REG - Watkin Jones plc - Full Year Results 2024
23/01/2025 07:00
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RNS Number : 3676U Watkin Jones plc 23 January 2025
23 January 2025
Watkin Jones plc
(the 'Group')
Full Year Results for the year ended 30 September 2024
Resilient performance reflected in improved profitability and cash position
The Group announces its annual results for the year ended 30 September 2024
('FY24').
Adjusted Results ((1), (2)) Statutory Results
FY24 FY23 FY24 FY23
Revenue £362.4m £413.2m £362.4m £413.2m
Gross profit £33.8m £34.9m £33.8m £34.9m
Operating profit £10.6m £0.2m £3.6m (£38.0m)
Profit / (loss) before tax £9.2m (£2.9m) £(0.3m) (£42.5m)
Basic earnings / (loss) per share 3.5p (0.6p) 0.7p (12.7p)
Dividend per share - 1.4p - 1.4p
Adjusted net cash(3) £83.4m £43.9m
(1) For FY24 Adjusted Operating Profit, Adjusted Profit before tax and
Adjusted Earnings per share are calculated before the impact of exceptional
charges of £7.0 million provided for remedial costs associated with building
safety and £2.5 million for the unwinding of the discount rate on the
building safety provision.
(2) For FY23 Adjusted Operating Profit, Adjusted Profit before tax and
Adjusted Earnings per share are calculated before the impact of exceptional
charges of £35.0 million provided for remedial costs associated with building
safety, £3.1 million of restructuring costs and £1.5 million for the
unwinding of the discount rate on the building safety provision.
(3) Adjusted net cash is stated after deducting interest bearing loans and
borrowings, but before deducting IFRS 16 operating lease liabilities of £40.8
million at 30 September 2024 (30 September 2023: £45.2 million).
FY24 Highlights - Resilient performance
· Revenue of £362.4 million delivered predominantly from previously
sold developments on site, supported by two further developments sold in the
year and a successful first year of our Refresh offering.
· Significant improvement in adjusted operating profit from £0.2
million to £10.6 million, reflecting:
- Two schemes sold in the period, including our Stratford joint venture,
which enables the Group to benefit from a base profit and future value
generated by the scheme;
- Successful completion of six schemes, generating gross margins in line
with guidance; and
- Benefit of cost saving actions implemented in FY23.
· Continued focus on cash generation resulted in higher period end
gross and adjusted net cash balances of £97.0 million and £83.4 million,
respectively.
· Pipeline successes:
- Achieved planning for a further c.2,600 PBSA beds, across four
schemes; and
- Secured two further PBSA development sites, subject to planning.
· The net provision for building safety works has decreased by £6.7
million to £48.0 million, reflecting:
- Cash outflow of £16.2m, in line with expectations, including
completion of remediation works on three buildings; and
- An additional provision of £7.0 million, covering certain additional
properties and changes in scope on several properties already in the
provision.
· Continuing the approach adopted at the FY23 year end, the Board is
prioritising the maintenance of financial flexibility and consequently is not
declaring a dividend; the Board will keep this approach under review.
Outlook - Building on our resilience in a challenging investment market
· Investment market gradually showing signs of recovery, though pace is
likely linked to further reductions in gilt and interest rates.
· Medium term outlook remains strong with excellent sector fundamentals
continuing to drive investor sentiment and allocations.
· In the near term we continue to focus on the factors within our
control:
- Successfully delivering our in-build projects;
- Carefully managing our costs and cash; and
- Continuing to broaden our revenue base with new sources of income.
· c.£300 million of contractually secure forward sold revenue as at 30
September 2024, within a total pipeline of almost £2 billion.
· Secured a new development partnership transaction in December 2024,
to deliver 295 homes in St Helens, and letter of intent signed on two further
schemes.
· Encouraging progress with Refresh following a successful first year,
with an active pipeline being pursued.
· HSBC £50m banking facility extended by two years.
· The Group remains focussed on developing its long-term pipeline, with
new acquisitions and planning consents in order to capitalise on a market
recovery, and continues to explore innovative structuring and development
funding arrangements to enable this.
Alex Pease, Chief Executive Officer of Watkin Jones, said: "The Group produced
a resilient operational performance during FY24, in what remains a difficult
investment market. The slow pace of interest rate cuts and timing of the
general election meant that, whilst investor sentiment remained positive,
transactional activity has not improved as quickly as expected. We responded
by focusing on the factors within our control: successfully delivering our
in-build projects and carefully managing our costs. We have also continued to
broaden our revenue base, opening up new sources of income through our Refresh
and development partnership initiatives.
"While the investment market has continued to be challenging, the sectors in
which we operate remain attractive. PBSA is still undersupplied and BTR offers
a key solution to the UK's housing shortage, helping to accelerate the
delivery of new homes and fostering communities. As a market-leading developer
with a strong track record, Watkin Jones is an ideal conduit for institutional
capital. Looking to the medium term, we believe that there is an excellent
opportunity in the sector and that we are well placed to take advantage of
that."
Analyst meeting
A meeting for analysts will be held in person at 09.30am today, Thursday
23(rd) January at the offices of MHP Group, 60 Great Portland Street, London
W1W 6RT. A copy of the Full Year results presentation is available on the
Group's website: http://www.watkinjonesplc.com
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An audio replay of the meeting with analysts will be available after 12pm
today at the following link:
https://stream.brrmedia.co.uk/broadcast/67616bdd139c6b2fd9c48681/6790cc332fca8d88fde0f43b
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For further information:
Watkin Jones plc
Alex Pease, Chief Executive Officer Tel: +44 (0) 20 3617 4453
Simon Jones, Chief Financial Officer www.watkinjonesplc.com
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Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker) Tel: +44 (0) 20 7418 8900
Mike Bell / Ed Allsopp www.peelhunt.com
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Jefferies Hoare Govett (Joint Corporate Broker) Tel: +44 (0) 20 7029 8000
James Umbers / Paul Bundred www.jefferies.com
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Media enquiries:
MHP Group
Reg Hoare / Rachel Farrington Tel: +44 (0) 7801 894577
watkinjones@mhpgroup.com www.mhpgroup.com
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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 over 50,000 student
beds across 147 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, where it has delivered 2,200
apartments across 12 schemes to date. In addition, Fresh, the Group's
specialist accommodation management business, manages c.19,000 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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Chief Executive Officer's review
The Group produced a resilient operational performance in FY24, in the context
of a difficult investment market. The slow pace of interest rate cuts and the
surprise timing of the general election meant that whilst investor sentiment
remained positive, transactional activity on developments has not improved as
quickly as expected, and we completed fewer forward sales as a result. We
responded by focusing on the factors within our control: successfully
delivering our in-build projects, carefully managing our costs and further
increasing our resilience. In particular, we have broadened our revenue base,
opened up new sources of income and worked hard to protect our cash position.
While the investment market has continued to be challenging, the sectors in
which we operate remain attractive. PBSA is still undersupplied and BTR offers
a key solution to the UK's housing shortage, helping to accelerate the
delivery of new homes and fostering communities. Rents in both sectors
continue to grow. We are also encouraged that the new government is
pro-housebuilding and wants to unblock the planning system to meet its
ambitious housing targets.
Performance
During FY24 we completed five projects and handed over the first phase of a
sixth. All finished on time and materially to budget, despite being procured
and delivered in a very difficult construction environment, with high build
cost inflation and supply chain disruption during
FY22 and FY23. Our in-build sites are all progressing to plan. I am pleased
that in the year we were able to close two forward sale transactions of our
PBSA schemes at Stratford in East London and at Gas Lane in Bristol.
Group revenue was £362.4 million (FY23: £413.2 million), down 12.3%. In part
this reflected the accounting treatment of the transaction of the Stratford
development with Housing Growth Partnership (HGP), discussed later in this
report. While it shares many of the characteristics of a forward sale, it was
accounted for as the disposal of a subsidiary rather than a land sale. This
excluded it from revenue, which would otherwise have been £24.8 million
higher.
Gross profit reduced slightly to £33.8 million (FY23: £34.9 million)
although operating profit before exceptional items was up materially at £10.6
million (FY23: £0.2 million).
