Business
Half-year Report
Half-year Report.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \nRNS Number : 7768G Watkin Jones plc 01 June 2017 \n \n\n\n\n\n\nFor immediate release\n\n\n1 June 2017\n\n\n\n\n \nWatkin Jones plc\n('Watkin Jones' or the 'Group')\n \nHalf year results for the six months to 31 March 2017\n \nWatkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, announces its half year results for the six months ended 31 March 2017. The Board is pleased to report a successful first six months of the financial year with trading in line with its expectations.\n \nFinancial Highlights\n\n\n\n\n \n\n\nH1 2017\n\n\nH1 2016\n\n\nMovement\n \n\n\n\n\nRevenue\n\n\n£133.7 million\n\n\n£145.9 million\n\n\n-8.4%\n\n\n\n\n \nGross profit\n\n\n \n£29.1 million\n\n\n \n£23.5 million\n\n\n \n+23.8%\n\n\n\n\n \nAdjusted EBITDA1\n\n\n \n£21.9 million\n\n\n \n£17.3 million\n\n\n \n+26.6%\n\n\n\n\n \nAdjusted profit before tax2\n\n\n \n£21.1 million\n\n\n \n£16.7 million\n\n\n \n+26.6%\n\n\n\n\n \nStatutory operating profit/(loss)\n\n\n \n£19.4 million\n\n\n \n(£9.5 million)\n\n\n \nn/a\n\n\n\n\n \nStatutory profit /(loss) before tax \n\n\n \n£21.1 million\n\n\n \n(£9.9 million)\n\n\n \nn/a\n\n\n\n\n \nAdjusted basic EPS2\n\n\n \n6.7 pence\n\n\n \n5.2 pence\n\n\n \n+28.8%\n\n\n\n\n \nDividend per share\n\n\n \n2.2 pence\n\n\n \n1.33 pence\n\n\n \nn/a\n\n\n\n\n \nNet cash\n\n\n \n£11.7 million\n\n\n \n£15.4 million\n\n\n \n-24.0%\n\n\n\n\n \n· Revenues for the half year were in line with management's expectations, down 8.4% on the prior half year due to the timing of forward development sales and £11.7 million of non-repeating inventory sales of completed residential apartments in the first half of the previous year. Revenues are expected to be stronger in the second half of the current financial year\n· Strong profit growth for the half year driven by student accommodation developments. Gross profit for the period increased by 23.8% to £29.1 million (H1 2016: £23.5 million)\n· Gross margin for the six months to 31 March 2017 of 21.8% (H1...