Watkin Jones Group enjoys leap in profit to £13m

Watkin Jones, the property developer and building contractor, has made a pre-tax profit of £13m.

The 12-month financial period 30 September 2007 showed turnover running to £110m.

In the previous year, the group’s pre-tax profit ran to £9m on turnover of £93m.

The latest results represent the sixth consecutive year to show an increase in profits.

Much of Watkin Jones’ latest turnover growth came from two divisions: student accommodation and construction.

Mark Watkin Jones, managing director, said: “The group was active in sourcing land sites for future student accommodation and residential developments, reflected in an increase in the development landbank of £44m to £72m.”

Work-in-progress climbed from £7m to £26m as a result of progress on several large schemes, notably the Victoria Dock in Caernarfon and the Droylesden Marina in Tameside, East Manchester.

The group’s student accommodation division completed developments in Salford, Brighton and Birmingham while new schemes got under way in Birmingham, Bristol, Sheffield and Bangor (north Wales)

Watkins Jones said that the construction division had “a very good year” while the homes division reported “significant growth”.