Watkin Jones & Son lift pre-tax profit to £9.2m

Watkin Jones, the property developer and building contractor, made a pre-tax profit of £9.2m in its latest financial year, while turnover jumped to £89m.

The Bangor-based group’s latest figures cover the 12 months to 30 September 2006.

In the previous year, turnover of £60m triggered a pre-tax profit of £7.9m.

Watkin, a property developer and building contractor, said that particularly strong results were achieved by its Construction and Student Accommodation Divisions.

The value of the group’s development landbank rose to £19m as a result of an £8m spend. Work in progress was valued at £17m which represents a fall of £11m, reflecting the conversion to sales of the high level of stock at the end of the previous year.

Debtors were down by £3.8m.

A statement from the company said: “Prospects for the company remain strong. The programme of new sites for development should result in strong growth in the Student Accommodation and Private Developments Division over the coming years.

“The construction division is expected to continue its success based on a strong orderbook.”

The company had 267 employees. The highest paid director received £320,000 representing a rise on his previous year’s pay of £280,000.