Business
Half year results
Half year results.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \nRNS Number : 6766A Watkin Jones plc 09 June 2016 \n \n\n\n\n\n\nFor immediate release\n\n\n9 June 2016\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 2016\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 maiden half year results for the six months ended 31 March 2016. 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 2016\n\n\nH1 2015\n\n\nMovement\n \n\n\n\n\nRevenue\n\n\n£145.9 million\n\n\n£103.8 million\n\n\n+40.6%\n\n\n\n\n \nOperating profit before exceptional IPO costs\n\n\n \n£17.0 million\n\n\n \n£9.3 million\n\n\n \n+83.5%\n\n\n\n\n \nAdjusted EBITDA1\n\n\n \n£17.3 million\n\n\n \n£9.5 million\n\n\n \n+82.0%\n\n\n\n\n \nAdjusted basic EPS2\n\n\n \n5.2 pence\n\n\n \n2.8 pence\n\n\n \n+87.0%\n\n\n\n\n \nNotes\n1 Adjusted EBITDA comprises operating profit before exceptional IPO costs, adding back charges for depreciation and amortisation.\n2 Adjusted basic EPS is calculated using the profit for the period from continuing operations excluding exceptional IPO costs.\n \n· Strong revenue and profit performance during the half year driven by student accommodation developments\n· 1.33 pence per share proposed interim dividend; in line with IPO guidance\n· £15.4 million net cash at 31 March 2016 (£4.0 million net debt at 31 March 2015)\n· New £40 million five year Revolving Credit Facility and £10 million Working Capital Facility with HSBC put in place at IPO to provide development funding flexibility and working capital headroom. Unutilised at 31 March 2016.\n \nBusiness Highlights\n· Successful admission to AIM on 23 March 2016, with business continuing to deliver strong operational performance through the process\n· &n...