Watkin Jones hails strong first results on AIM

The North Wales-based student accommodation developer has reported its maiden annual results as a listed company, with turnover and profit both up on the year before.

Turnover rose 9% to £267m in the 12 months to the end of September 2016. Operating profit before the cost of floating on AIM in March was £37.9m, a jump of 16% from £32.5m in the previous year. The group had net cash of £32m at the year end.

The flotation cost the company, headquartered in Bangor, £26.6m, made up of £6.5m in fees and £20.1m on the settlement of senior management incentive plans.

Watkin Jones is listed on the Alternative Investment Market. Shares were priced at 100p on their debut and are now trading at 126p. A total dividend for the year is proposed of 4p/share.

Mark Watkin Jones, chief executive, described the student market as “buoyant” and said the development pipeline for the business was 9,469 beds at 27 sites, with 8,260 already planning consented.

Your Comments

Read our comments policy here