of the Student Roost portfolio. A key trend has been new institutions
entering the market, with the likes of EQT Exeter, Ares, Apollo and Cain all
making significant acquisitions.
Affordable-led Homes
Revenue for the Affordable-led Homes division was £14.5 million (FY21: £22.7
million), a reduction of 36%. This was principally due to the continuing
transition of our legacy house-building business to Affordable-led Homes. It
was also impacted by construction delays at our site in Preston due to supply
chain shortages.
Gross profit for the division was £1.9 million (FY21: £2.6 million),
reflecting a margin of 13.2% (FY21: 11.3%). This was the result of the
evolving mix of sales during the year, as the FY22 margin included the sale of
a number of units at a higher margin.
We are working on site at Crewe, which was forward sold during FY21. Work is
progressing well and we have commenced our trial on timber-framed homes. As
well as being more environmentally friendly by using renewable construction
materials, timber-framed homes have an increased element of off-site
construction, which should make progress on site faster and more efficient. At
our Llay site, we are continuing to work through the pre-commencement planning
conditions.
We made good progress in adding to our pipeline, exchanging contracts on a
site in Flint for 200 units. In addition, we obtained planning permission for
our Belfast site, which includes 150 affordable units as part of the overall
development. In conjunction with good asset management of our existing land
bank, this has brought the current affordable homes pipeline to over 500 units
for delivery over the period to FY26.
Key statistics
Affordable housing pipeline Traditional housing pipeline
544 196
houses and apartments Houses
The market opportunity
The National Planning Policy Framework defines affordable housing as housing
for sale or rent, for people whose needs are not met by the market.
There are several types of affordable housing. One example is social rent,
where local authorities or registered providers (such as housing associations)
own the homes. Social rents are set by government guidelines and usually
covered by housing benefit or local housing allowance. There are also homes
with affordable rents, which are subject to rent controls that require the
rent to be no more than 80% of the local market rent, including service
charges. In addition, there are tenures such as shared ownership and other
forms of low-cost home ownership, where people are supported to buy some or
all of the equity in their home.
There is significant unmet demand for affordable housing. The National Housing
Federation estimates that the UK needs 145,000 new affordable homes to be
built each year. However, the average annual delivery since 2013 has been just
46,000 homes, with around 50,000 completed in the year to March 2022 (source:
Homes England and the Greater London Authority (GLA)).
Property developers looking to secure planning consent from local authorities
will usually be required to undertake what are known as section 106
requirements, designed to reduce the impact of their development on the local
community. These requirements often include constructing affordable housing.
On average, around 50% of all affordable housing is delivered in this way.
Historically, the balance has been provided by housing associations, usually
with grant support from bodies such as Homes England and the GLA. The
government has committed £11.4 billion to deliver 180,000 affordable homes
between 2021 and 2026. Homes England will be making £7.4 billion available to
deliver 130,000 homes outside London, while the GLA will make £4 billion
available to deliver 50,000 homes in Greater London. At just under £64,000
per home, this scheme offers more than double the grant per home of the
2016-21 programme.
There has also been a steep rise in private capital looking to deploy into
affordable housing, due to the sector's favourable long-term demand, the
return characteristics, the potential for growth and insulation from
volatility. This investment appetite is now broadening to encompass
traditional private housing for single families, enabling investors to access
additional BTR income streams. With a growing number of investors looking to
diversify investments across different and multiple residential tenures, this
new residential option sits comfortably alongside traditional affordable
housing and further supports the investment case for a capital-light housing
development model.
Affordable housing also provides the best opportunity for social impact and
investors are increasingly looking for opportunities to enhance their ESG
credentials.
Accommodation Management
Fresh increased revenue to £9.1 million (FY21: £7.8 million), reflecting
higher levels of student occupancy as the sector recovered from the pandemic.
It also reflected the increase in student beds and BTR apartments under
management, from 22,155 at the start of FY22 to 22,896 at the end of FY22. We
saw overall occupancy levels rise to 95.4% (FY21: 84.5%), with the majority
of assets achieving between 99% and 100% occupancy.
Gross profit for the year was £5.9 million (FY21: £4.1 million), at a margin
of 64.8% (FY21: 52.6%), benefiting from the increase in variable fee income
related to occupancy levels in the year.
Fresh took over the management of four schemes during the year, for three
student schemes and one BTR scheme. It was also appointed to manage the
133-unit co-living scheme in Exeter developed by the Group. There has been
strong interest in the scheme, given the lack of affordable housing options
for young people in Exeter.
For FY24, Fresh is currently forecast to manage 24,721 student beds and BTR
apartments across 75 schemes.
This was a highly successful year for Fresh from a customer service
perspective. The business increased its resident net promoter score to +34 in
the Global Student Living Survey, against the benchmark for large providers of
+8. It obtained a client net promoter score of +47, an increase of +35. Fresh
also won numerous awards during the year, including Student Operator of the
Year at the Resi Awards 2021. It also won Best Private Housing (UK &
Ireland) for the second year in a row, along with Best Learning Environment
(UK & Ireland) and Best Individual Property (UK & Ireland) at the 2022
Global Student Living Awards. These awards are particularly important as they
are based on independent feedback from students.
Our Be wellbeing programme has been a key contributor to high levels of
customer satisfaction, providing vital support to residents during the
pandemic. This year, we expanded the programme by recruiting students to
support it, with more than 180 signed up across the portfolio. They research
what their fellow residents want and come up with ideas, such as events, that
are tailored to those needs and the location.
During the year, we formalised our customer proposition, which we call 'The
Fresh Difference'. This will ensure everyone in Fresh has a common
understanding of what we stand for, what we are looking to achieve and what we
need to do to further improve customer service, so we continue to
differentiate ourselves from our competitors. To help us recruit the right
people, we have rewritten our job descriptions to reflect our customer
proposition.
We introduced and launched the Yardi property management software as a single
system to create synergies and efficiencies. Since the launch, we have
continued to lead the development of the software and hone the functionality
of and expertise in the product. We have focused on securing direct bookings
and as a result the Fresh website is performing strongly in the UK and
overseas, with a significant increase in traffic compared with the previous
website.
Key statistics
FY22 student beds and BTR apartments under management FY23 student beds and BTR apartments under management
71 22,896 74 24,028
Schemes Schemes
The market opportunity
The accommodation management market continues to grow, as institutional
investors seek partners to work with them to drive the performance of their
residential for rent assets.
