Property developer Watkin Jones returned to profit in the first half of the year after a successful business restructure following a year of losses.
In an update to investors today, Watkin Jones reported a jump in revenue to £4m, up 122.2 per cent from £1.8m in 2023.
In the first half of the year, revenue for the student accommodation and private rental developer jumped to £175.1m, up 13.8 per cent from £153.9m the year prior.
It is a sign of hope for the build-to-rent firm, which reported a £43.5m pre-tax loss last year.
Alex Pease, chief executive of Watkin Jones, said: “First half trading was in line with our expectations, with a focus on execution and operational performance.
“Alongside progress on our schemes in build, we have continued to develop the group’s longer term pipeline, with new land secured and further planning applications submitted.”
Pease added that “continued recovery” is expected as the group looks for a full year operating profit of “at least” £15m.
“There has been gradual improvement in sentiment in the property investment market, which we expect to support a continued recovery in forward fund transaction demand, as evidenced in the forward sale of our PBSA scheme in Bristol in March,” Pease said.
“With our established and specialist end-to-end development platform and a sector leading reputation in the BTR and PBSA markets in the UK, our focus remains on positioning the business to best capitalise on a market recovery,” Pease added.