Build-to-rent developer Watkin Jones has seen revenue surge 21% to £430m during the year to the end of September.
This compares with £354.1m the previous year, but is below forecasts of around £470m, due to a delayed £40m land sale in Lewisham.
Some £227m in revenue was attributed to forward sales of build-to-rent and student schemes, including deals with Legal & General, Singapore Press Holdings (645 student beds in Edinburgh), and Moorfield (286 student beds in Colchester).
Further funding deals for a 551-flat BTR scheme (pictured) in Birmingham, valued at around £130m, and 295-bed student scheme in Edinburgh are currently in legals.
Watkin Jones currently has a secured BTR pipeline of 4,012 homes and 71,142 student beds.
The company said operating profit will be in line with market expectations of £54.8m, which would see a 20% climb on the previous year.
The developer reported net cash of £125m, significantly ahead of the £85m last year. It added that build costs remained in line with projections, despite recent inflationary pressure.
Chief executive Richard Simpson said: “Our end-to-end development capability, combined with favourable market dynamics and our capital light business model, has enabled us to deliver a strong operational and financial performance.”
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