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Watkin Jones Group (WJG)     

skinny - 31 Mar 2016 16:17

hi-res-logo.jpg

The Watkin Jones Group is one of the UK's leading developers of student accommodation with a reputation for consistently delivering high quality accommodation, on time, and to budget.
UK wide, our portfolio of developments range from purpose-built cluster flats and studios, to refurbishment projects and mixed-use schemes. Strategic choice of locations, coupled with cutting-edge design and exceptional build quality are the cornerstones of our success.

Today's students demand quality, affordability and exceptional connectivity with easy links to learning and leisure facilities as standard. This is an exacting combination but this is precisely the accommodation we deliver in prime locations nationwide.

Since 1999 we have developed more than 25,000 student units and have an in-depth understanding of this resilient property sector.

Company Website

Financial Calendar

Recent Broker notes

BarChart Indicators

Recent Market news

Watkin Jones Group Fundamentals (WJG)

skinny - 31 Mar 2016 16:17 - 2 of 157

First Day of Dealings on AIM

Issue of Shares

07 Apr 2016 Interim Pre-Close Trading Update

HARRYCAT - 31 Mar 2016 16:26 - 3 of 157

Are you in at the start, skinny or waiting for the sp to find it's own level?

skinny - 31 Mar 2016 16:47 - 4 of 157

They are on my list of companies to look at Harry - I haven't done anything as yet.

skinny - 09 Jun 2016 11:39 - 5 of 157

Half year results for the six months to 31 March 2016

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, announces its maiden half year results for the six months ended 31 March 2016. The Board is pleased to report a successful first six months of the financial year with trading in line with its expectations.

Financial Highlights H1 2016 H1 2015 Movement

Revenue £145.9 million £103.8 million +40.6%

Operating profit before
exceptional IPO costs £17.0 million £9.3 million +83.5%


Adjusted EBITDA1 £17.3 million £9.5 million +82.0%

Adjusted basic EPS2 5.2 pence 2.8 pence +87.0%

Notes
1 Adjusted EBITDA comprises operating profit before exceptional IPO costs, adding back charges for depreciation and amortisation.
2 Adjusted basic EPS is calculated using the profit for the period from continuing operations excluding exceptional IPO costs.

· Strong revenue and profit performance during the half year driven by student accommodation developments
· 1.33 pence per share proposed interim dividend; in line with IPO guidance
· £15.4 million net cash at 31 March 2016 (£4.0 million net debt at 31 March 2015)
· New £40 million five year Revolving Credit Facility and £10 million Working Capital Facility with HSBC put in place at IPO to provide development funding flexibility and working capital headroom. Unutilised at 31 March 2016.

Business Highlights
· Successful admission to AIM on 23 March 2016, with business continuing to deliver strong operational performance through the process
· £114 million development value of six student accommodation developments (1,660 beds) forward sold since 1 October 2015
· £90 million development value in legal negotiations for forward sale of three further student accommodation developments (1,234 beds)
· Planning permissions for nine student developments (3,478 beds) obtained since 1 October 2015, including five obtained since admission to AIM (1,733 beds)
· Development pipeline - Over 11,300 student beds in the pipeline across 31 sites, with 17 forward sold and four more in legal negotiations or under offer
· Delivery pipeline -
· 2016 deliveries - All forward sold and on target to be completed ahead of the 2017 academic year
· 2017 deliveries - All sites secured with planning and only one remaining to sell which is in legal negotiations
· 2018 deliveries - All sites secured and progressing satisfactorily
· 2019/20 deliveries - four sites secured and a number of additional site acquisitions progressing
· Fresh Student Living Limited ("Fresh") acquired for £15 million prior to IPO and successfully integrated into the Group. Fresh is engaged in the operational management of purpose built student accommodation assets
· Fresh student accommodation beds under management already contracted to increase from 8,310 beds in FY 2016 to 17,924 beds by FY 2020
· Five Nine Living Limited established for the management of multi occupancy property assets in the Private Rented Sector ('PRS'), leveraging the expertise of Fresh
· Watkin Jones plc Board formally established, comprising Grenville Turner (Chairman); Simon Laffin (non-executive director); Mark Watkin Jones (CEO) and Philip Byrom (CFO).


