Watkin Jones: looks in good shape
Despite the challenging conditions, full year results from the leading developer of student accommodation were encouraging. With a significant opportunity in Build to Rent accommodation and institutions willing to provide funding, Watkin Jones looks well-placed to benefit from a supportive market.
Watkin Jones (LON:WJG), the UK's leading developer and manager of residential for rent with a focus on the build to rent ('BtR') and purpose built student accommodation ('PBSA') sectors , announced decent results for the year ending 30 September 2020. While revenue fell 5.5% to £354.1m, primarily as a result of forward sales of developments being deferred due to COVID-19 uncertainty, that looks a pretty good result in the circumstances. Adjusted operating profit was only 7.1% lower at £51.7m with the impact of disruption on operations minimised and additional construction costs substantially mitigated, and planned deliveries for the year all…