The growth in the accommodation management market is directly linked to the
number of new developments coming through, as described on the preceding
pages. In the student market, there are also opportunities for providers to
increase market share by taking on the management of existing developments, as
the previous provider's contract comes to an end. As the BTR sector is still
at a relatively early stage, this secondary market is yet to emerge.
After a significant slowdown in opportunities during the pandemic, we saw a
bounceback during FY22. In PBSA, these have come from a mix of new and
existing schemes. There was also a meaningful increase in tenders to manage
both BTR and co-living schemes. With build costs increasing during FY22, some
schemes that were in the industry pipeline have been delayed. This may result
in a slower market for managing new developments in FY23.
Many of the larger accommodation managers are the in-house arms of
owner-operators. The pool of pure third-party operators of student
accommodation remains small and Fresh is the third largest of these in the UK.
Successful operation in the market requires sufficient scale to invest in the
infrastructure and the specialist skills. At least 5,000 beds under management
is seen as the minimum level, making it difficult for new operators to enter
the market.
Even so, we are seeing increasing numbers of providers targeting the
accommodation management space. Some owner-operators of residential for rent
assets are looking to win third-party management contracts, while existing
managers of student accommodation are targeting the BTR and co-living markets.
However, we believe there are several factors that make Fresh a strong
competitor. The quality of our customer service and our customer-focused
culture will continue to make Fresh stand out. Our scale, with almost 23,000
units under management across the country, means we have a detailed
understanding of local markets and the buying power to secure favourable
prices for our clients. We also benefit from the efficiencies of having a
single brand and management platform, whereas competitors often create
different brands for PBSA, BTR and co-living.
Case study
Bath is the only city in the UK to have UNESCO World Heritage Site status.
With two universities, a growing population and a high percentage of young
professionals, demand for residential accommodation is high.
Its historic buildings and proximity to a number of major employers makes Bath
an extremely popular place to live. That heritage comes with challenges from a
planning perspective - our in-house planning expertise proved a valuable asset
in creating a suitable design to gain planning approval.
The site was attractive to us for several reasons:
· Our residential development would help support the provision of
accommodation in a city that has a real shortage of housing.
· Our in-house planning expertise would give us an advantage in
obtaining planning without undue delay.
· The site was on brownfield land in a regeneration area which
supported our ESG objectives.
· There is significant investor interest in the city.
The desirability of the site was reinforced by the high level of interest from
institutional investors. In May 2022, we agreed the sale of a PBSA portfolio
to EQT Exeter which included the PBSA element of the site. In September 2022,
we agreed a £100 million forward funding deal with DWS for the BTR element of
the site.
Meeting the needs of the city's residents
Bath is seeing strong population growth - by 2028, its population is forecast
to increase by more than 8%, significantly ahead of the national average.
Bath's two universities attract over 24,000 full-time students and that number
has also been growing - the number of full-time students at the University of
Bath has increased by almost 16% since 2015. Young professionals make up
around 30% of the city's demographic.
Coupled with a severe shortage of rental accommodation, this means there is
strong demand for PBSA and BTR accommodation in the city.
A development for all
The development comprises 335 student beds and 316 BTR units. The BTR units
range from studios to three-bedroom apartments, making them suitable for both
young professionals and families. In addition, nearly one-third of the BTR
units will be offered at a discount to the market rent in the area, increasing
affordability for renters.
The development will include several communal amenity areas and communal
landscaped areas to help build a community.
Developing in line with our sustainability objectives
We look to develop sites that align with our ESG objectives and this site was
ideal as it is situated on brownfield land within the Riverside regeneration
area. Such regeneration reduces pressure to develop greenfield land.
We expect the development to achieve BREEAM Excellent for the PBSA
accommodation and Home Quality Mark Level 3 certification for the BTR element.
It will include a broad range of sustainable features including air source
heat pumps for hot water and heating and water-saving fittings.
The site is situated close to the city centre and boasts excellent sustainable
transport options including a nearby cycling route, local bus routes and two
rail stations, offering great connectivity to Bristol and other cities.
Residents in both the PBSA and BTR developments will be encouraged to cycle,
with over 800 secure bicycle parking spaces provided, along with a car club
and electric charging points in the BTR development.
Construction commenced in December 2022 and completion is expected in 2025.
Financial review
Highlights
FY22 FY21
£m £m Change
Revenue £407.1m £430.2m (5.4)%
Gross profit £67.6m £84.8m (20.3)%
Adjusted operating profit £54.7m £57.3m (4.5)%
Adjusted basic earnings per share 14.8p 16.4p (9.8)%
Operating profit £24.3m £57.3m (57.6)%
Dividend per share 7.4p 8.2p (9.8)%
Revenue
Revenue of £407.1 million was delivered in the year, down 5.4% from £430.2
million in FY21. Market volatility experienced in September 2022 affected the
completion of two forward sales. These sales are now forecast to complete in
FY23.
BTR development revenues grew by 38.0% to £191.2 million (FY21: £138.6
million) with the forward sale of five new developments during the year.
Revenues from our PBSA development business were £180.0 million (FY21:
£259.9 million), a decrease of 30.7%, predominantly driven by the deferral of
the PBSA scheme which was due to complete in September. Seven schemes
completed in the year and five developments were forward sold. PBSA revenues
also include the rental income from our six leased student accommodation
assets. The rental income on these was £13.6 million (FY21: £10.8 million),
an increase of 25.9%, driven by strong student occupancy following the easing
of the pandemic restrictions.
The Affordable Homes business delivered revenues of £14.5 million, down 36.1%
on the £22.7 million recorded in FY21.
Revenues in the year fell below the prior year predominantly due to the
continued transition of our legacy house-building business to Affordable
Homes.
Fresh, our Accommodation Management business, achieved record revenues of
£9.1 million (FY21: £7.8 million), largely due to improved occupancy levels
across its portfolio following the easing of pandemic restrictions.
In addition to our core businesses, we recorded revenues of £12.3 million
(FY21: £1.3 million) from developing commercial property alongside PBSA and
BTR developments, which is reported within our Corporate segment.
Operating profit
Gross profit for the year was £67.6 million (FY21: £84.8 million), a
decrease of 20.3%. This resulted in a gross margin of 16.6% (FY21: 19.7%).
