Build-to-rent specialist had been hoping for higher profit
Watkin Jones has said its full-year adjusted operating profit will be at a “similar level” to the £400,000 delivered in the first six months after a number of transactions were delayed.
The student accommodation and build-to-rent specialist had been hoping to complete a number of investor transactions before its year end on 30 September, but these are now unlikely to do so.
It said: “While investor engagement in each of these schemes remains active, the board has concluded that it is now unlikely that all of these transactions will be finalised by the year end. As a result, the group is expected to deliver adjusted operating profit for the full year at a similar level to H1.”
The group previously reported a statutory pre-tax loss of £900,000 for the first half of the year.
The firm said it has focused on cash management and said its year-end net cash will be above the £61m reported at the half-year stage.
In recent weeks, the group has completed two major schemes, in Belfast and Cardiff, comprising 1,345 units of build to rent accommodation and said its aggregate margins were in line with guidance.
Watkin Jones also said it has “made further progress” on its building safety rectification obligations with four projects currently on site of which two buildings are expected to be completed in the year.
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