BTR was again the largest contributor to our revenue but the improved
profitability of our PBSA developments was the main driver of our increased
profits. We were also pleased by the initial results of our Refresh business
(see below), which, from a standing start, doubled our budget targets with
revenue of £10.9 million at a strong gross margin of 13.8%.
At the year end, we achieved a better cash position than we forecast, with an
adjusted net cash position of £83.4 million (30 September 2023: £43.9
million) and total cash and available facilities of £143.2 million (30
September 2023: £103.6 million), meaning our balance sheet remains strong.
Strategy
We have continued to successfully implement our three-part strategy, which
aims to diversify our sources of income in residential to rent, drive
operational efficiency and ensure we are a responsible business.
Diversify our sources of income
Forward sales remain central to our model but with limited activity during the
period, we have been proactive in leveraging
our expertise in the residential for rent sector by developing new approaches,
broadening our offering and diversifying our income streams. We are pursuing
further 'Development Partnerships' with clients, looking to accelerate
delivery and revenues by acquiring sites with planning consent or developing a
consented site our partner already owns. Also, post FY24 close, we signed a
development partnership with Torus to build 295 new affordable homes in Moss
Nook, St Helens. This is another very positive example of us diversifying our
sources of income.
The joint venture with HGP is an example of us exploring and executing
alternative structures and in the case of that deal we have a significant
opportunity to outperform our underwriting whilst managing risk.
We will continue to consider differing types of transaction which give us
access to capital, and the potential to charge fees, whilst leveraging our
leading development and construction expertise in the sector. Such flexibility
should enable us to develop our pipeline and place the business in a strong
position to capitalise on the opportunities that arise when the market
recovers.
We will continue to keep an open mind when exploring the funding options
available to us, in order to provide a robust business in the long-term
interests of our stakeholders.
Our new Refresh business stream, meanwhile, has turned a challenge into an
opportunity, as clients saw the high
standard of our building safety remediation work and asked us to apply that
skill and experience to remediate their other assets.
This service can be further expanded to include a fuller refurbishment and
repositioning of an asset. We are leveraging our wide network of institutional
contacts to grow the business and the volume of assets requiring remediation
and the level of interest suggests we can achieve meaningful revenues and
further diversify our income. To position ourselves to take advantage of this
opportunity, we have created a dedicated team to provide this offering, which
includes refurbishment and redevelopment. This team works closely with Fresh,
who provide insight on resident needs, which can then be incorporated into our
proposal.
Driving operational efficiency
Driving efficiencies was a key focus in FY24, as we began the second phase of
our programme to deliver excellence through operational improvement. The aim
is to further improve productivity and efficiency while reducing risk,
ensuring our processes, governance and decision-making work well and set us up
to outperform. As part of this, we have redesigned our Delivery function to
ensure we have the right resources in the right place, and to give our people
the capacity to lead. Richard Harris, Managing Director of Group Delivery, is
retiring in January 2025 and we have taken the opportunity to split his role.
We have promoted and appointed to the executive team Gwyn Pritchard and
Michael Bunyan to head up Construction and Project Services respectively.
Richard has mentored them as part of our succession planning, to ensure a
smooth transition. I want to thank Richard for his important contribution to
the Group. We have also added to the executive team in the year with the
appointment of Simon Jones as Chief Financial Officer and Adam McGhin as Chief
Legal Officer & Company Secretary. Both Simon and Adam have substantial
experience in the real estate sector and their leadership will prove key in
driving forward the business to achieve our strategic goals.
Build cost inflation reduced during FY24 and we also benefited from our
efforts to mitigate rising costs, including developing stronger relationships
with our supply chain. We have created excellent partnerships with suppliers
in FY24 to further improve our buying power and held our second supplier
conference, with an enthusiastic reception as we launched Refresh to them.
The Fresh division continues to provide a reliable income stream to the
business. Having a management arm is also hugely accretive to our
understanding of the sector and what really matters to residents when living
in PBSA and BTR buildings. We anticipate further opportunity to increase
Fresh's market share over the coming years as competitors exit the market.
Being a responsible business
This has been a tough period for our people but we have worked hard to keep
them engaged and motivated, and I am pleased that we have retained our key
personnel and skillsets. We have also maintained our exceptional health and
safety record, substantially outperforming the peer group average.
Refresh captures everything good about sustainability. It gives people a
better, safer place to live, helps improve the surrounding area and is good
for the planet, as we can extend the building's useful life and avoid the
substantial carbon emissions from replacing it. We also continue to reduce our
own environmental impact. For example, we have redesigned the standard student
bedroom and reduced the associated Scope 3 emissions by 10%. We are also
diverting 99.15% of waste from landfill.
We made good progress with building safety remediation in the year, completing
three projects at a cash cost in line with our expectations. The number of
buildings in scope, the extent of the work required and discussions with
building owners on reimbursement all continue to evolve, and the Board took
the decision to recognise an additional £7.0 million liability during the
year.
People
Our people are our greatest strength. The expertise and market-leading
position of the business flows directly from the skills and quality of our
people. When I carry out site visits throughout year, I am always struck and
inspired by the knowledge and commitment of our staff. Their expertise is
fundamental in continuing to deliver our strategy for the benefit of the
residents and all of our stakeholders.
Outlook
We see good prospects for our capital- light forward sale model. The
attractions of our end markets mean there is significant capital wanting to
allocate to the residential to rent sector but too few built assets to satisfy
this demand. The major shortage of accommodation means new assets are urgently
needed and the requirements of the Building Safety Act and focus on ESG
performance also mean investors want new, best-in-class assets.
The low number of transactions in FY24 will affect our FY25 results, by
delaying revenue from building out schemes we had expected to forward sell.
The Group's performance will be significantly influenced by the evolution in
forward fund liquidity over the coming months and, while it is possible to
deliver year-on-year progress in FY25, this will require market conditions to
improve at a faster pace as we enter the new financial year.
The business will continue to grow our diversification strategies in 'Refresh'
and 'Development Partnerships' across the UK living sectors to provide a
resilient base for our traditional transactional and planning-led development
activities. We will also continue to assess innovative and alternative real
estate funding opportunities if accretive to the scale and speed of growth in
the business.
As a market-leading developer with a strong track record, Watkin Jones is an
ideal conduit for institutional capital. Further interest rate cuts are
forecast, which should improve forward fund liquidity. We are actively
sourcing new land for development and are currently marketing a number of
schemes, with encouraging investor interest. Looking to the medium term, we
believe that there is an excellent opportunity in the sector and that we are
well placed to take advantage of that.
Alex Pease
Chief Executive Officer
23 January 2025
Operational review
Build To Rent
BTR apartments by estimated year of practical completion
Total pipeline FY25 FY26 FY27 FY28
Forward sold 2,382 956 1,110 316 -
Forward sales in the market 300 - 70 - 230
Sites secured subject to planning 795 - - - 795
Total secured pipeline 3,477 956 1,180 316 1,025
Total revenues for the year were £211.3 million (FY23: £207.7 million), up
1.7%. Revenues were generated by the build-out of our forward sold
developments and a development partnership scheme in Cardiff. During the year,
we reached practical completion on our schemes at Hove and Lewisham, and
handed over the first phase of the Sherlock Street development in Birmingham.
In FY24, we submitted planning on a site in Leeds with the potential to
deliver around 230 units, which was approved just after year end. The current
secured development pipeline for BTR is shown in the table above. The pipeline
has an estimated future revenue value to us of £0.5 billion (FY23: £0.6
billion), of which £232 million is currently forward sold (FY23: £447
million).
Gross profit for the year was £18.0 million (FY23: £19.8 million), down
9.1%, resulting in a gross margin of 8.5% (FY23: 9.5%). This reflected the
lack of land sales in the period, with the build margins of certain in-year
schemes being lower than typical land margins.
We were delighted to win the BTR Specialist Award at the national EG Awards
2023. The judges commented:
"Watkin Jones has shown an incredible depth of activity over the period, and
pushed the boundaries when it came to bringing capital to the BTR sector. The
buildings Watkin Jones delivers are uncompromising in terms of design and
approach to ESG standards and offer its residents a best-in-class service."