BTR development gross profit increased by 10.1% in the year to £32.8 million
(FY21: £29.8 million), reflecting the strong revenue growth but some
softening of the gross margin to 17.2% (FY21: 21.5%), although this remains
well ahead of the BTR target margin of 15%.
Gross profit from PBSA development of £26.4 million, compared with £50.5
million in FY21, reflected the deferred completion of a forward sale from
September. The gross margin was 14.7% (FY21: 19.4%), reflecting a blended
margin mix weighed more towards lower-margin land sales from the forward sales
completed in the year.
In Affordable Homes, gross profit was £1.9 million (FY21: £2.6 million),
resulting in a gross margin of 13.2% (FY21: 11.3%). The improvement in gross
margin reflects a stronger mix of sales in the year on new developments.
Fresh generated a gross profit of £5.9 million (FY21: £4.1 million) with the
gross margin increasing by 43.9% as strong occupancy levels returned.
During the year we disposed of two leased PBSA investment properties (Dunaskin
Mill and New Bridewell) which were sold as part of a portfolio, including
three new PBSA schemes, to EQT Exeter. A profit on disposal, following the
release of net liabilities and adjustments for rent and operating cost
apportionment, was recorded of £18.3 million within administrative expenses.
Gross administrative expenses (excluding the above lease disposal) increased
by 13.5% to £31.2 million (FY21: £27.5 million), reflecting increased levels
of activity and associated staff costs.
Operating profit before exceptional items of £54.7 million was delivered
(FY21: £57.3 million), at an operating margin before exceptional items of
13.4% (FY21: 13.3%). This result was despite the impact of market volatility
leading to the deferral of two forward sales. Operating profit was £24.3
million (FY21: £57.3 million).
Exceptional items
In response to the new Building Safety Act and following a review of all
buildings over 11 metres tall developed by the Group over the last 30 years,
we have recognised an exceptional charge of £30.4 million for the potential
costs of the remediation work required, which are expected to be incurred over
a period of up to five years. No exceptional items were incurred in FY21.
Finance costs
The net finance cost for the year was £6.0 million (FY21: £6.1 million).
These costs are primarily the finance cost of capitalised leases under IFRS
16, which totalled £4.5 million (FY21: £4.9 million). The balance of our
finance costs represents the fees associated with the availability of our
revolving credit facility (RCF) with HSBC and the interest cost of the loans
we have with Svenska Handelsbanken AB (see 'Bank facilities' below).
Profit before tax
Profit before tax for the year was £18.4 million (FY21: £51.1 million). For
FY22, adjusted profit before tax, which excludes the impact of the exceptional
items for that year, was £48.8 million (FY21: £51.1 million).
Taxation
The corporation tax charge was £5.0 million (FY21: £9.2 million). The
effective tax rate of 27% (FY21: 18%) was more than the standard UK
corporation tax rate of 19%, primarily as a result of a £1.1 million
adjustment in respect of prior year claims for land remediation relief. The
effective tax rate in FY21 was reduced by a prior year tax credit relating to
the taxation of distributions from the Curlew Student Fund, which had already
been taxed at source, and the higher proportionate benefit relative to the
lower profit of specific tax allowances, including land remediation
expenditure.
Information on our tax strategy can be found in the Investor section of our
website, watkinjonesplc.com.
Earnings per share
Basic earnings per share from continuing operations for the year was 5.2 pence
(FY21: 16.4 pence). Adjusted basic earnings per share, which excludes the
impact of the exceptional items, was 14.7 pence (FY21: 16.4 pence).
Dividends
The Board has proposed a final dividend of 4.5 pence per share (FY21: 5.6
pence per share). Taken together with the interim dividend of 2.9 pence per
share (FY21: 2.6 pence per share), this will give a total dividend for the
year of 7.4 pence per share (FY21: 8.2 pence per share). The dividend is 2.0x
covered by adjusted earnings, in line with our stated policy.
At 30 September 2022, the Company had distributable reserves of £56.1 million
available to pay dividends.
EBITDA
EBITDA was £32.7 million after the inclusion of exceptional provision costs
of £30.4 million (FY21: £65.9 million). Adjusted EBITDA, which excludes
exceptional items, was £63.1 million, with an adjusted EBITDA margin of
15.5%.
Return on capital employed
The return on capital employed (ROCE) for the year was strong at 63.1% (FY21:
72.1%). Our ROCE performance reflects the benefit of our capital-light
forward sale business model, with our operating profit generated from a
relatively consistent and modest level of capital employed.
Statement of financial position
At 30 September 2022, non-current assets amounted to £49.6 million
(FY21: £124.7 million), with the most significant item being the carrying
value of the leased student accommodation investment properties amounting to
£27.3 million (FY21: £98.6 million). The reduction in these balances is
mainly due to the disposal of two PBSA leased properties during the year.
Right-of-use assets relating to office and car leases amounted to
£4.7 million (FY21: £4.5 million). Intangible assets relating to Fresh
amounted to £12.2 million (FY21: £12.7 million) and were reduced by the
amortisation charge of £0.5 million in the year.
Inventory and work in progress was £147.1 million. These were £19.5 million
higher than the prior year (FY21: £127.6 million) and reflect investment in
new land sites for development in Stratford, Birmingham and Bristol, partially
offset by the sale of the Group's Lewisham site.
Contract assets increased significantly in the year to £50.8 million (FY21:
£13.8 million). These mainly relate to the final payment balances which are
received on completion of developments in build. The increase in the year
reflects the increased contributions from BTR developments which typically
have a longer construction period and don't reach practical completion dates
just prior to the Group's year end as PBSA development typically do. Contract
liabilities amounted to £5.1 million and were £2.3 million higher than at 30
September 2021.
The Building Safety Act provision of £33.4 million is predominantly
classified as non-current liabilities, based on our anticipated expenditure
over the next five years. The increase in the provision of £30.4 million in
the year is considered under the review of 'Exceptional items' above, and is
in addition to a brought-forward provision of £3.1 million
for cladding-related costs.
Interest-bearing loans and borrowings stood at £28.2 million at 30 September
2022, up from £12.0 million a year ago. The increase primarily relates to
the drawdown of loans against new sites in Stratford and Bristol. The current
portion of our loans has decreased by £4.7 million to £Nil, which reflects
the renewal of our facilities with Svenska Handelsbanken AB (see 'Bank
facilities' below).
