Student housing and BTR specialist says it is targeting more partnerships and refurb work
Watkin Jones stayed in the red for the first half of the year with the student housing and BTR specialist saying that it is looking to target more development partnerships and refurbishment work.
The firm said that pre-tax losses remained at £900,000 for the six months to 31 March on turnover down 22% to £100m.
In its interim results this morning, the firm said it was “accelerating the move into Development Partnerships and Refresh where we are refocusing and optimising utilisation of the Group’s resources and capitalising on the business’ end-to-end capabilities”.
And it added that it had been “carefully managing our costs and cash, in particular with earlier procurement of selected sub-contract packages and forward buying of materials to mitigate inflationary pressures”.
Its pipeline at the half-year was £1.3bn which included £300m of forward sold revenue.
Chief executive Alex Pease said: “While market conditions remain challenging and continue to impact the pace of recovery, the long-term fundamentals of our end markets remain attractive, and our flexibility, strong pipeline and capital-light model positions us well to navigate the near-term market conditions and create value for our stakeholders in the future.”
Net cash at the half-year was down 16% to £61m.
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