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.
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