Watkin Jones Reports 41% Rise In Revenue

Welsh builder Watkin Jones has reported a 41% increase in revenue in its recent interim results

The student accommodation developer posted a revenue of £145.9 million for the six months ended to 31 March, up from £103.8 million in 2015.

However, taking into account its costs after floating on the AIM stock market last March, the company actually made a made a £9.9m pre-tax loss.


Associated costs included £6.5m with its initial public offering, along with a £20.1m reorganisation cost.

Chief Executive Mark Watkin Jones said: "Our student accommodation development business remains positively underpinned by the fundamentals of the student accommodation market and the forward sale model provides us with excellent visibility as to future earnings and cash flow.

"The current student accommodation pipeline of 31 development sites underpins the business outlook to financial year 2018, with 16 of the 17 developments for delivery by the end of financial year 2017 already forward sold.

"We are at advanced positions regarding the acquisition of a number of site opportunities that will be for delivery in financial year 2019 and beyond."

(LM)