Lease liabilities arising from the adoption of IFRS 16 'Leases' in the prior
year were reduced by £80.2 million to £49.1 million (FY21: £129.3 million),
reflecting capital repayments made in the year and a disposal of £76.7
million mainly due to the disposal of two PBSA leased properties.
Cash and net debt
FY22 FY21
£m £m
Operating profit before exceptional items 54.7 57.3
Profit on disposal of fixed assets (20.9) -
Depreciation and amortisation 8.4 8.7
(Increase)/decrease in working capital (61.7) 10.3
Finance costs paid (5.8) (6.7)
Tax paid (1.6) (8.2)
Net cash inflow/(outflow) from operating activities (26.9) 61.4
Sale/(purchase) of fixed assets 11.6 (0.2)
Cash flow from joint venture interests - 0.1
Dividends paid (21.8) (25.5)
Payment of lease liabilities (4.7) (6.1)
Cash flow from borrowings 16.3 (27.9)
Increase/(decrease) in cash (25.5) 1.8
Cash at beginning of year 136.3 134.5
Cash at end of year 110.8 136.3
Less: borrowings (28.2) (12.0)
Net cash before deducting lease liabilities 82.6 124.3
Less: lease liabilities (49.1) (129.3)
Net cash/(debt) 33.5 (5.0)
At the year end, we had a cash balance of £110.8 million and loans of
£28.3 million, resulting in a net cash position of £82.5 million. At 30
September 2021, we had a cash balance of £136.3 million, loans of £12.0
million and net cash of £124.3 million.
Net cash balances are stated before deducting the lease liabilities of £49.1
million (30 September 2021: £129.3 million), arising as a result of applying
IFRS 16.
The lease liabilities relate primarily to several historic student
accommodation sale and leaseback properties, for which the future lease rental
liabilities are expected to be substantially covered by the future net student
rental incomes to be received.
In a typical year, the Group's cash balance peaks around the year end, as we
receive the final payments on student accommodation developments completing
ahead of the new academic year, as well as initial proceeds from the latest
forward sales.
The Group is then a net user of cash until the following year end, as a result
of outflows such as tax and dividend payments, overhead costs and land
purchases.
The cash balance at the year end is therefore important for funding our
day-to-day cash requirements and for putting the Group in a strong position
when bidding for new sites.
The Group's net cash outflow from operating activities for the year was
£26.9 million (FY21: inflow of £61.4 million), reflecting investment in new
development sites and the stages of development of sites under construction.
This net outflow was exacerbated by two forward sales that were forecast to
complete being affected by the market volatility in September 2022 such that
they didn't close before the year end and are now forecast to close in FY23.
Finance costs paid totalled £5.8 million (FY21: £6.7 million), including the
finance charges on the capitalised lease liabilities of £4.5 million (FY21:
£4.9 million), for which the capital payments amounted to £4.7 million
(FY21: £6.1 million).
Dividends paid in the year totalled £21.8 million (FY21: £25.5 million).
The dividend payments in FY21 included both the full-year dividend for FY20,
following the suspension of the interim dividend for that year, as well as the
interim dividend for FY21. Dividends paid in FY22 comprised the final dividend
for FY21 and the interim dividend for FY22.
Bank facilities
The Group has a £100.0 million RCF which runs until May 2025. At the year
end, £24.8 million was drawn against the facility (30 September 2021: £7.8
million), giving headroom of £75.2 million. This facility can be accessed to
fund land acquisitions. We also have an undrawn overdraft facility of
£10.0 million. Total cash and available facilities at 30 September 2022
therefore stood at £196.0 million (FY21: £238.5 million).
In addition, the Group has loan facilities with Svenska Handelsbanken AB,
which are used to fund our operating build to rent stock in Sheffield and
Droylsden, which were renewed during the year and run to September 2024. The
outstanding balance at the year end was £4.0 million (30 September 2021:
£4.5 million).
Going concern
We have undertaken a thorough review of the Group's ability to continue to
trade as a going concern for the period to 31 January 2024. The basis of the
review and an analysis of the downside risks is set out in the section on
'Risk management and principal risks' within the Watkin Jones plc Annual
Report for the year ended 30 September 2022.
Alternative performance measures (APMs)
We use APMs as part of our financial reporting, alongside statutory reporting
measures. These APMs are provided for the following reasons:
1) to present users of the annual report with a clear view of what we
consider to be the results of our underlying operations, enabling consistent
comparisons over time and making it easier for users of the report to identify
trends;
2) to provide additional information to users of the annual report
about our financial performance or position;
3) to show the performance measures used by the Board in determining
dividend payments; and
4) to show the performance measures that are linked to remuneration
for the Executive Directors.
The following APMs appear in this annual report.
