The Watkins Jones Board has proposed a final dividend of 5.6 pence per share. Taken together with the interim dividend of 2.6 pence per share, this will give a total dividend for the year of 8.2 pence per share. The dividend is 2.0x covered by adjusted earnings, in line with their stated policy.
Other financial highlights include:
Revenue at £430.2 million, up 21.5%, reflecting increasing contribution from our BTR developments and a strengthening institutional investor forward sales market
Operating profit at £57.3 million, up 10.8%, underpinned by strong operational delivery and tight cost control
Strong cash generation and liquidity position; £124.3 million net cash as at 30 September 2021
Full year dividend of 8.2p, up 11.6%; in line with policy of 2.0x cover
Work on 13 current developments on track; overall build costs remain within forecasts
22,200 beds under Fresh management, up 10%
Record residential for rent secured development pipeline at £1.8 billion, up 20%
Continued progress on Affordable Homes
ESG credentials successfully formalised with launch of 'Future Foundations' ESG programme
Trading in the new financial year in line with expectations
