Business
H1-2021 Trading Update
H1-2021 Trading Update.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3676V\n Watkin Jones plc\n 14 April 2021\n \n \n \n \n \n \n \n For immediate release\n \n \n \n \n 14 April 2021\n \n \n \n \n \n \n \n \n \n \n \n Watkin Jones plc\n \n ('Watkin Jones' or the 'Group')\n \n H1-2021 Trading Update\n \n 'Maintaining momentum as the economy reopens'\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, provides the following trading update for the half year ended 31 March 2021 (the 'period' or 'H1-2021').\n \n Richard Simpson, Chief Executive Officer of Watkin Jones, said:\n \n \"The rapid roll-out of the COVID-19 vaccine in the UK and decline in infections is beginning to restore some normality and confidence to the UK economy and our market sectors. We've maintained momentum from the second half of last year, making further good progress in securing new forward sales, adding to our development pipeline and with our construction activities all on track.\n \n \"We anticipate our profit for the first half of the year to be in line with our expectations and slightly below last year, which was before the onset of the disruption caused by the pandemic.\n \n \"The fundamentals supporting the markets for high quality build to rent and student accommodation assets remain strong and with the continued progress we have made in the first half of the year, gives us confidence in our future trading.\"\n \n H1-2021 performance\n \n \n · Adjusted EBIT anticipated to be in line with our expectations and slightly below H1-2020, which was before the COVID-19 disruption to our operations and the markets in which we operate.\n \n · Good half year liquidity position, with gross cash of c.£88.0 million (H1-2020: £72.4 million) and net cash of c.£31.0 million (H1-2020: £37.5 million), after deducting site specific loans.\n \n · Construction activities on track across all BtR and PBSA developments.\n \n · Revenues from Fresh property management business resilient, despite short term disruption across the higher education sector; income supported by new mandates won since the start of the year for 2,619 PBSA beds.\n \n · Sales levels within the Homes business robust.\n \n · Cladd...