Reconciliation
FY22 FY21
Reason for use £'000 £'000
Adjusted operating profit 1 Operating profit 24,319 57,255
Add: exceptional items 30,365 -
Adjusted operating profit 54,684 57,255
Adjusted profit before tax 1,4 Profit before tax 18,393 51,121
Add: exceptional items 30,365 -
Adjusted profit before tax 48,758 51,121
Adjusted basic earnings per share 1,3,4 Profit after tax 13,414 41,932
Add: exceptional items 30,365 -
Less: tax on exceptional items (5,769) -
Adjusted profit after tax 38,010 41,932
Weighted average number of shares 256,385,882 256,163,459
Adjusted basic earnings per share 14.825 pence 16.369 pence
EBITDA 1 Operating profit 24,319 57,255
Add: share of loss in joint ventures (16) (87)
Add: depreciation 7,852 8,128
Add: amortisation 559 560
EBITDA 32,714 65,856
Adjusted EBITDA 1 EBITDA 32,714 65,856
Add: exceptional items 30,365 -
Adjusted EBITDA 63,079 65,856
Adjusted net cash 2 Net cash/(debt) 33,454 (4,920)
Add: lease liabilities 49,099 129,252
Adjusted net cash 82,553 124,332
Return on capital employed 1,2 Adjusted operating profit 54,684 57,255
Net assets at 30 September 176,953 184,811
Less: adjusted net cash (82,553) (124,332)
Less: intangible assets (12,165) (12,724)
Less: investment property (leased) (27,331) (98,567)
Less: right-of-use assets (4,738) (4,468)
Add: lease liabilities 49,099 129,252
Adjusted net assets at 30 September 99,265 73,972
Adjusted net assets at 1 October 73,972 84,775
Average adjusted net assets 86,619 79,374
Return on capital employed 63.1% 72.1%
Sarah Sergeant
Chief Financial Officer
25 January 2023
Consolidated statement of comprehensive income
for the year ended 30 September 2022
Year ended Year ended
30 September 30 September
2022 2021
Notes £'000 £'000
Continuing operations
Revenue 5 407,076 430,211
Cost of sales (339,450) (345,430)
Gross profit 67,626 84,781
Administrative expenses (12,942) (27,526)
Operating profit before exceptional items 54,684 57,255
Exceptional costs 6 (30,365) -
Operating profit 7 24,319 57,255
Share of loss in joint ventures (16) (87)
Finance income 72 4
Finance costs (5,982) (6,051)
Profit before tax 18,393 51,121
Income tax expense 8 (4,979) (9,189)
Profit for the year attributable to ordinary equity holders of the parent 13,414 41,932
Other comprehensive income
Other comprehensive income that will not be reclassified to profit or loss in
subsequent periods:
Net gain/(loss) on equity instruments designated at fair value through other 157 108
comprehensive income, net of tax
Total comprehensive income for the year attributable to ordinary equity 13,571 42,040
holders of the parent
Pence Pence
Earnings per share for the year attributable to ordinary equity holders of the
parent
Basic earnings per share 9 5.232 16.369
Diluted earnings per share 9 5.205 16.340
Adjusted basic earnings per share (excluding exceptional costs) 9 14.825 16.369
Adjusted diluted earnings per share (excluding exceptional costs) 9 14.748 16.340
Consolidated statement of financial position
as at 30 September 2022
30 September 30 September
2022 2021
Notes £'000 £'000
Non-current assets
Intangible assets 12,165 12,724
Investment property (leased) 11 27,331 98,567
Right-of-use assets 11 4,738 4,468
Property, plant and equipment 2,009 3,656
Investment in joint ventures 1 17
Deferred tax assets 1,941 4,057
Other financial assets 1,366 1,241
49,551 124,730
Current assets
Inventory and work in progress 147,118 127,593
Contract assets 50,821 13,810
Trade and other receivables 28,628 28,198
Cash and cash equivalents 14 110,841 136,293
337,408 305,894
Total assets 386,959 430,624
Current liabilities
Trade and other payables (89,717) (89,198)
Contract liabilities (5,052) (2,845)
Interest-bearing loans and borrowings - (4,653)
Lease liabilities 11 (6,248) (6,113)
Provisions 12 (7,713) (4,667)
Current tax liabilities (4,402) (2,015)
(113,132) (109,491)
Non-current liabilities
Interest-bearing loans and borrowings (28,288) (7,308)
Lease liabilities 11 (42,851) (123,139)
Provisions 12 (25,735) (4,732)
Deferred tax liabilities - (1,143)
(96,874) (136,322)
Total liabilities (210,006) (245,813)
Net assets 176,953 184,811
Equity
Share capital 2,564 2,562
Share premium 84,612 84,612
Merger reserve (75,383) (75,383)
Fair value reserve of financial assets at FVOCI 662 536
Share-based payment reserve 526 2,824
Retained earnings 163,972 169,660
Total equity 176,953 184,811
Consolidated statement of changes in equity
for the year ended 30 September 2022
Fair value
reserve of
financial Share-based
Share Share Merger assets at payment Retained
capital premium reserve FVOCI reserve earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 September 2020 2,562 84,612 (75,383) 428 2,348 153,271 167,838
Profit for the year - - - - - 41,932 41,932
Other comprehensive income - - - 108 - - 108
Total comprehensive income - - - 108 - 41,932 42,040
Share-based payments - - - - 476 - 476
Deferred tax debited directly to equity - - - - - (59) (59)
Dividend paid (note 10) - - - - - (25,484) (25,484)
Balance at 30 September 2021 2,562 84,612 (75,383) 536 2,824 169,660 184,811
Profit for the year - - - - - 13,414 13,414
Other comprehensive income - - - 126 - 31 157
Total comprehensive income - - - 126 - 13,445 13,571
Share-based payments 2 - - - 209 - 211
Recycled reserve for fully vested share-based payment schemes - - - - (2,507) 2,507 -
Deferred tax debited directly to equity - - - - - 141 141
Dividend paid (note 10) - - - - - (21,781) (21,781)
Balance at 30 September 2022 2,564 84,612 (75,383) 662 526 163,972 176,953
Consolidated statement of cash flows
for the year ended 30 September 2022
Year ended Year ended
30 September 30 September
2022 2021
Notes £'000 £'000
Cash flows from operating activities
Cash (outflow)/inflow from operations 13 (19,592) 76,307
Interest received 72 4
Interest paid (5,782) (6,638)
Tax paid (1,557) (8,211)
Net cash (outflow)/inflow from operating activities (26,859) 61,462
Cash flows from investing activities
Acquisition of property, plant and equipment (660) (208)
Proceeds on disposal of property, plant and equipment 4,341 4
Proceeds on disposal of right-of-use assets 7,897 -
Cash flow from joint venture interests - 57
Net cash inflow/(outflow) from investing activities 11,578 (147)
Cash flows from financing activities
Dividends paid 10 (21,781) (25,484)
Proceeds from exercise of share options - -
Payment of principal portion of lease liabilities (4,717) (6,145)
Payment of capital element of other interest-bearing loans (389) (242)
Drawdown of RCF 20,625 25,705
Repayment of bank loans (3,909) (53,369)
Net cash outflow from financing activities (10,171) (59,535)
Net (decrease)/increase in cash (25,452) 1,780
Cash and cash equivalents at 1 October 2021 and 1 October 2020 136,293 134,513
Cash and cash equivalents at 30 September 2022 and 30 September 2021 110,841 136,293
Notes to the consolidated financial statements
for the year ended 30 September 2022
1. General information
Watkin Jones plc (the 'Company') is a public limited company incorporated in
the United Kingdom under the Companies Act 2006 (registration number 9791105)
and its shares are listed on the Alternative Investment Market of the London
Stock Exchange. The Company is domiciled in the United Kingdom and its
registered address is 7-9 Swallow Street, London, England, W1B 4DE.
The principal activities of the Company and its subsidiaries (collectively the
'Group') are those of property development and the management of properties
for multiple residential occupation.
The consolidated financial statements for the Group for the year ended 30
September 2022 comprise the Company and its subsidiaries. The basis of
preparation of the consolidated financial statements is set out in note 2
below.