Student Accommodation
PBSA beds by estimated year of practical completion
Total pipeline FY25 FY26 FY27 FY28 onwards
Forward sold 657 260 397 - -
Forward sales in the market 2,605 - - 330 2,275
Sites secured subject to planning 1,594 - - - 1,594
Total secured pipeline 4,856 260 397 330 3,869
During the year we delivered three developments as planned, completing Lower
Parliament Street in Nottingham, Metalworks in Bedminster, Bristol, and the
Lower Bristol Road scheme in Bath. We forward sold the 260-bed Gas Lane scheme
in Bristol, which will transform a brownfield site into a new student
community in one of the UK's largest urban regeneration zones. This was our
first transaction with a new client, Hines. We also sold the 397-bed
development in Stratford, East London, to a new joint venture we created with
the Housing Growth Partnership (HGP), a social impact investor and part of
Lloyds Banking Group. The JV is owned 75% by HGP and 25% by us, with funding
provided by HGP and third-party debt.
We expect the JV will sell the completed scheme once it is stabilised and we
have the opportunity to receive a further cash payment if the returns exceed
agreed hurdle rates.
Revenues from PBSA were £117.6 million (FY23: £175.7 million), down 33.1%,
in part because the HGP transaction was accounted for as the disposal of a
subsidiary rather than a land sale. As a result it was not included within
revenue, which would have been £24.8 million higher if the transaction had
been a traditional forward sale. Despite reduced revenues, gross profit rose
19.3% to £13.6 million (FY23: £11.4 million), resulting in a
much‑improved gross margin of 11.6% (FY23: 6.5%). This reflects a recovery
towards the margins we have historically earned in this sector.
The margin in FY23 was suppressed by additional build costs on a scheme in
Exeter where the third-party main contractor went into liquidation, as well as
acceleration costs required to achieve completion on some other developments.
In FY24, we secured sites subject to securing planning in Belfast (c.1,000
beds) and Bristol (358 beds). We also obtained planning on three sites, with
the potential to deliver around 2,275 beds. The secured development pipeline
for PBSA is shown in the table above. This pipeline has an estimated future
revenue value to us of £0.8 billion (FY23: £0.9 billion), of which £60
million is currently forward sold (FY23: £60 million).
Single Family Homes
The affordable-led single family homes business completed 20 sales in the year
(FY23: 36 sales), generating revenue of £12.9 million (FY23: £19.6 million).
The business has continued to make progress at its Crewe site but delays to
house sales have increased holding and management costs, eroding the margin on
completed transactions. Gross loss for the year was therefore £0.2 million
(FY23: profit of £1.9 million) at a gross margin of -1.6% (FY23: +9.7%). We
are looking at revising the planning at Crewe to reduce the number of four-bed
units and provide more two and three-bed units, which will increase the
potential for selling to single-family housing funds.
In December 2024, we signed a development partnership with Torus to construct
295 new affordable homes in St Helens.
Refresh
Having performed a soft launch of this business in the first half of the year,
we successfully completed three refurbishment projects on PBSA assets for an
existing institutional client. Total revenues in FY24 were £10.9 million,
generating gross profit of £1.5 million at a margin of 13.8%.
The completed projects renovated 800+ bedrooms and more than 660sqm of amenity
space over an 11-week period. The room renovations started at the end of term
and in just eight weeks returned all rooms fully renovated for the new intake
in September. The amenity works transformed unused spaces into vibrant hubs.
This successful partnership has led to further active discussions on future
work.
With a dedicated team in place to deliver these projects and an active
pipeline, we anticipate good growth in FY25. The PBSA sector currently has the
greatest potential, given the large proportion of outdated stock, but we also
expect opportunities to improve older private rented sector accommodation.
Accommodation Management
Key statistics
Student beds and BTR apartments under management
FY24: 18,656
FY23: 23,064
Student net promoter score
FY24: +36
FY23: +35
Revenues in Fresh fell 14.7% to £8.1 million (FY23: £9.5 million),
reflecting the 6,800 student beds that left Fresh in October 2023 with the
majority being managed by a new in-house client platform. This was partially
offset by Fresh taking over the management of an existing 250-bed PBSA scheme
and mobilising a 120-bed BTR (affordable) scheme, as well as contract wins to
take on the management of 366 student beds in FY25 and FY26. Fresh also
mobilised 1,866 student beds ahead of the 2024/25 academic year, which will
contribute to revenue in FY25.
At the end of FY24, Fresh had 18,656 units under management across 58 schemes
(FY23: 23,064 units across 71 schemes). Lower revenue resulted in gross profit
of £4.4 million (FY23: £6.0 million) at a margin of 54.3% (FY23: 64.8%).
We have a track record of excellent service and our student net promoter score
in the Global Student Living Index (GSLI) increased for the fifth year in a
row, to +36 (FY23: +35), well above the benchmark of +14. We also retained our
Platinum certification. More than 4,600 of our residents took part in the
survey.
In the year Fresh collected several awards: GSLI Best Learning Environment UK
for Calico in Liverpool, Inspiring Women in Property Awards - Mental Health
and Wellbeing Initiative of the Year and Property Week Heath and Wellbeing
Award (2023). Our wellbeing programme has been an important contributor to
student satisfaction and we reviewed it during FY24, giving us a five-year
roadmap with targets, to allow us to monitor our impact and do more of what
works.
To support our client service, we are investing in a client portal, which we
hope to launch in 2025. This will enable clients to access data on their
assets' financial, operational and ESG performance in near real time,
assisting their onward reporting. We also continue to invest in our Yardi
property management platform and implementing the next upgrade. This brings
many advantages, including the ability to incorporate AI to increase
efficiency, for example managing initial interactions to secure progression
through our funnel and into the CRM.
Our market continues to evolve and consolidate, and we believe Fresh's
independence will be increasingly important to clients. To support our growth
plans, we have recruited a new commercial director from a competitor. We are
also seeing good interest in our white-label offering, which enables asset
owners to have their own accommodation brand. We expect this to gain traction
in FY25.
Financial review
Strong operational delivery, cost control and broadening our offering
contributed to substantially improved operating profit performance in FY24.
Adjusted results(1) Statutory results
FY24 FY23 FY24 FY23
£m £m £m £m
Revenue 362.4 413.2 362.4 413.2
Gross profit 33.8 34.9 33.8 34.9
Operating profit/(loss) 10.6 0.2 3.6 (38.1)
Profit/(loss) before tax 9.2 (2.9) (0.3) (42.5)
1. A reconciliation between adjusted and statutory results is shown
below.
Revenue
Group revenue for the year was £362.4 million (FY23: £413.2 million), down
12.3%. Revenue was primarily generated by our in-build developments, with the
reduction in part reflecting the accounting treatment of the transaction of
our Stratford development, which was executed as a disposal of subsidiary,
rather than traditional land sale. Revenue also benefited from an initial
contribution from our new Refresh offering.
On a segmental basis, revenue in the year was as follows:
FY24 FY23 Change
£m £m %
Build To Rent 211.3 207.7 1.7
Student Accommodation 117.6 175.7 (33.1)
Affordable-led Homes 12.9 19.6 (34.2)
Accommodation Management 8.1 9.5 (14.7)
Refresh 10.9 -
Corporate 1.6 0.7
Group revenue 362.4 413.2 (12.3)
Information on divisional revenue performance can be found in the operational
review above.
Gross profit
Gross profit for the year was £33.8 million (FY23: £34.9 million), a
decrease of 3.2%, with reduced revenue offset by improvements in gross margin.
Student Accommodation was the primary contributor to this improved margin
performance as a result of the strong operational delivery of our ongoing
schemes.
On a segmental basis, gross profit in the year was as follows:
FY24 FY23 Change
£m £m %
Build To Rent 18.0 19.8 (9.1)
Student Accommodation 13.6 11.4 19.3
Affordable-led Homes (0.2) 1.9 (110.5)
Accommodation Management 4.4 6.0 (26.7)
Refresh 1.5 -
Corporate (3.5) (4.2)
Gross profit 33.8 34.9 (3.2)
See the operational review above for more information on divisional gross
profits. Corporate is primarily central costs such as plant, insurance and
legal expenses that are not allocated to a business unit.
