By Michael Susin
Watkin Jones, the U.K. property developer, has announced its continued support for its fiscal 2024 guidance, demonstrating confidence in its ability to navigate through difficult market conditions. The company remains focused on asset sales and cost savings to achieve its objectives.
Fiscal 2024 Outlook
For the year ending September 30, 2024, Watkin Jones expects underlying profit before interest and taxes to range between £15 million to £20 million ($18.4 million to $24.6 million). Additionally, the company has already secured a revenue of approximately £330 million.
Fiscal 2023 Forecasts
In fiscal 2023, the company anticipates achieving an underlying PBIT of around break-even, surpassing revenues of £400 million.
Operational Objectives and Cost Efficiencies
Watkin Jones successfully met operational objectives for the second half of fiscal 2023 by selling three non-core assets. The company has also prioritized operational and cost efficiencies, including a comprehensive review of overhead costs and the implementation of cost-saving measures. These actions are expected to generate annualized savings exceeding £2 million in fiscal 2024.
Stock Market Performance
At 0703 GMT, Watkin Jones’ shares demonstrated positive momentum, rising by 1.15 pence or 3.3% to reach 36.0 pence.