2. Basis of preparation
The financial statements of the Group have been prepared and approved by the
Directors in accordance with International Accounting Standards in conformity
with the requirements of the Companies Act 2006 and in accordance with United
Kingdom adopted International Accounting Standards.
The preparation of financial information in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Although these estimates are based on management's best knowledge of the
amount, event or actions, actual events may ultimately differ from those
estimates.
The financial information set out above does not constitute the Group's
statutory accounts for the years ended 30 September 2022 or 2021, but is
derived from those accounts. Statutory accounts for 2021 have been delivered
to the Registrar of Companies, and those for 2022 will be delivered in due
course. The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain statements under Section 498(2) or (3) of the Companies
Act 2006.
The accounting policies set out in the notes have, unless otherwise stated,
been applied consistently to all periods presented in these financial
statements. The financial statements are prepared on the historical cost basis
except as disclosed in these accounting policies.
The financial statements are presented in pounds sterling and all values are
rounded to the nearest thousand (£'000), except when otherwise indicated.
3. Accounting policies
The results for the year have been prepared on a basis consistent with the
accounting policies set out in the Watkin Jones plc Annual Report for the year
ended 30 September 2022.
4. Building Safety Act provision
In response to the revised government guidance, issued in January 2020, on the
suitability of certain cladding solutions used on high-rise residential
buildings, the Group has been working with the owners of certain of its
previously developed properties to remediate or replace cladding and to share
the costs. In April 2022 the Building Safety Act 2022 (the 'BSA') was enacted,
with the government announcing its intention to approach developers to fund
the remediation of life-critical fire safety issues on buildings over 11
metres and up to 30 years old. While noting the requirement for secondary
legislation to clarify the impact of the government's plans, the Group expects
that, in due course, it will incur costs in relation to remediation works on
developments over 11 metres tall and up to 30 years old.
Whilst it is unclear exactly what remedial works will be needed, the Group has
performed a review of buildings above 11 metres developed by the Company over
the last 30 years, which concluded that an exceptional charge of £30,365,000
should be made for these potential costs. This amount covers the following
areas set out in the BSA: i) the extension of scope for developers'
responsibility to 30 years; ii) the increased scope by including buildings
above 11 metres; and iii) the expanded scope to incorporate critical life
safety defects. We expect this money will be spent over the next five years,
and the provision has been discounted accordingly.
This is a highly complex area with judgements and estimates in respect of the
cost of remedial works, the quantum of any legal expenditure associated with
the defence of the Group's position in this regard, and the extent of those
properties within the scope of the applicable government guidance and
legislation, which continue to evolve. The amount provided for these works has
been estimated by reference to recent industry experience, external quotes for
similar work identified, and legal advice on the defence of the Group's
position on certain developments. In advance of remedial works commencing, the
provision represents the Group's best estimate of its share of contributions,
recognising that in certain instances current owners are contributing to
remediation of the developments. Should the costs associated with these
remedial works increase by 5%, the provision required would increase by
£1,700,000. Should the discount rate applied to the calculation reduce by 1%,
the provision required would increase by £600,000. Further details of the
provision are set out in note 12.
5. Segmental reporting
The Group has identified four segments for which it reports under IFRS 8
'Operating Segments'. The following represents the segments that the Group
operated in during FY22 and FY21:
a) Student Accommodation - the development of purpose built student
accommodation;
b) Build To Rent - the development of build to rent accommodation;
c) Affordable Homes - the development of residential housing; and
d) Accommodation Management - the management of student accommodation
and build to rent property.
Corporate - revenue from the development of commercial property forming part
of mixed-use schemes and other revenue and costs not solely attributable to
any one operating segment.
All revenues arise in the UK.
Performance is measured by the Board based on gross profit as reported in the
management accounts.
Apart from inventory and work in progress, no other assets or liabilities are
analysed into the operating segments.
Student Build Affordable Accommodation
Accommodation To Rent Homes Management Corporate Total
Year ended 30 September 2022 £'000 £'000 £'000 £'000 £'000 £'000
Segmental revenue 180,037 191,228 14,478 9,072 12,261 407,076
Segmental gross profit 26,353 32,808 1,915 5,909 641 67,626
Administration expenses - - - (5,788) (25,407) (31,195)
Profit on disposal of student leasehold properties (see note 11) - - - - 18,253 18,253
Exceptional costs - - - - (30,365) (30,365)
Share of loss in joint ventures - - - - (16) (16)
Finance income - - - - 72 72
Finance costs - - - - (5,982) (5,982)
Profit/(loss) before tax 26,353 32,808 1,915 121 (42,804) 18,393
Taxation - - - - (4,979) (4,979)
Continuing profit/(loss) for the year 26,353 32,808 1,915 121 (47,783) 13,414
Profit for the year attributable to ordinary equity shareholders of the parent 13,414
Inventory and work in progress 75,840 38,763 29,785 - 2,730 147,188
Student Build Affordable Accommodation
Accommodation To Rent Homes Management Corporate Total
Year ended 30 September 2021 £'000 £'000 £'000 £'000 £'000 £'000
Segmental revenue 259,882 138,569 22,663 7,762 1,335 430,211
Segmental gross profit 50,464 29,765 2,560 4,081 (2,089) 84,781
Administration expenses - - - (4,229) (23,297) (27,526)
Share of loss in joint ventures (87) - - - - (87)
Finance income - - - - 4 4
Finance costs - - - - (6,051) (6,051)
Profit/(loss) before tax 50,377 29,765 2,560 (148) (31,433) 51,121
Taxation - - - - (9,189) (9,189)
Continuing profit/(loss) for the year 50,377 29,765 2,560 (148) (40,622) 41,932
Profit for the year attributable to ordinary equity shareholders of the parent 41,932
Inventory and work in progress 25,754 64,086 27,420 - 10,333 127,593
6. Exceptional costs
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Building Safety Act provision 30,365 -
Total exceptional costs 30,365 -
There have been exceptional items during the year of £30,365,000 (2021:
£Nil) relating to a provision made for Building Safety Act 2022 related
costs. Further information on this charge is included in note 4 and note 12.
All of the exceptional costs in the year were treated as allowable deductions
for corporation tax purposes.
