Watkin Jones has recorded upticks in profit and revenue for the year ending September.
Revenue grew by more than a fifth to £354m, while operating profit jumped by 10.8% to £57.3m. Pretax profit stood at £51.5m, soaring from £25.3m in the previous year.
The build-to-rent and student housing provider also said it had a record residential for-rent secured development pipeline, which rose 20% during the year to total £1.8bn.
Watkin Jones said investor demand for student accommodation remained “resilient” on “long-term consumer demand for a UK university education, based on campus teaching”.
The “increasingly positive” momentum in the BTR investment market was also highlighted. Its BTR pipeline comprises more than 4,000 flats containing 9,100 bedrooms.
Richard Simpson, chief executive of Watkin Jones, 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.”
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