Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Property developer Watkin Jones doubled its annual profit, partly reflecting an increasing contribution from its build-to-rent developments and tight cost control.
Pre-tax profit for the year through September jumped to £51.1 million, up from £25.3 million year-on-year, as revenue climbed 22% to £430.2 million.
Underlying pre-tax profit rose by a more modest 12% to £51.1 million. Watkin Jones declared a full-year dividend of 8.2p per share, up 12% year-on-year.
Trading in the new financial year was in line with expectations.
'This is a very strong set of results,' chief executive Richard Simpson said.
'As well as handing over 12 schemes on time, we leveraged our excellent institutional relationships to drive the forward sale of some 3,800 beds and continued to enhance the depth and quality of our development pipeline, securing good visibility of future earnings.'
'Since the year end, we have continued this excellent momentum across the business with increasingly strong investor appetite for residential for rent homes.'