more...

skinny - 09 Jun 2016 11:39 - 6 of 157

Peel Hunt Buy 115.25 130.00 130.00 Reiterates

CC - 09 Jun 2016 13:01 - 7 of 157

OMG. This company takes me back a few years. I had the dubious pleasure of issuing a statutory demand against them many many years ago to stop a debt becoming time barred. I shall have to read the research to find out what they are up to now. I expect things have changed alot - they used to be a hard nosed builder who took no prisoners.

skinny - 18 Aug 2016 12:27 - 8 of 157

Record university offers as top A-level grades slip

skinny - 13 Sep 2016 07:23 - 9 of 157

Planning consent granted for Market Street, Newcastle Analyst Site Visit

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, is pleased to announce that the Group has received planning consent to progress with the redevelopment of Northumbria Police's old headquarters in Newcastle's city centre.

The proposed redevelopment of the former police station in Market Street, consists of 225 beds (177 beds and 48 studios). The total gross development value of the scheme is around £17 million. The development is anticipated to be completed in 2018.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "We are very pleased to have secured planning consent for this exciting development. Located in the city centre of Newcastle with easy access to university campuses, local facilities and public transport it is well positioned for student accommodation. This latest scheme adds to our growing pipeline and further builds our visibility around the Group's business model."

The Group also announces that it is today holding an analyst site visit. The primary objective of the event is to provide analysts with the opportunity to view two of the Group's London-based developments and to meet the Group's management team and learn more about the long term growth potential of Watkin Jones. During this visit, no new material information will be made available.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, added: "Today's site visit provides an excellent opportunity for a City audience to experience first-hand two of our developments, one of which is completed and the other currently under construction, as well as gain an insight into our business as a whole."

skinny - 22 Sep 2016 07:30 - 10 of 157

Planning consent granted for Hunter Street, Chester

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, is pleased to announce that the Group has received planning consent to progress with the development of land currently being used as a car park on Hunter Street in Chester, Cheshire.

The development of Hunter Street will consist of 77 beds. The total gross development value of the scheme is around £6.5 million. The development is anticipated to be completed in the summer of 2018. This adds to the 330 student beds already being developed in Chester, by Watkin Jones for delivery during the summer of 2017.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "The Group is delighted to have secured planning consent for this new development. This development when completed, will service students at the University of Chester and the University of Law and we are pleased to have added the Hunter Street site to our already impressive portfolio in Chester. The look and appearance of the development will be modern however we will ensure the selected materials will be reflective of the overall character and appearance of the area. The demand for student accommodation is growing and this latest scheme adds further validation to our business model."

- Ends -

skinny - 27 Sep 2016 09:53 - 11 of 157

Update on developments completed in 2016

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, is pleased to provide the following update on the Group's developments that have been completed ahead of start of the 2016/17 academic year.

In total Watkin Jones has completed ten developments across the UK with a total of 3,819 student beds. The breakdown of these completed developments is detailed in the table below:

Development No. of beds

Heriot-Watt, Edinburgh 450

Dunaskin, Glasgow 504

Old Dumbarton Road 2, Glasgow 128

Belle Vue, Leeds 324

Bath Lane, Leicester 601

Byrom Street, Liverpool 398

Broad Lane, Sheffield 397

New Bridewell, Bristol 500

Brougham Hayes, Bath 104

John Bell House, Belfast 413

Total 3,819

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "At the time of our AIM admission in March this year, we stated that our pipeline of development projects scheduled for completion before 31 August 2017 totalled 17. It is therefore pleasing to be able to update investors today that the Group has completed and handed over ten developments ahead of the current academic year and is very much on track to deliver the remaining seven ahead of the 2017/2018 academic year, in line with our expectations.

