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(Alliance News) - Watkin Jones PLC shares edged down on Wednesday, after it lowered its profit expectations for financial 2023.
Watkin Jones is a London-based student accommodation developer and manager. Its shares were down 4.2% to 33.40 pence each in London on Wednesday around midday.
The company issued a trading update for its financial year ended September 30, ahead of the publication of the results in January next year.
Watkin Jones said it now expects financial 2023 revenue to exceed GBP400 million and underlying profit before interest & tax to breakeven.
In July, the company said it had expected profit before interest & taxes to be around GBP15 to GBP20 million.
It said that since July's trading update it has incurred additional costs, including acceleration costs to ensure successful completion on two schemes. These costs are not expected to carry forward into the current year, it added.
More positively, it said it has focused on operational and cost efficiencies within the business. This has included reviewing the overhead cost base and implementing a number of cost actions which will generate annualised savings of over GBP2 million in financial 2024, it said.
Looking ahead, Watkin Jones PLC said that whilst the current challenging market conditions are set to continue, the company's level of secured revenue for financial 2024 is about GBP330 million.
By Sophie Rose, Alliance News reporter
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