Watkin Jones - FY21 ahead of forecasts; record pipeline also reported

Davy Research
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FY21 results are c.4% ahead of our estimates this morning. Coupled with this, Watkin Jones has again increased its pipeline, reaching a record level of £1.85bn in the Build to Rent (BtR) and Purpose-built Student Accommodation (PBSA) segments. The company is confident of another year of sustained earnings growth in FY22.