Operating profit
Operating profit for the year was £3.6 million (FY23: £(38.0) million loss).
After adding back the exceptional £7.0 million increase to the building
safety provision, adjusted operating profit for the year was £10.6 million
(FY23: £0.2 million), reflecting the £6.3 million profit on divestment of
the Stratford PBSA scheme.
Operating loss in the prior year was after charging:
· a £4.6 million loss on disposal of PRS assets; and
· £38.1 million of exceptional administrative expenses, comprising
£35.0 million provided for remedial costs associated with building safety and
£3.1 million of one-off restructuring costs.
Our adjusted operating profit of £10.6 million in FY24 therefore represents a
significantly improved underlying result.
Administration expenses, excluding the impact of exceptional items, reduced to
£29.5 million (FY23: £30.1 million), demonstrating strong cost control in
the face of continued inflation in services costs and wages.
Finance costs
Finance costs for the year were £4.9 million (FY23: £5.0 million). These
costs included:
· the finance cost of capitalised leases under IFRS 16, which totalled
£1.7 million (FY23: £1.8 million);
· an exceptional charge of £2.5 million (FY23: £1.5 million) for the
unwind of the discount of the building safety provision (see below); and
· fees associated with the availability of our revolving credit
facility (RCF).
Finance costs in FY23 also included interest on the loans previously held with
Svenska Handelsbanken AB, which we repaid in that year.
Loss before tax
Loss before tax for the year was £0.3 million (FY23: loss before tax of
£42.5 million). Adjusted profit before tax, which excludes the impact of the
exceptional items, was £9.2 million (FY23: adjusted loss before tax of £2.9
million).
Taxation
The corporation tax credit was £2.2 million (FY23: credit of £9.9 million).
The effective tax credit rate was less than the standard UK corporation tax
rate of 25% for the year, primarily as a result of tax reliefs utilised on
disposal of a subsidiary. Cash tax in respect of FY24 was minimal, as a result
of utilising brought forward tax losses.
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 0.7 pence
(FY23: 12.7 pence loss per share). Adjusted basic earnings per share, which
excludes the impact of exceptional items, was 3.5 pence (FY23: 0.6 pence).
Dividends
The Board has continued to prioritise the Group's financial flexibility during
the current period of market disruption and has therefore not declared any
dividends in respect of FY24. The Board will keep this under review. In FY23,
we paid an interim dividend of 1.4 pence per share and no final dividend.
At 30 September 2024, the Company had distributable reserves of £41.6 million
available to pay dividends.
EBITDA
EBITDA, which is calculated as set out below, was £11.2 million (FY23: loss
of £21.0 million). Adjusted EBITDA, which excludes exceptional items, was
£18.2 million (FY23: £17.2 million), with an adjusted EBITDA margin of 5.0%
(FY23: 4.2%).
Return on capital employed
The return on capital employed (ROCE) for the year, calculated as set out
below, increased to 14.8% (FY23: 0.2%) as a result of our improved
profitability.
Building safety
We continue to focus on delivering our building safety rectification
obligations and completed works on three buildings in FY24, with a cash
outflow of £16.2 million in line with our expectations.
Following the conclusion of investigations undertaken, necessary remedial
works were identified at further properties, and the scope of works at a
number of properties already under remediation has been revised. An additional
net provision of £7.0 million (30 September 2023: £35.0 million) has
therefore been made during the year, for which further information is provided
in note 4 to the financial statements.
As for many other participants in our industry, the properties in scope of the
government's guidance and legislation continue to evolve, as do the range and
cost of works. We are monitoring this as building investigations and
discussions with building owners continue. The provision recognised represents
our best estimate of the amounts required to remediate those properties where
we expect remediation works to be required. However, as disclosed in note 4 to
the financial statements, there are a number of properties for which the
Group's liability remains uncertain and as such, we consider these to be
contingent liabilities until such time as there is greater clarity on the
Group's obligations or the extent, if any, of remedial works required.
As shown in the table below, at the year end we had a net provision of £48.0
million, after offsetting a £7.6 million reimbursement asset representing
contractually agreed customer contributions to the remediation works.
Building safety provision Provision Asset Total
£m £m £m
At 1 October 2023 65.6 (10.9) 54.7
Arising during the year 8.1 (1.1) 7.0
Utilised in the year (21.1) 4.9 (16.2)
Unwind of discount rate 3.0 (0.5) 2.5
At 30 September 2024 55.6 (7.6) 48.0
Our current expectation is for a cash outflow of approximately £10.6 million
in FY25 with the balance between FY26 and FY30. Given these costs will be
incurred in future years, the provision is discounted to its present value. As
the discount unwinds over time, the change in the present value is recognised
as an exceptional finance cost, as described above.
Statement of financial position
At 30 September 2024, non-current assets amounted to £69.0 million (FY23:
£60.2 million), with the most significant item being the carrying value of
the leased student accommodation investment properties amounting to £20.8
million (FY23: £24.2 million).
The deferred tax asset, predominantly relating to carried forward losses from
the year ended 30 September 2023, amounted to £15.1 million (FY23: £12.1
million) and is expected to be fully utilised in the short to medium term.
Right-of-use assets relating to office and car leases amounted to £5.7
million (FY23: £5.3 million). Intangible assets relating to Fresh amounted to
£11.0 million (FY23: £11.6 million) and were reduced by the amortisation
charge of £0.6 million in the year.
The movement in the building safety provision and associated reimbursement
assets is described above.
Inventory and work in progress was £94.3 million (FY23: £123.5 million),
with the decrease reflecting the forward sale during the period of our
Stratford and Bristol PBSA sites.
Contract assets decreased significantly in the year to £36.5 million (FY23:
£66.4 million) reflecting the final payment balances which are received on
completion of developments during the year, particularly from a number of BTR
developments which were close to completion at the prior year end, and two
PBSA schemes which completed during September 2024. Contract liabilities
increased by £1.8 million during the year to £3.3 million.
Interest-bearing loans and borrowings reduced to £13.6 million at 30
September 2024 (FY23: £28.5 million) (see 'Bank facilities' below).
Lease liabilities were reduced to £40.8 million (FY23: £45.2 million),
reflecting capital repayments made in the year offset by indexed rent
increases on our student leased investment properties.
At the year end, we had a cash balance of £97.0 million and loans of £13.6
million, resulting in a net cash position of £83.4 million. At 30 September
2023, we had a cash balance of £72.4 million and loans of £28.5 million,
resulting in a net cash position of £43.9 million.
Net cash balances are stated before deducting the lease liabilities of £40.8
million (30 September 2023: £45.2 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.
Cash flow
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 (when paid), overhead costs and
land purchases.
However, as in the prior year, we expect our cash flow profile in FY25 will
be more evenly spread than in previous years. This reflects the anticipated
physical completions of some of our BTR developments in FY25, which will
result in the Group receiving these final payments throughout the year.
The cash balance at the year end is still 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 inflow from operating activities for the year was £30.2
million (FY23: outflow of £31.5 million), primarily reflecting the collection
of bullet payments on our schemes completed during the year.
Net finance costs paid totalled £1.2 million (FY23: £2.8 million), including
the finance charges on the capitalised lease liabilities of £1.7 million
(FY23: £1.8 million).
No dividends were paid in the year (FY23: £15.1 million). Dividends paid in
FY23 comprised the final dividend for FY22 and the interim dividend for FY23.