"We continue to add new sites to our strong development pipeline. Watkin Jones currently has 19 developments with 6,317 beds targeted for delivery during 2017 and 2018. An additional two sites are being acquired which will add a further 418 beds to 2018. The pipeline beyond this is looking positive with 2,000 plus beds across a number of sites having been secured. This pipeline provides the Group with strong visibility of earnings going forward and underpins our strategy in the short term."

- Ends -

skinny - 29 Sep 2016 12:07 - 12 of 157

Pop!

skinny - 12 Nov 2016 13:01 - 13 of 157

Hmmmm - I don't like that bearish engulfing candle!

skinny - 17 Nov 2016 09:06 - 14 of 157

Pre-Close Trading Statement

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, is pleased to provide a trading update for the year ended 30 September 2016 (the 'period').

The Board expects to report a successful financial year with trading in line with its expectations.

As announced on 27 September 2016, Watkin Jones successfully completed, ahead of the 2016/17 academic year, ten developments across the UK with a total of 3,819 student beds. Watkin Jones has a record of on-time delivery of schemes and all developments expected to be completed ahead of the 2017/2018 academic year, remain on track. The Group continues to add sites to its strong development pipeline and, at 30 September 2016, it had a total of 21 developments with 6,814 beds targeted for delivery during 2017 and 2018.

The Group's pipeline beyond 2018 is also looking robust with over 2,000 beds across a number of sites already secured. This includes the proposed redevelopment of the Duncan House site in Stratford, London, to provide 511 beds of student accommodation, 44 residential apartments and approximately 28,000 square feet of academic and office space. The scheme has a gross development value in excess of £100 million and is due for delivery in 2019.

Fresh Student Living, the Group's asset management subsidiary, continues to progress well, and now has 12,337 beds under management for the 2016/17 academic year (8,310 under management during the 2015/16 academic year).

The pipeline going forward provides the Group with strong visibility of earnings and cash flows and underpins our strategy in the near term. As a result, and with interest from investors in Purpose Built Student Accommodation remaining consistently strong, the Board remains confident in the outlook for the Group.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "It has been a busy year for the Group and excellent progress has been made. Not only have we delivered 3,819 beds across ten sites in the UK, but we have also successfully made the transition to being a public company. Our performance in the year reinforces the attractiveness of our end-to-end business model to investors, whilst our development pipeline continues to provide excellent visibility of earnings and cashflow."

The Group will be announcing its Final Results on Wednesday, 18 January 2017. An analyst briefing will be held at 09.30hrs at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.

- Ends -

skinny - 17 Nov 2016 09:08 - 15 of 157

Peel Hunt Buy 120.00 130.00 140.00 Reiterates

skinny - 18 Nov 2016 11:06 - 16 of 157

Beaufort Securities Speculative Buy 120.50 125.00 148.00 Reiterates

skinny - 01 Dec 2016 09:52 - 17 of 157

Cardiff and Belfast developments forward sold

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, announces today that it has forward sold another two of its developments to two institutional investors, both for undisclosed fees. The first development is situated on Bridge Street in Cardiff and the other is situated on Queen Street in Belfast.

The Cardiff development occupies a prominent position in Cardiff City Centre, and is located close to Cardiff Queen Street station. The 472 bed scheme is due for delivery in August 2018, ahead of the 2018-19 academic year. The Belfast development also occupies a prominent position in Belfast City Centre directly opposite John Bell House that was completed by Watkin Jones in August this year. This 340 bed scheme is also due for delivery in August 2018, ahead of the 2018-19 academic year.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "We are delighted to announce today that we have forward sold our developments in Cardiff and Belfast to two institutional investors in purpose built student accommodation, which further underpins the visibility of our earnings and cashflow. The interest in the sector remains strong."

- Ends -

2517GEORGE - 01 Dec 2016 17:03 - 18 of 157

''which further underpins the visibility of our earnings and cashflow''.

