Watkin Jones has reported a rise in profits and turnover in its full year results for the year ended 30 September 2016.

Chief Executive Officer (CEO) Mark Watkin said it had been a "transformational year" for the Group, which floated on the stock market for the first time in March 2016.

With revenue rising 9.3% to £267 million (2015: £244.2m) and profits increasing 22.2% to £53.8m (2015: £44m), the company also saw operating profit rise 16.7% to £38m (2015: £32.5m).

However, profit before tax fell to £13.3m due to costs associated with admission to the Alternative Investment Market, as well as £20.1 relating to settlements of senior management incentive plans.

CEO Mark Watkins said: "This has been a transformational year for the Group and we are delighted to report such a strong set of maiden full year results, which have seen positive movements across our key financial metrics.


"Our student accommodation development business is robust. It is positively underpinned by a buoyant market and our forward sale model provides us with excellent visibility as to future earnings and cash flow.

"We currently have a development pipeline of 9,469 beds across 27 sites, where we have planning permissions granted for 8,260 beds. Nine of the ten schemes scheduled for completion in FY 2017 have been successfully forward sold and the tenth scheme is in legal negotiations. All schemes are progressing well on site.

"At 30 September 2016, Fresh Student Living, our specialist student accommodation asset management business, was contracted to manage 12,337 beds across 44 schemes.

"By utilising positive market conditions and choosing only the best opportunities, we expect to make further progress in our student accommodation businesses.

"As we near completion of our first PRS development in Leeds, we are looking, while always being mindful of the need to expand in a sustainable way, to build on our expertise and our institutional relationships to develop real momentum in the PRS market and we are looking at a number of exciting opportunities.

"In private residential development, our approach is to utilise our existing land bank and to acquire further sites when suitable opportunities arise."

"Watkin Jones has made a strong start to life as a public company and has demonstrated its ability to grow with good visibility of earnings and significant cash generation."

(LM/MH)