Cash and net debt
FY24 FY23
£m £m
Operating profit before exceptional items 10.6 0.2
Loss/(profit) on disposal of fixed assets 0.1 (0.3)
Depreciation and amortisation 6.9 11.5
Profit on disposal of subsidiary (6.3) -
Decrease/(increase) in working capital 16.2 (28.6)
Finance costs paid (1.2) (2.8)
Tax received/(paid) 3.9 (11.5)
Net cash flow from operating activities 30.2 (31.5)
(Purchase)/sale of fixed assets (0.1) 15.0
Cash flow from joint venture interests including Stratford disposal 16.9 -
Dividends paid - (15.1)
Payment of lease liabilities (7.3) (6.8)
Repayment of borrowings (15.1) -
Increase/(decrease) in cash 24.6 (38.4)
Cash at beginning of year 72.4 110.8
Cash at end of year 97.0 72.4
Less: borrowings (13.6) (28.5)
Net cash before deducting lease liabilities 83.4 43.9
Less: lease liabilities (40.8) (45.2)
Net cash/(debt) 42.6 (1.3)
Total cash and available facilities
FY24 FY23
£m £m
Cash and cash equivalents 97.0 72.4
Revolving credit facility (RCF) 50.0 50.0
Drawn balance on RCF (13.8) (28.8)
Overdraft 10.0 10.0
Total cash and available facilities 143.2 103.6
Bank facilities
At the year end, the Group had the following bank facilities with HSBC:
· an RCF of £50.0 million, which we can use to fund land acquisitions
and development work. The RCF had £13.8 million drawn against it at the year
end (30 September 2023: £28.8 million); and
· an undrawn overdraft facility of £10.0 million.
Total cash and available facilities at 30 September 2024 therefore stood at
£143.2 million (30 September 2023: £103.6 million).
Subsequent to the year end, the Group has agreed a two-year extension to these
facilities, which will now run to 30 November 2027. The overdraft has been
replaced with an accordion facility within the RCF of an additional £10.0
million, to support future land acquisitions.
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 2026. The basis of the
review and an analysis of the downside risks is set out in note 2.1.
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
FY24 FY23
Reason for use £'000 £'000
Adjusted operating profit/(loss) 1 Operating profit/(loss) 3,566 (37,970)
Add: exceptional items in administrative expenses 7,001 38,140
Adjusted operating profit 10,567 170
Adjusted profit/(loss) before tax 1,4 Loss before tax (307) (42,459)
Add: exceptional items 9,518 39,598
Adjusted profit/(loss) before tax 9,211 (2,861)
Adjusted basic earnings/(losses) 1,3,4 Profit/(loss) after tax 1,895 (32,547)
per share Add: exceptional items 9,518 39,598
Less: tax on exceptional items (2,380) (8,716)
Adjusted profit/(loss) after tax 9,033 (1,665)
Weighted average number of shares 256,564,829 256,434,903
Adjusted basic earnings/(losses) per share 3.52 pence (0.65) pence
EBITDA 1 Operating profit/(loss) 3,566 (37,970)
Add: share of loss in joint ventures (8) (13)
Add: impairment of land assets 769 5,496
Add: loss on disposal of non-core assets - 4,584
Add: depreciation 6,346 6,388
Add: amortisation 559 559
EBITDA 11,232 (20,956)
Adjusted EBITDA 1 EBITDA 11,232 (20,956)
Add: exceptional items in administrative expenses 7,001 38,140
Adjusted EBITDA 18,233 17,184
Adjusted net cash 2 Net cash/(debt) 42,602 (1,294)
Add: lease liabilities 40,769 45,195
Adjusted net cash 83,371 43,901
Return on capital employed 1,2 Adjusted operating profit 10,567 170
Net assets at 30 September 132,590 130,005
Less: adjusted net cash (83,371) (43,901)
Less: intangible assets (11,047) (11,606)
Less: investment property (leased) (20,751) (24,240)
Less: right-of-use assets (5,747) (5,276)
Add: lease liabilities 40,769 45,195
Adjusted net assets at 30 September 52,443 90,177
Adjusted net assets at 1 October 90,177 99,265
Average adjusted net assets 71,310 94,721
Return on capital employed 14.8% 0.2%
Simon Jones
Chief Financial Officer
23 January 2025
Consolidated statement of comprehensive income
for the year ended 30 September 2024
Year ended 30 September 2024 Year ended 30 September 2023
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Continuing operations
Revenue 5 362,371 - 362,371 413,236 - 413,236
Cost of sales (328,565) - (328,565) (378,377) - (378,377)
Gross profit 33,806 - 33,806 34,859 - 34,859
Administrative expenses 6 (29,499) (7,001) (36,500) (34,689) (38,140) (72,829)
Profit on disposal of subsidiary 6,260 - 6,260 - - -
Operating profit/(loss) 10,567 (7,001) 3,566 170 (38,140) (37,970)
Share of loss in joint ventures (8) - (8) (13) - (13)
Finance income 1,008 - 1,008 496 - 496
Finance costs (2,356) (2,517) (4,873) (3,514) (1,458) (4,972)
Profit/(loss) before tax 9,211 (9,518) (307) (2,861) (39,598) (42,459)
Income tax (expense)/credit 8 (178) 2,380 2,202 1,196 8,716 9,912
Profit/(loss) for the year attributable to ordinary equity holders of the 9,033 (7,138) 1,895 (1,665) (30,882) (32,547)
parent
Other comprehensive income
That will not be reclassified to profit or loss in subsequent periods:
Net loss on equity instruments designated at fair value through other (236) - (236) (188) - (188)
comprehensive income, net of tax
Total comprehensive income/(loss) for the year attributable to ordinary equity 8,797 (7,138) 1,659 (1,853) (30,882) (32,735)
holders of the parent
Pence Pence Pence Pence Pence Pence
Earnings per share for the year attributable to ordinary equity holders of the
parent
Basic earnings/(loss) per share 9 3.521 (2.782) 0.739 (0.649) (12.043) (12.692)
Diluted earnings/(loss) per share 9 3.497 (2.763) 0.734 (0.649) (12.043) (12.692)
Consolidated statement of financial position
as at 30 September 2024
30 September 30 September
2024 2023
Notes £'000 £'000
Non-current assets
Intangible assets 11,047 11,606
Investment property (leased) 20,751 24,240
Right-of-use assets 5,747 5,276
Property, plant and equipment 1,401 1,796
Investment in joint ventures 7,952 1
Reimbursement assets 11 6,147 4,007
Deferred tax assets 15,090 12,096
Other financial assets 866 1,129
69,001 60,151
Current assets
Inventory and work in progress 94,266 123,516
Contract assets 36,538 66,368
Trade and other receivables 31,191 35,104
Reimbursement assets 11 1,470 6,858
Current tax receivable 2,461 7,088
Cash and cash equivalents 96,962 72,431
262,888 311,365
Total assets 331,889 371,516
Current liabilities
Trade and other payables (86,054) (100,723)
Contract liabilities (3,252) (1,469)
Interest-bearing loans and borrowings - -
Lease liabilities (7,750) (7,567)
Provisions 11 (12,090) (24,457)
(109,146) (134,216)
Non-current liabilities
Interest-bearing loans and borrowings (13,591) (28,530)
Lease liabilities (33,019) (37,628)
Provisions 11 (43,543) (41,137)
(90,153) (107,295)
Total liabilities (199,299) (241,511)
Net assets 132,590 130,005
Equity
Share capital 2,567 2,564
Share premium 84,612 84,612
Merger reserve (75,383) (75,383)
Fair value reserve of financial assets at FVOCI 162 425
Share‑based payment reserve 1,780 1,407
Retained earnings 118,852 116,380
Total equity 132,590 130,005
Consolidated statement of changes in equity
for the year ended 30 September 2024
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 2022 2,564 84,612 (75,383) 662 526 163,972 176,953
Loss for the year - - - - - (32,547) (32,547)
Other comprehensive income - - - (237) - 49 (188)
Total comprehensive income - - - (237) - (32,498) (32,735)
Share-based payments - - - - 1,067 - 1,067
Recycled reserve for fully vested share-based payment schemes - - - - (186) 186 -
Deferred tax debited directly to equity - - - - - (151) (151)
Dividend paid - - - - - (15,129) (15,129)
Balance at 30 September 2023 2,564 84,612 (75,383) 425 1,407 116,380 130,005
Profit for the year - - - - - 1,895 1,895
Other comprehensive income - - - (263) - 27 (236)
Total comprehensive income - - - (263) - 1,922 1,659
Share-based payments - - - - 901 - 901
Recycled reserve for fully vested share-based payment schemes - - - - (528) 528 -
Issue of new share capital 3 - - - - - 3
Deferred tax credited directly to equity - - - - - 22 22
Dividend paid - - - - - - -
Balance at 30 September 2024 2,567 84,612 (75,383) 162 1,780 118,852 132,590
Consolidated statement of cash flows
for the year ended 30 September 2024
Year ended Year ended
30 September 30 September
2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash inflow/(outflow) from operations 12 27,521 (17,215)
Interest received 1,008 496
Interest paid (2,177) (3,315)
Tax received/(paid) 3,872 (11,466)
Net cash inflow/(outflow) from operating activities 30,224 (31,500)
Cash flows from investing activities
Acquisition of property, plant and equipment (120) (550)
Proceeds on disposal of property, plant and equipment 12 210
Proceeds on disposal of PRS assets - 15,323
Proceeds on disposal of subsidiary 6,260 -
Repayment of related party loan following disposal of subsidiary 18,540 -
Investments in joint venture interests (7,951) -
Net cash inflow from investing activities 16,741 14,983
Cash flows from financing activities
Dividends paid - (15,129)
Payment of principal portion of lease liabilities (7,370) (6,806)
Drawdown of RCF - 27,579
Repayment of bank loans and RCF (15,064) (27,537)
Net cash outflow from financing activities (22,434) (21,893)
Net increase/(decrease) in cash 24,531 (38,410)
Cash and cash equivalents at 1 October 2023 and 1 October 2022 72,431 110,841
Cash and cash equivalents at 30 September 2024 and 30 September 2023 96,962 72,431
Notes to the consolidated financial statements
for the year ended 30 September 2024
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 12 Soho Square, London, United Kingdom, W1D 3QF.