7. Total operating profit
This is stated after charging/(crediting):
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Audit services to the parent company 100 136
Audit services to the subsidiaries 275 134
Amortisation of intangible assets 559 560
Depreciation:
Property, plant and equipment 747 839
Investment property (leased) 6,156 6,292
Right-of-use assets 949 997
Profit on disposal of student leasehold properties (see note 11) (18,253) -
Loss on disposal of other right-of-use assets 116 6
(Profit)/loss on disposal of property, plant and equipment (2,783) 85
8. Income taxes
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Current income tax
UK corporation tax on profits for the year 2,708 9,635
Adjustments in respect of prior periods 1,133 254
Foreign taxes 55 -
Total current tax 3,896 9,889
Deferred tax
Origination and reversal of temporary differences 808 51
Adjustments in respect of prior year 4 (13)
Remeasurement of deferred tax for changes in tax rates 271 (738)
Total deferred tax 1,083 (700)
Total tax expense 4,979 9,189
Reconciliation of total tax expense
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Profit before tax 18,393 51,121
Profit multiplied by standard rate of corporation tax in the UK of 19% (2021: 3,495 9,713
19%)
Fixed asset differences (7) -
Expenses not deductible 34 110
Income not taxable 33 (14)
Remeasurement of deferred tax for changes in tax rates 271 (738)
Other differences 45 (123)
Differences to foreign tax rates (29) -
Adjustments in respect of prior periods 1,133 241
Prior year adjustment to deferred tax 4 -
At the effective rate of tax of 27.1% (2021: 18.0%) 4,979 9,189
Income tax expense reported in the statement of profit or loss 4,979 9,189
As a result of the Finance Act 2021, the rate of UK corporation tax will
increase to 25% from 6 April 2023. The deferred tax assets and liabilities
held by the Group at the start of the current year have been revalued to
reflect this increase. This resulted in an increase in deferred tax assets of
£1,004,000 and an increase in deferred tax liabilities of £266,000.
9. Earnings per share
The following table reflects the income and share data used in the basic and
diluted EPS computations:
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Profit for the year attributable to ordinary equity holders of the parent 13,414 41,932
Add back exceptional costs for the year (note 6) 30,365 -
Less corporation tax benefit from exceptional costs for the year (5,769) -
Adjusted profit for the year attributable to ordinary equity holders of the 38,010 41,932
parent (excluding exceptional costs after tax)
Year ended Year ended
30 September 30 September
2022 2021
Number of Number of
shares shares
Weighted average number of ordinary shares for basic earnings per share 256,385,882 256,163,459
Adjustment for the effects of dilutive potential ordinary shares 1,338,930 453,761
Weighted average number for diluted earnings per share 257,724,812 256,617,220
Year ended Year ended
30 September 30 September
2022 2021
Pence Pence
Basic earnings per share
Basic profit for the year attributable to ordinary equity holders of the 5.232 16.369
parent
Adjusted basic earnings per share (excluding exceptional costs after tax)
Adjusted profit for the year attributable to ordinary equity holders of the 14.825 16.369
parent
Diluted earnings per share
Basic profit for the year attributable to diluted equity holders of the parent 5.205 16.340
Adjusted diluted earnings per share (excluding exceptional costs after tax)
Adjusted profit for the year attributable to diluted equity holders of the 14.748 16.340
parent
10. Dividends
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Final dividend paid in February 2022 of 5.6 pence (February 2021: 7.35 pence) 14,345 18,826
Interim dividend paid in June 2022 of 2.9 pence (June 2021: 2.6 pence) 7,436 6,658
21,781 25,484
An interim dividend in relation to the year ended 30 September 2022 of 2.9
pence per ordinary share was paid on 30 June 2022 (2021: 2.6 pence per
ordinary share).
The final dividend proposed for the year ended 30 September 2022 is 4.5 pence
per ordinary share (2021: 5.6 pence per ordinary share) and will be paid on 2
March 2023 to shareholders on the register at the close of business on 3
February 2023. This dividend was declared after 30 September 2022 and as such
the liability of £11,539,000 (2021: £14,345,000) has not been recognised at
that date. At 30 September 2022, the Company had distributable reserves
available of £56,058,000 (30 September 2021: £75,332,000).
11. Leases
Set out below are the carrying amounts of right-of-use assets recognised and
the movements during the year:
Investment
property Motor
(leased) Offices vehicles Total
£'000 £'000 £'000 £'000
Cost
At 30 September 2020 161,393 9,411 1,432 172,236
Additions/adjustment 243 721 13 977
Disposals (7) - (471) (478)
At 30 September 2021 161,629 10,132 974 172,735
Additions/adjustment - 119 1,173 1,292
Disposals (78,038) - (591) (78,629)
At 30 September 2022 83,591 10,251 1,556 95,398
Depreciation
At 30 September 2020 51,072 4,994 1,086 57,152
Charge for the year 6,292 791 206 7,289
Disposals - - (439) (439)
At 30 September 2021 57,364 5,785 853 64,002
Charge for the year 6,156 691 258 7,105
Disposals (12,958) - (518) (13,476)
At 30 September 2022 50,562 6,476 593 57,631
Impairment
At 30 September 2020 5,698 - - 5,698
Charge for the year - - - -
At 30 September 2021 5,698 - - 5,698
Charge for the year - - - -
At 30 September 2022 5,698 - - 5,698
Net book value
At 30 September 2022 27,331 3,775 963 32,069
At 30 September 2021 98,567 4,347 121 103,035
At 30 September 2020 104,623 4,417 346 109,386
Investment property (leased) assets relate to the Group's four (2021: six)
student leaseback arrangements. Each of the four leaseback arrangements are
considered to be a separate CGU. The Directors have reviewed the carrying
value of these leases where there is an indication of impairment and compared
them to their respective recoverable amounts. No impairment charge (2021: no
impairment charge) has been recognised during the year.
The recoverable amount for each CGU has been calculated as its value in use.
The valuation technique used is a discounted cash flow. Due to the bespoke
nature of these arrangements, these valuations are also considered to
represent the fair value of each of the investment property (leased) assets.
The key inputs into the valuation are gross rental income, operating costs,
lease term and an estimated discount rate reflecting the market assessment of
risk that would be applied to each asset. The estimated discount rates for
each property, together with their value in use, are included in the next
table.
