Developer and operator Watkin Jones Plc returned to profit in 2024 thanks to two PBSA deals, as recently announced in the company’s trading update.
In FY24, one main focus for Watkin Jones was operational efficiency, as the company entered the second phase of its programme to enhance productivity and reduce risks.
Aimed at achieving excellence through streamlined processes and robust governance, the initiative ensures that Watkin Jones is well-positioned to surpass performance benchmarks. Central to this effort was a redesign of the Delivery function, prioritising the allocation of resources and equipping leaders with the capacity to spearhead projects effectively.
Since former Managing Director of Group Delivery Richard Harris retired in January, the company has taken the opportunity to restructure his role, appointing Gwyn Pritchard and Michael Bunyan to the executive team as Heads of Construction and Project Services, respectively.
Both had been mentored by Richard as part of a ‘carefully planned’ succession strategy, ensuring a seamless handover. Also, Simon Jones joined the company as Chief Financial Officer and Adam McGhin as Chief Legal Officer and Company Secretary.
“I want to thank Richard for his important contribution to the Group. We have also added to the executive team in the year with the appointment of Simon Jones as Chief Financial Officer and Adam McGhin as Chief Legal Officer & Company Secretary.
“Both Simon and Adam have substantial experience in the real estate sector and their leadership will prove key in driving forward the business to achieve our strategic goals.”
Alex Pease, Chief Executive Officer, Watkin Jones
During the same period, the industry experienced a significant reduction in build cost inflation. Alongside this, Watkin Jones reaped the rewards of its efforts to mitigate rising costs, including developing stronger relationships with its supply chain.
“We have created excellent partnerships with suppliers in FY24 to further improve our buying power and held our second supplier conference, with an enthusiastic reception as we launched Refresh to them.”
Alex Pease, Chief Executive Officer, Watkin Jones
Watkin Jones’ accommodation management division – Fresh – has greatly benefitted operational efficiency for the company. Beyond its financial contribution, the division plays a vital role in shaping the company’s understanding of the sector.
By managing Build to Rent developments and purpose-built student accommodation (PBSA), Fresh provides valuable insights into what truly matters to residents, ensuring developments are tailored to meet their needs and enhance the overall living experience.
“We anticipate further opportunity to increase Fresh’s market share over the coming years as competitors exit the market.”
Alex Pease, Chief Executive Officer, Watkin Jones