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 2024 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 2024 or 2023, but is
derived from those accounts. Statutory accounts for 2023 have been delivered
to the Registrar of Companies, and those for 2024 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.
2.1 Going concern
The Directors have undertaken a thorough review of the Group's ability to
continue to trade as a going concern for the period to 31 January 2026 (the
'forecast period'). This review has been undertaken taking into consideration
the following matters.
Liquidity
At 30 September 2024, the Group had a robust liquidity position, with cash and
available headroom in its banking facilities totalling £143.2 million, as set
out below.
£m
Cash balances 97.0
RCF headroom 36.2
Overdraft facility 10.0
Total cash and available facilities 143.2
Strong liquidity has been maintained through the first quarter of the year
ending 30 September 2025, providing the Group with a good level of cash and
available banking facilities for the year ahead.
The Group's revolving credit facility (RCF) is committed and has recently been
extended to November 2027 to give flexibility given the current market
conditions. The overdraft facility has been replaced with a £10.0 million
accordion option within the RCF, which reduces associated facility charges for
the Group. The RCF can be used for the acquisition of land and associated
development works. All financial covenants under this facility were met at
30 September 2024 and are forecast to be met throughout the period to
31 January 2026.
Business model
Our business model is capital light. By forward selling or acting as
development partners for the majority of our build to rent, purpose built
student accommodation and Refresh developments, we receive payment before we
incur any significant development cash outflows.
In FY24 our business model has evolved to include a joint venture structure at
Stratford, which is not capital intensive but does allow us to benefit from
future market improvement on disposal of the asset.
By controlling our pipeline we are able to ensure that we only commit
expenditure to projects that are either development partnerships, are forward
sold or on which we are undertaking a modest level of enabling works.
In certain circumstances we may decide to continue construction activities
beyond the initial enabling phase, without a forward sale agreement in place,
but we take this decision based on our available liquidity and can suspend the
works should it prove necessary. This greatly limits our exposure to
development expenditure which is not covered by cash income.
Sites are normally secured on a subject to satisfactory planning basis, which
gives us time to manage the cash requirements and to market them. We also take
a cautious approach to managing our land acquisition programme to ensure that
we have sufficient liquidity available to complete the acquisition of the
sites without any new forward sales being secured.
The Fresh business receives a regular contractual monthly fee income from its
multiple clients and the short to medium‑term risk to its revenue stream
is low.
Our Refresh business involves little initial investment or rolling working
capital, with works completed generally certified and invoiced on a monthly
basis.
For our Affordable Homes business, which is currently relatively small and
only has a few sites in build, we manage our development expenditure so that,
other than for infrastructure works, we only commit expenditure where it is
supported by a forward sales position. In addition, a significant portion of
our largest site has been forward sold such that we will receive payment for
development works as they progress.
We also receive rental income from tenants on our leased PBSA assets. The PBSA
assets are anticipated to be almost fully occupied for the 2024/25 academic
year.
Our business model and approach to cash management therefore provides a high
degree of resilience.
Counterparty risk
The Group's clients are predominantly blue-chip institutional funds, and the
risk of default is low. The funds for a forward sold development are normally
specifically allocated by the client or backed by committed debt funding.
For forward sold developments, our cash income remains ahead of our
development expenditure through the life of the development, such that if we
were exposed to a client payment default, we could suspend the works, thereby
limiting any cash exposure.
Fresh has many clients and these are mostly institutional funds with low
default risk.
Base case cash forecast
We have prepared a base case cash forecast for the forecast period, based on
our current business plan and trading assumptions for the year. This is well
supported by our forward sold pipeline of two PBSA developments and five BTR
developments for delivery during the period FY25 to FY27, as well as the
reserved/exchanged and forward sales for our Affordable Homes business and the
contracted income for Fresh and Refresh. Our current secured cash flow,
derived from our forward sold developments and other contracted income, net of
overheads and tax, results in a modest cash utilisation over the forecast
period, with the result that our liquidity position is maintained.
In addition to the secured cash flow, the base case forecast assumes a number
of new forward sales and further house sales, which if achieved will result in
a further strengthening of our liquidity position.
This scenario includes allowances for remedial spend on building safety
matters, including a contingency value.
Risk analysis
In addition to the base case forecast, we have considered the possibility of
continued disruption to the market given the market turbulence seen in the UK
over recent years. This is our most significant risk as it would greatly limit
our ability to achieve any further disposals.
We have run a reasonable downside model scenario, such that forward sales and
new site acquisitions are delayed by up to six months, to assess the possible
impact of the above risks. The cash forecast prepared under this scenario
illustrates that adequate liquidity is maintained through the forecast period
and the financial covenants under the RCF would still be met.
The minimum total cash and available facilities balance under this scenario
was £82.2 million (excluding the £10.0 million accordion facility).
We consider the likelihood of events occurring which would exhaust the total
cash and available facilities balances remaining to be remote. However, should
such events occur, management would be able to implement reductions in
discretionary expenditure and consider the sale of the Group's land sites to
ensure that the Group's liquidity was maintained.
Conclusion
Based on the thorough review and robust downside forecasting undertaken, and
having not identified any material uncertainties that may cast any significant
doubt, the Board is satisfied that the Group will be able to continue to trade
for the period to 31 January 2026 and has therefore adopted the going concern
basis in preparing the financial statements.
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 2024.
4. Building safety provision
The Group holds a provision for building safety remedial works, for which the
legislative background was disclosed in the Group's annual report and
financial statements for the year ended 30 September 2023.
During the year ended 30 September 2023, the Group was formally approached to
sign up to the Responsible Actors Scheme (RAS) which came into force in
England on 4 July 2023.
By signing up to the RAS the Group is required to sign the Developers'
Remediation Contract (the 'Contract') which requires us to:
· take responsibility for all necessary work to address life-critical
fire safety defects arising from the design and construction of buildings 11
metres and over in height that we developed or refurbished in England over the
30 years ending on 4 April 2022;
· keep residents in those buildings informed about progress towards
meeting this commitment; and
· reimburse taxpayers for funding spent on remediating their buildings,
i.e. where leaseholders have accessed the Building Safety Fund to remediate
their properties.
The Group signed the Contract in December 2023. Under the obligations of the
scheme we have written to building owners to understand their position
regarding those buildings.
The Contract is intended to cover leasehold buildings rather than PBSA or BTR,
and therefore the significant majority of buildings that the Group has
developed over the last 30 years are outside the scope of the Contract. There
are 13 leasehold buildings falling within the scope of the RAS, and five of
these are included within the provision, with no further buildings being added
during the year ended 30 September 2024. To date, no communications have been
received from building owners for any of these remaining properties.
Based on our internal review procedures described above, the provision made in
the year ended 30 September 2023 included an estimation of works required in
relation to buildings identified as requiring remediation.
