Watkin Jones (WJG) develops large-scale residential-for-rent properties in the build-to-rent & student accommodation markets.
FY results in-line, guidance maintained
Watkin Jones’s FY23 results, to 30 September, were closely aligned with guidance in its October trading update, with adjusted loss before tax slightly lower than our estimate and net cash higher. Booming demand continues to push up rents and the forward-funding market is ‘showing early signs of recovery’. The group is maintaining its guidance for FY24E and is seeking to diversify revenue and boost performance in its core markets.