Business
Pre-Close and COVID-19 Update
Pre-Close and COVID-19 Update.
About this update from Watkin Jones Plc
[{"type":"text","content":"\n \n \n RNS Number : 4435I\n Watkin Jones plc\n 01 April 2020\n \n \n \n \n \n \n \n For immediate release\n \n \n 1 April 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 Pre-Close and COVID-19 Update\n \n \n 'Resilient business responding to the unprecedented challenge of COVID-19'\n \n \n Watkin Jones plc (AIM:WJG), the UK's leading developer and manager of residential for rent, with a focus on the student accommodation and Build to Rent sectors, announces a pre-close update for the half year ended 31 March 2020 (the 'period' or 'H1-2020') and comments on the impact of COVID-19.\n \n \n \n \n \n Pre-Close update for the six months ended 31 March 2020\n \n \n \n \n \n The Group's trading remained strong through the first half of the year. All business segments performed well, delivering on their operational objectives, with the disruption caused by COVID-19 only starting to have an effect on our operations towards the end of March 2020. As a result, the Board expects to report revenues and earnings for H1-2020 in line with its expectations.\n \n \n Continued progress was made during the period in growing the pipeline of sites for future development and in achieving forward sales of assets to the Group's high-quality institutional client base, including:\n \n \n · Forward sale of a 348 bed PBSA scheme at Wilder Street, Bristol, for delivery in FY21;\n \n ·Agreement, with planning consent, to increase the forward sold PBSA development at Kelaty House, Wembley by 100 beds;\n \n · Secured two further PBSA sites in Bristol (291 beds) and Bath (300 beds);\n \n · Secured two further significant BtR sites in Birmingham (565 apartments) and Bath (323 apartments).\n \n Including these additions, the Group's forward sold and secured PBSA development pipeline comprises over 7,000 beds, across 19 sites, with 12 sites (4,985 beds) forward sold. On the same basis, the Group's BtR pipeline stands at over 2,600 apartments, across 10 sites, with five developments (1,012 apartments) forward sold. The Group has a number of additional opportunities, in both sectors, which provide scope to further expand the development pipeline.\n \n The performance in the first half reflects the continued stre...