Provisions are recognised when three criteria are met: 1) the Group has a
present obligation as a result of a past event; 2) it is probable that an
outflow of resources will be required to settle the obligation; and 3) a
reliable estimate can be made of the obligation.
This is a highly complex area with significant 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. For those properties not covered by the
RAS, the Group is under no obligation to contact property owners.
In addition, the legislation underpinning the determination of liability for
remediation of fire safety issues is complex, with case law evolving. All our
buildings were signed off by approved inspectors as compliant with the
relevant Building Regulations at the time of completion.
The amount provided for these works has been estimated by reference to recent
industry experience and external quotes for similar work identified. The
investigation of the works required at many of the buildings is at an early
stage and therefore it is possible that these estimates may change over time
or if government legislation and regulation further evolves. If further
buildings are identified this could also increase the required provision, but
the potential quantity of this change cannot be readily determined in the
absence of such identification through further claims or investigative work.
As a number of other housebuilders and developers have done since the
introduction of the RAS, the provision made in the year ended 30 September
2023 included an amount for contingency to reflect further buildings being
identified as within the scope of the RAS and for unforeseen remediation costs
beyond management's current knowledge.
In 2023, the Welsh Government announced a new agreement with developers to
tackle fire safety defects in medium high-rise residential buildings, known as
the Developers' Pact, which the Group signed during the year ended 30
September 2024. The Group has been approached in respect of one property which
we have provided for on the basis that minimal remedial works are required. In
our view, based on the investigative procedures that we have carried out,
there are no further remedial works required to any other Welsh properties.
The Housing (Cladding Remediation) (Scotland) Act was passed in June 2024, and
contained provision for the Responsible Developers Scheme, a remediation
agreement for which the specific details are still to be agreed with
developers. It is the Group's expectation that the basis for this scheme will
be consistent with the RAS, such that it is intended to cover leasehold
buildings. The Group has constructed one leasehold property in Scotland, which
remains under contract. In our view, based on the investigative procedures
that we have carried out, there is no remedial work required on that property.
During the year ended 30 September 2024, the Group continued to work closely
with residents and building owners within our legacy portfolio. Works were
completed at three properties, with final legal settlement reached for a
further three properties, all of which were included in the prior year's
provision.
Following the conclusion of investigations undertaken, necessary remedial
works were identified at further properties and appropriate costs provided.
Contributions towards the remediation costs for a number of these properties
have been agreed with building owners.
As remediation of the remaining properties in the Group's programme continues,
the scope of works at a number of these properties has been revised. Whilst
for certain properties the required level of remediation has reduced from
original estimates, at others the anticipated scope and cost for remediation
has increased.
An additional net provision of £7.0 million (30 September 2023: £35.0
million) for remedial works has therefore been made during the year, whilst
broadly maintaining the level of contingency held from the prior year to
reflect the continued levels of uncertainty of extent of remediation required.
The net provision at 30 September 2024 was therefore £48.0 million (30
September 2023: £54.7 million).
We expect this cost to be incurred over the next six years, and the provision
has been discounted to its present value accordingly. The timing of this
expenditure will be dependent on the timely engagement by building owners,
revisions to programme under the new BSA Gateways, and the availability of
appropriately qualified subcontractors.
We continue to make progress with negotiating contributions from clients to
mitigate our liability in relation to these remedial works and received £4.9
million of such contributions during the year. At the balance sheet date the
Group has recognised reimbursement assets remaining of £7.6 million (30
September 2023: £10.9 million). These are expected to be recovered over the
next five years.
At 30 September 2024, the Group remained in discussions with a number of
property owners for eight properties whereby the legal responsibility or
confirmation of fire safety remediation requirements remains uncertain and
which therefore form part of the Group's contingent liabilities. As referred
to above, the clarification of whether these liabilities crystallise are
dependent on multiple factors which is expected to be concluded in the next 12
to 24 months.
At the same time, the Group continues to explore opportunities to recover the
costs of remediation through the Group's insurance providers and supply chain.
However, no benefit has been assumed within the provision unless contractual
terms have been established.
Of the outstanding net provision, £9.1 million is fixed as a result of legal
settlements agreed with building owners. However, for the remaining
liabilities, should the costs associated with the remedial works increase by
10%, the provision required would increase by £3.5 million. Should the
discount rate applied to the calculation reduce by 1%, the provision required
would increase by £0.8 million. Further details of the provision are set out
in note 11.
Should an additional property be identified which requires remedial works for
which the Group is liable, it would be reasonable to estimate the additional
cost at c.£0.9 million, based on the average expected cost of works for
recently identified properties requiring remediation.
5. Segmental reporting
The Group has identified six segments for which it reports under IFRS 8
'Operating Segments'. The following represents the segments that the Group
operated in during FY24 and FY23:
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;
d. Refresh - the refurbishment, redevelopment and repurposing of
existing accommodation;
e. Accommodation Management - the management of student accommodation
and build to rent/private rental sector (PRS) property; and
f. 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 other 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
Year ended 30 September 2024 Accommodation To Rent Homes Refresh Management Corporate Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 117,604 211,267 12,879 10,896 8,064 1,661 362,371
Segmental gross profit/(loss) 13,634 18,019 (232) 1,548 4,390 (2,784) 34,575
Impairment of land assets - - - - - (769) (769)
Gross profit/(loss) 13,634 18,019 (232) 1,548 4,390 (3,553) 33,806
Administration expenses - - - - (4,799) (24,700) (29,499)
Profit on disposal of subsidiary 6,260 - - - - - 6,260
Exceptional administrative expenses - - - - - (7,001) (7,001)
Operating profit/(loss) 19,894 18,019 (232) 1,548 (409) (35,254) 3,566
Share of loss in joint ventures - - - - - (8) (8)
Finance income - - - - - 1,008 1,008
Finance costs - - - - - (2,356) (2,356)
Exceptional finance costs - - - - - (2,517) (2,517)
Profit/(loss) before tax 19,894 18,019 (232) 1,548 (409) (39,127) (307)
Taxation - - - - - 2,202 2,202
Continuing profit/(loss) for the year 19,894 18,019 (232) 1,548 (409) (36,925) 1,895
Profit for the year attributable to ordinary equity shareholders of the parent 1,895
Inventory and work in progress 42,701 25,958 23,511 508 - 1,588 94,266
Student Build Affordable Accommodation
Year ended 30 September 2023 Accommodation To Rent Homes Refresh Management Corporate Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 175,739 207,711 19,607 - 9,481 698 413,236
Segmental gross profit 11,409 19,836 1,920 - 5,988 1,202 40,355
Impairment of land assets - - - - - (5,496) (5,496)
Gross profit/(loss) 11,409 19,836 1,920 - 5,988 (4,294) 34,859
Administration expenses - - - - (5,441) (24,664) (30,105)
Loss on disposal of PRS assets - - - - - (4,584) (4,584)
Exceptional administrative expenses - - - - - (38,140) (38,140)
Operating profit/(loss) 11,409 19,836 1,920 - 547 (71,682) (37,970)
Share of loss in joint ventures - - - - - (13) (13)
Finance income - - - - - 496 496
Finance costs - - - - - (3,514) (3,514)
Exceptional finance costs - - - - - (1,458) (1,458)
Profit/(loss) before tax 11,409 19,836 1,920 - 547 (76,171) (42,459)
Taxation - - - - - 9,912 9,912
Continuing profit/(loss) for the year 11,409 19,836 1,920 - 547 (66,259) (32,547)
Profit for the year attributable to ordinary equity shareholders of the parent (32,547)
Inventory and work in progress 83,430 10,970 27,314 - - 1,802 123,516
6. Exceptional costs
Year ended Year ended
30 September 30 September
2024 2023
£'000 £'000
Recognised in administrative expenses
Building Safety provision 7,001 35,000
Restructuring costs - 3,140
Total exceptional items recognised in administrative expenses 7,001 38,140
Recognised in finance costs
Unwind of discount rate on Building Safety provision 2,517 1,458
Total exceptional items recognised in finance costs 2,517 1,458
Total exceptional costs 9,518 39,598
There has been an additional charge of £7,001,000 (2023: charge of
£35,000,000) taken in relation to provisions made for Building Safety related
costs. The provision made in the prior year has been unwound to its present
value, resulting in £2,517,000 (2023: £1,458,000) of finance costs. Further
information on these charges is included in note 4 and note 11.
