Business
FY-2020 Trading Update
FY-2020 Trading Update.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4426E\n Watkin Jones plc\n 06 November 2020\n \n \n \n \n \n \n \n For immediate release\n \n \n 6 November 2020\n \n \n \n \n \n \n \n \n \n \n \n Watkin Jones plc\n \n \n ('Watkin Jones' or the 'Group')\n \n \n \n \n \n FY-2020 Trading Update\n \n \n \n \n \n 'Active second half drives future confidence across the business'\n \n \n \n \n \n Watkin Jones plc (AIM: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, is pleased to provide a trading update for the year ended 30 September 2020 (the 'year' or '2020').\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Resilient operational and financial performance, with seven developments successfully delivered despite lockdown restrictions\n \n \n \n \n \n · \n Nine new development sites secured in the second half of the year, with three more expected to be secured shortly, significantly strengthening our BtR and PBSA pipelines\n \n \n \n \n \n · \n Increased activity in the institutional forward sale market demonstrates confidence in the long term demand for BtR and PBSA. Two PBSA developments forward sold subsequent to the year end\n \n \n \n \n \n · \n Strong second half recovery with adjusted operating profit for 2020 expected to be in the range £48.0 million to £50.0 million, with revenues of circa £350.0 million\n \n \n \n \n \n · \n Repayment of all COVID-19 financial assistance received from the government this year, totalling £0.8 million, in view of the recovery in performance\n \n \n \n \n \n · \n Intention to pay a full year dividend for 2020 in line with our policy of 2.0x cover, reflecting our strong cash position, subject to there being no material deterioration in market conditions\n \n \n \n \n \n \n Commenting on the year, Richard Simpson, CEO of Watkin Jones, said:\n \n \"I am really encouraged by our ability to adapt and overcome the numerous challenges presented by the ongoing pandemic, not least for our customers for whom we continue to work tirelessly to ensure that their needs are being attended to. All of this simply would not have been possible without the enormous commitment and resilience of both our people and our suppli...