Published on: May 17, 2022

On track for FY forecasts driven by rush to rent

Residential-for-rent developer and manager Watkin Jones has confirmed it is on track to meet FY2022E expectations of rising profits in today’s interim results, which showed an 8% rise in revenue and a temporary decline in adjusted PBT, reflecting previously signalled timing and mix of sales. We are maintaining our estimates for FY2022E-23E, which show 21% compound growth in PBT. Longer term, we expect further growth fuelled by increasing demand for rental property from tenants and international investors.

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