REG - Watkin Jones plc - H1-2023 Trading Update

Watkin JonesAnnouncement

13/04/2023 07:00

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RNS Number : 0312W  Watkin Jones plc  13 April 2023

     13 April 2023

 

 

Watkin Jones plc

(the 'Group')

 

H1-2023 Trading Update

 

The Group provides the following trading update for the half year ended 31
March 2023 (the 'period' or 'H1-2023').

 

·    First half performance has been driven by our contractually secure
forward sold developments which are on site. Project margins have been in line
with the updated guidance given in January, with the exception of our scheme
in Exeter where the Group has incurred certain additional costs following the
liquidation of a contractor.

 

·    Underlying residential for rent market continues to perform well with
both strong tenant demand and rental growth in our core PBSA and BTR
sectors.

 

·    We are seeing appetite for forward funds continuing to recover and
expect to close a number of transactions in our H2.  We currently have five
schemes either formally under offer or where we expect to appoint preferred
bidders imminently.

 

·    As previously flagged, performance will be materially H2 weighted.

 

·    The Group had gross and net cash as at 31 March 2023, of c.£83m
(H1-2022: £45m) and c.£44m (H1-2022: £27m), respectively.

 

Notice of Interim Results

 

The Group's Interim Results will be announced on Tuesday 23 May 2023. There
will be a pre-recorded audiocast of the Interim Results presentation available
to view on the Group's website (www.watkinjonesplc.com
(http://www.watkinjonesplc.com) ) from 7am (BST) on the day of the
announcement.  At 11am (BST), there will be a live 30-minute Q&A webcast
for sell-side analysts, hosted by Richard Simpson (CEO) and Sarah Sergeant
(CFO). Those analysts wishing to join and receive dial in details should
register their interest via watkinjones@buchanan.uk.com.

 

- Ends -

 

For further information:

 Watkin Jones plc
 Richard Simpson, Chief Executive Officer  Tel: +44 (0) 20 3617 4453
 Sarah Sergeant, Chief Financial Officer   www.watkinjonesplc.com (http://www.watkinjonesplc.com/)

 Peel Hunt LLP (Nominated Adviser & Joint Corporate Broker)                  Tel: +44 (0) 20 7418 8900
 Mike Bell / Ed Allsopp                                                      www.peelhunt.com (http://www.peelhunt.com/)

 Jefferies Hoare Govett (Joint Corporate Broker)                             Tel: +44 (0) 20 7029 8000
 James Umbers / David Sheehan / Paul Bundred                                 www.jefferies.com (http://www.jefferies.com/)

 

Media enquiries:

 Buchanan
 Henry Harrison-Topham / Jamie Hooper  Tel: +44 (0) 20 7466 5000
 watkinjones@buchanan.uk.com           www.buchanan.uk.com

 

 

Notes to Editors

Watkin Jones is the UK's leading developer and manager of residential for
rent, with a focus on the build to rent, student accommodation and affordable
housing sectors. The Group has strong relationships with institutional
investors, and a reputation for successful, on-time-delivery of high quality
developments.  Since 1999, Watkin Jones has delivered 48,000 student beds
across 143 sites, making it a key player and leader in the UK purpose-built
student accommodation market, and is increasingly expanding its operations
into the build to rent sector.  In addition, Fresh, the Group's specialist
accommodation management business, manages over 22,000 student beds and build
to rent apartments on behalf of its institutional clients.  Watkin Jones has
also been responsible for over 80 residential developments, ranging from
starter homes to executive housing and apartments.

 

The Group's competitive advantage lies in its experienced management team and
capital-light business model, which enables it to offer an end-to-end solution
for investors, delivered entirely in-house with minimal reliance on third
parties, across the entire life cycle of an asset.

 

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker
WJG.L.  For additional information please visit www.watkinjonesplc.com
(http://www.watkinjonesplc.com/)

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