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
2024 2023
£'000 £'000
Audit services to the parent company 100 100
Audit services to the subsidiaries 425 275
Amortisation of intangible assets 559 559
Impairment of land assets 769 5,496
Depreciation:
Property, plant and equipment 411 697
Investment property (leased) 4,432 4,217
Right-of-use assets 1,503 1,474
Loss on disposal of PRS assets - 4,584
Loss/(profit) on disposal of property, plant and equipment 91 (294)
8. Income taxes
Year ended Year ended
30 September 30 September
2024 2023
£'000 £'000
Current income tax
UK corporation tax on profits for the year - -
Adjustments in respect of prior periods 745 318
Foreign taxes - 27
Total current tax 745 345
Deferred tax
Origination and reversal of temporary differences (1,272) (9,229)
Adjustments in respect of prior year (1,675) 216
Remeasurement of deferred tax for changes in tax rates - (1,244)
Total deferred tax (2,947) (10,257)
Total tax credit (2,202) (9,912)
Reconciliation of total tax credit:
Year ended Year ended
30 September 30 September
2024 2023
£'000 £'000
Loss before tax (307) (42,459)
Loss multiplied by standard rate of corporation tax in the UK of 25% (2023: (77) (9,341)
22%)
Fixed asset differences - 40
Expenses not deductible 369 86
Income not taxable (1,565) (36)
Remeasurement of deferred tax for changes in tax rates - (1,244)
Other differences 25 178
Differences to foreign tax rates - (20)
Adjustments in respect of prior periods 745 318
Prior year adjustment to deferred tax (1,699) 107
Income tax credit reported in the statement of profit or loss (2,202) (9,912)
As a result of the Finance Act 2021, the rate of UK corporation tax increased
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. The deferred tax asset arising from losses in the period is expected
to be fully utilised in the medium term.
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
2024 2023
£'000 £'000
Profit/(loss) for the year attributable to ordinary equity holders of the 1,895 (32,547)
parent
Add back exceptional costs for the year (note 6) 9,518 39,598
Less corporation tax benefit from exceptional costs for the year (2,380) (8,716)
Adjusted profit/(loss) for the year attributable to ordinary equity holders of 9,033 (1,665)
the parent (excluding exceptional items after tax)
Year ended Year ended
30 September 30 September
2024 2023
Number of Number of
shares shares
Weighted average number of ordinary shares for basic earnings per share 256,564,829 256,434,903
Adjustment for the effects of dilutive potential ordinary shares 1,736,691 -
Weighted average number for diluted earnings per share 258,301,520 256,434,903
Year ended Year ended
30 September 30 September
2024 2023
Pence Pence
Basic earnings per share
Basic profit/(loss) for the year attributable to ordinary equity holders of 0.739 (12.692)
the parent
Adjusted basic earnings per share (excluding exceptional items after tax)
Adjusted profit/(loss) for the year attributable to ordinary equity holders of 3.521 (0.649)
the parent
Diluted earnings per share
Basic profit/(loss) for the year attributable to diluted equity holders of the 0.734 (12.692)
parent
Adjusted diluted earnings per share (excluding exceptional items after tax)
Adjusted profit/(loss) for the year attributable to diluted equity holders of 3.497 (0.649)
the parent
10. Dividends
Year ended Year ended
30 September 30 September
2024 2023
£'000 £'000
Final dividend paid in February 2023 of 4.50 pence per share - 11,539
Interim dividend paid in June 2023 of 1.40 pence per share - 3,590
- 15,129
No final dividend is proposed for the year ended 30 September 2024 (2023: nil
pence per ordinary share). As such, no liability (2023: liability of £nil)
has been recognised at that date. At 30 September 2024, the Company had
distributable reserves available of £41,643,000 (30 September 2023:
£41,115,000).
11. Provisions
Building Safety provision
Reimbursement
Provision asset Total
£'000 £'000 £'000
At 1 October 2022 33,448 - 33,448
Arising during year 45,865 (10,865) 35,000
Utilised (15,177) - (15,177)
Unwind of discount rate 1,458 - 1,458
At 1 October 2023 65,594 (10,865) 54,729
Arising during year 8,147 (1,146) 7,001
Utilised (21,125) 4,894 (16,231)
Unwind of discount rate 3,017 (500) 2,517
At 30 September 2024 55,633 (7,617) 48,016
The balance can be classified as follows:
Reimbursement
Provision asset Total
Year ended 30 September 2024 £'000 £'000 £'000
Current 12,090 (1,470) 10,620
Non-current 43,543 (6,147) 37,396
Total 55,633 (7,617) 48,016
Reimbursement
Provision asset Total
Year ended 30 September 2023 £'000 £'000 £'000
Current 24,457 (6,858) 17,599
Non-current 41,137 (4,007) 37,130
Total 65,594 (10,865) 54,729
A provision of £65,594,000 was held at 30 September 2023 for the Group's
anticipated contribution towards the cost of building safety remedial works.
A further net increase in provision of £7,001,000 has been made during the
year ended 30 September 2024 for building safety remediation costs. The
judgements and estimates surrounding this provision and corresponding
reimbursement assets are set out in note 4.
The net provision at 30 September 2024 amounts to £48,016,000, of which
£10,620,000 is expected to be incurred in the year ending 30 September 2025
and £37,396,000 is expected to be incurred between 1 October 2025 and 30
September 2030. The provision has been discounted to its present value
accordingly, at a risk-free rate of 4.54% based on UK five-year gilt yields
(2023: 4.60%).
12. Reconciliation of profit before tax to net cash flows from operating
activities
Year ended Year ended
30 September 30 September
2024 2023
£'000 £'000
Loss before tax (307) (42,459)
Depreciation of leased investment properties and right-of-use assets 5,935 5,691
Depreciation of plant and equipment 411 697
Amortisation of intangible assets 559 559
Profit on disposal of subsidiary (6,260) -
Loss/(profit) on disposal of property, plant and equipment 91 (294)
Loss on disposal of operational PRS assets - 4,584
Finance income (1,008) (496)
Finance costs 4,873 4,972
Share of loss in joint ventures 8 13
Decrease in inventory and work in progress 10,711 4,634
Decrease/(increase) in contract assets 29,830 (15,547)
Decrease/(increase) in trade and other receivables 3,913 (6,476)
Increase/(decrease) in contract liabilities 1,783 (3,583)
Decrease/(increase) in reimbursement assets 3,748 (10,865)
(Decrease)/increase in trade and other payables (14,689) 9,600
(Decrease)/increase in provisions (12,978) 30,688
Increase in share‑based payment reserve 901 1,067
Net cash inflow/(outflow) from operating activities 27,521 (17,215)
13. Analysis of net cash/(debt)
At beginning Other
of year Cash flow movements At end of year
30 September 2024 £'000 £'000 £'000 £'000
Cash at bank and in hand 72,431 24,531 - 96,962
Bank loans (28,530) 15,064 (125) (13,591)
Net cash before deducting lease liabilities 43,901 39,595 (125) 83,371
Lease liabilities (45,195) 9,089 (4,663) (40,769)
Net cash/(debt) (1,294) 48,684 (4,788) 42,602
At beginning Other
of year Cash flow movements At end of year
30 September 2023 £'000 £'000 £'000 £'000
Cash at bank and in hand 110,841 (38,410) - 72,431
Bank loans (28,288) (42) (200) (28,530)
Net cash before deducting lease liabilities 82,553 (38,452) (200) 43,901
Lease liabilities (49,099) 6,806 (2,902) (45,195)
Net cash/(debt) 33,454 (31,646) (3,102) (1,294)
Cash at bank and in hand as at 30 September 2024 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 2023: £53,000). Non‑cash movements relate
to 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.
14. Annual report
Copies of this announcement are available from the Company at 12 Soho Square,
London W1D 3QF. The Group's annual report for the year ended 30 September 2024
will be posted to shareholders shortly and will be available on our website at
www.watkinjonesplc.com.
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