Impairment charge/(reversal) £'000 Value in use £'000
Year ended Year ended Lease Year ended Year ended
30 September 30 September Discount termination 30 September 30 September
2022 2021 rate date 2022 2021
Collegelands, Glasgow - - 5.5% 6 September 2026 11,129 12,328
Europa, Liverpool - - 6.5% 18 March 2030 10,317 10,756
Optima, Loughborough - - 6.0% 18 March 2030 1,785 2,166
Glassyard Building, London - - 5.0% 10 September 2034 9,854 9,984
Total - - 33,085 35,234
These impairment calculations are sensitive to changes in the assumptions
around discount rate. Reasonable sensitivities have been applied to these
assumptions, in each case being an increase in the discount rate applied of
1.2 percentage points. In this scenario there remained headroom against the
carrying value of the assets held.
During the year ended 30 September 2022, two previously leased investment
properties (Dunaskin Mill and New Bridewell) were disposed. A profit on
disposal, following the release of net liabilities and adjustments for rent
and operating cost apportionment, was recorded of £18,253,000.
Set out below are the carrying amounts of lease liabilities and movements
during the period:
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
At the start of the period 129,252 134,453
Additions 1,292 977
Disposals (76,728) (33)
Accretion of interest 4,479 4,895
Payments (9,196) (11,040)
At the end of the period 49,099 129,252
Current 6,248 6,113
Non-current 42,851 123,139
Group as lessor - operating lease rentals receivable
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Non-cancellable operating lease rentals are receivable as follows:
Within one year 8,094 13,514
Later than one year and less than five years 703 12,747
After five years 63 16,457
8,860 42,718
The Group acts as lessor in respect of certain commercial property and for the
student accommodation properties operated under the sale and leaseback
arrangements detailed above. The decrease in operating lease rentals
receivable at 30 September 2022 compared to the prior year has arisen as a
result of the disposal of the Dunaskin Mill and New Bridewell properties.
12. Provisions
Building Safety Act provision (formerly Cladding Provision)
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Current
At 1 October 4,667 6,277
Arising during the year 7,898 558
Utilised (6,316) (1,023)
Transferred from/(to) non-current 1,464 (1,145)
At 30 September 7,713 4,667
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Non-current
At 1 October 4,732 3,587
Arising during the year 22,467 -
Transferred (to)/from current (1,464) 1,145
At 30 September 25,735 4,732
In the financial year ended 30 September 2020, the Group made a provision in
response to government guidance, issued in January 2020, on the suitability of
certain cladding solutions used on high-rise residential buildings. Following
the introduction of the Building Safety Act 2022 (the 'BSA') during the year
ended 30 September 2022, the scope of requirements around cladding and
firestopping measures on such buildings has been increased.
The Group has been working with the owners of certain of its previously
developed properties to remediate certain items now in scope of the BSA and to
share the costs. A provision of £9,399,000 was held at 30 September 2021 for
the Group's anticipated contribution towards the cost of the fire safety
recladding works. A further provision of £30,365,000 has been made during the
year ended 30 September 2022 to reflect the increased scope of the BSA. The
judgements surrounding this provision are discussed in more detail in note 4.
The provision at 30 September 2022 amounts to £33,448,000, of which
£7,713,000 is expected to be incurred in the year ending 30 September 2023
and £25,735,000 is expected to be incurred between 1 October 2023 and 30
September 2027.
13. Reconciliation of profit before tax to net cash flows from operating
activities
Year ended Year ended
30 September 30 September
2022 2021
£'000 £'000
Profit before tax 18,393 51,121
Depreciation of leased investment properties and right-of-use assets 7,105 7,289
Depreciation of plant and equipment 747 839
Amortisation of intangible assets 559 560
(Profit)/loss on disposal of right-of-use assets (18,137) 6
(Profit)/loss on disposal of property, plant and equipment (2,783) 85
Finance income (72) (4)
Finance costs 5,982 6,051
Share of loss in joint ventures 16 87
Increase in inventory and work in progress (19,525) (1,346)
(Increase)/decrease in contract assets (37,011) 27,712
Increase in trade and other receivables (430) (4,680)
Increase/(decrease) in contract liabilities 2,207 (6,122)
Decrease in trade and other payables (901) (5,302)
Increase/(decrease) in provisions 24,049 (465)
Increase in share-based payment reserve 209 476
Net cash (outflow)/inflow from operating activities (19,592) 76,307
Major non-cash transactions
There were no major non-cash transactions during the period.
14. Analysis of net cash/(debt)
At beginning Other
of year Cash flow movements At end of year
30 September 2022 £'000 £'000 £'000 £'000
Cash at bank and in hand 136,293 (25,452) - 110,841
Other interest-bearing loans (389) 389 - -
Bank loans (11,572) (16,516) (200) (28,288)
Net cash before deducting lease liabilities 124,332 (41,579) (200) 82,553
Lease liabilities (note 11) (129,252) 4,717 75,436 (49,099)
Net cash/(debt) (4,920) (36,862) 75,236 33,454
At beginning Other
of year Cash flow movements At end of year
30 September 2021 £'000 £'000 £'000 £'000
Cash at bank and in hand 134,513 1,780 - 136,293
Other interest-bearing loans (631) 242 - (389)
Bank loans (39,036) 27,664 (200) (11,572)
Net cash before deducting lease liabilities 94,846 29,686 (200) 124,332
Lease liabilities (note 11) (134,453) 6,145 (944) (129,252)
Net cash/(debt) (39,607) 35,831 (1,144) (4,920)
Cash at bank and in hand as at 30 September 2022 includes £53,000 of cash
deposited by the Group in an escrow account in connection with a development
in progress, access to which is contingent upon the completion of certain
development works (30 September 2021: £53,000). Non-cash movements relate to
the acquisition of property, plant and equipment under other interest-bearing
loans, the amortisation of bank loan arrangement fees and changes to the value
of lease liabilities as a result of leases entered into or terminated in the
period or due to movements in the rent inflation rates assumed.
15. Subsequent events
On 9 January 2023, the main contractor on one of the Group's live third
party-developed BtR sites entered liquidation proceedings. The Group intends
to take on the remaining obligations under the build contract as main
contractor. This is a non-adjusting event under IAS 10 "Events after the
reporting period". The replacement of this main contractor will result in
certain additional costs to the Group, however due to the proximity of this
event to the approval of the financial statements an estimate of the net
impact of these changes cannot be made at this time.
16. Annual report
Copies of this announcement are available from the Company at 7-9 Swallow
Street, London W1B 4DE. The Group's annual report for the year ended 30
September 2022 will be posted to shareholders shortly and will be available on
our website at www.watkinjones.com.
ENDS
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