How can that be when both developments were sold for ''undisclosed fees''

skinny - 22 Dec 2016 07:10 - 19 of 157

Update on Developments

Watkin Jones plc (AIM:WJG), a leading UK developer and constructor of multi occupancy property assets, with a focus on the student accommodation sector, is pleased to provide the following update on a number of its developments.

Additional forward sale
The Group announces that it has forward sold the student accommodation element of its Duncan House development in Stratford High Street, E15 to an institutional investor for an undisclosed fee. This forward sale follows on from the announcement in June 2016 that the Group had received planning consent to progress with the redevelopment of the site. The proposed redevelopment consists of 511 beds of student accommodation (420 ensuite clusters and 91 self-contained studios); 44 residential dwellings including a proportion of affordable housing in a mix of 1, 2 and 3 bedroom units; a new education facility with 3,150m2 gross internal floor area ('GIA'), and 688m2 GIA of affordable business workspace. The residential units and academic floor space that form part of the wider scheme will be sold in separate transactions by Watkin Jones. The total gross development value of the scheme is in excess of £100million. Demolition work has started on site and the development is anticipated to be completed in the summer of 2019, ahead of the 2019-2020 academic year.

Planning consents
Watkin Jones also announces that it has received planning consents for three developments, two in Aberdeen and one in Sheffield. The Aberdeen schemes include the redevelopment of Pittodrie Street, which is in close proximity to Aberdeen University, providing 618 beds of student accommodation and Caledon House, which is situated in a prime location opposite Robert Gordon University and will provide 199 beds of student accommodation (147 ensuite clusters and 52 self-contained studios). Caledon House is scheduled to be completed in the summer of 2018, ahead of the 2018-19 academic year, whilst the Pittodrie Street development is expected to be completed in the summer of 2019, ahead of the 2019-20 academic year. The development in Sheffield is located in Rockingham Street, in close proximity to the University of Sheffield, and will provide 543 beds of student accommodation (457 ensuite clusters, 69 self-contained studios and 17 one bed apartments) as well as two commercial units totalling approximately 4,340 square feet. Rockingham Street is due for delivery in the summer of 2018, ahead of the 2018-19 academic year.

Completed scheme sale
Furthermore, the Group is pleased to announce that its Athena Hall development in Ipswich has now been sold for an undisclosed amount to Arlington Investors Limited ("Arlington"). Situated on the Quayside in Ipswich, Athena Hall services the University of Suffolk and comprises 590 student beds. Built by Watkin Jones, the development was completed in 2010 and has since been held and operated in a joint venture arrangement. Athena Hall has been managed by Fresh Student Living Limited ("Fresh"), a wholly owned subsidiary of the Group, and Fresh will continue to manage the asset for Arlington.

Mark Watkin Jones, Chief Executive Officer of Watkin Jones plc, said: "It is very pleasing to provide such a positive update on a number of our developments, all at different stages of their life cycle. The planning consents granted for Pittodrie Street and Caledon House are exciting as Aberdeen is an important contributor to the knowledge economy in Scotland, with two universities and approximately 21,000 full time students, and there is a recognised need for purpose built student accommodation in the city. The redevelopment of Rockingham Street in Sheffield provides us with an opportunity to further extend our reach in this important University city.

"With the forward sale of the student accommodation development at Duncan House now completed we can concentrate on the construction phase of this significant development, which will serve the University of London when completed in the summer of 2019. We expect the Duncan House development to make an important contribution to our earnings over the next three years.

"The Group's share of net funds from the sale of Athena Hall will add to our cash position and through Fresh we will have the added benefit of continuing to manage the asset going forward."

- Ends -

2517GEORGE - 22 Dec 2016 09:21 - 20 of 157

How can they sell developments for ''undisclosed amounts''?
2517

skinny - 09 Jan 2017 09:19 - 21 of 157

Peel Hunt Buy 116.50 140.00 155.00 Reiterates
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