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Watkin Jones reports strong second half recovery
StockMarketWire.com
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Watkin Jones had a 'strong recovery' in the second half of the year and believes its resilient business model is 'well-placed to navigate the challenges', according to its latest trading update.
The company said its adjusted operating profit for 2020 is expected to be in the range of £48.0 million to £50.0 million, with revenues of circa £350.0 million.
The trading update for the year ended 30 September 2020 said Watkin Jones expects to report a 2020 year-end gross cash balance of around £130.0 million and a net cash balance of £90.0 million, after deducting site specific loans of £40.0 million.
The company intends to pay a full-year dividend for 2020 in line with its policy of 2.0x cover, reflecting its 'strong cash position', subject to there being no material deterioration in market conditions.
CEO Richard Simpson said Watkin Jones has successfully completed seven schemes and made excellent progress in growing its development pipeline, which will deliver returns in the future. 'We have also started to see growing evidence that institutional investors are beginning to recover their appetite for forward funding developments in both BtR and PBSA,' he added.
At 9:14am: (LON:WJG) Watkin Jones PLC share price was +5.1p at 140.1p
Story provided by StockMarketWire.com
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