HAL F YE AR RE SUL T S T o 31 Mar c h 2020 Re silie nt Pe r for manc e 19 May 2020
Ag e nda UK’s le a ding de ve lope r a nd ma na g e r of re side ntia l for re nt Hig hlig hts & Ove rvie w • HY 2020 Pe rfo rma nc e • WJ re spo nse to COVI D-19 • Cla dding wo rks • WJ: A Re spo nsib le Busine ss • Gro wth: Unive rsity De ve lo pme nt Pa rtne rship • Summa ry • Cre a ting the F uture of L iving 2
Hig hlig hts & Ove rvie w Kelaty House, London
Hig hlig hts & Ove rvie w UK’s le a ding de ve lope r a nd ma na g e r of re side ntia l for re nt Busine ss pe rfo rming we ll a nd b uilding mo me ntum pre COVI D-19 • I mpa c t a nd e xte nt o f disruptio n fro m COVI D-19 no t ye t q ua ntifia b le • WJ a do pte d a pre c a utio na ry & c o nse rva tive po sitio n with re g a rds to • He a lth & Sa fe ty a nd c a sh c o nse rva tio n Guida nc e withdra wn a nd divide nd te mpo ra rily suspe nde d until COVI D-19 • impa c t c a n b e q ua ntifie d. I nte ntio n to re insta te b o th a t the a ppro pria te time . WJ a c ting re spo nsib ly fo r a ll sta ke ho lde rs during this c risis • Cre a ting the F uture of L iving 4
Hig hlig hts & Ove rvie w WJ ha s a stro ng liq uidity po sitio n – re silie nt b usine ss mo de l • F o rwa rd sa le s g ive s £390m visib ility o f se c ure re ve nue fo r F Y20 & F Y21 • Ope ra tio ns re mo b ilise d - Co nstruc tio n a c tivity re sume d (c .75%) • F Y20 pe rfo rma nc e princ ipa lly de pe nde nt o n de live ry o f o ur PBSA • pipe line due this ye a r, le ve l o f pro g re ss with F Y21 de live rie s & fo rwa rd sa le a c tivity in H2 F Y20 Re side ntia l fo r re nt se c to rs re ma in a ttra c tive to o c c upie rs & inve sto rs • de spite sho rt te rm he a dwinds T he re will b e a ttra c tive o ppo rtunitie s to b uild future multi-ye a r de live ry • pipe line in due c o urse 5
F ina nc ia l Hig hlig hts Underly rlying R Result lts H1 2 2020 020 H1 2 2019 019 Move Movement Stro ng pe rfo rma nc e fo r H1 2020, • d 1 ) (restat ated la rg e ly pre COVI D-19 disruptio n Reve venue £185.7 million £159.1 million +16.7% WJ pe rfo rming we ll a c ro ss a ll • Gross pr ss profit £41.9 million £38.8 million +8.0% b usine ss a re a s £29.2 million £27.3 million +7.1% rofit 2 Opera rating p profi Re ve nue s up b y 16.7%, with a n • £26.6 million £25.0 million +6.4% inc re a sing c o ntrib utio n fro m BtR tax 2 Profi rofit b befor fore t £34.2 million £32.1 million +6.5% A 2 EBITDA Gro ss ma rg in ro b ust a t 22.6% • 8.44 pence 7.77 pence +8.6% re 2 Basic e earn rnings p per s r sha hare U nde rlying PBT g ro wth o f 6.4% • Dividend p per s r sha hare re Nil pence 2.75 pence E PS inc re a se d b y 8.6% to 8.44 pps • Gross c ss cash sh £72.4 million £57.9 million Re silie nt liq uidity po sitio n: £37.5 million £18.3 million • h 3 Net c cash No te s - Gro ss c a sh o f £72.4m 1. T he H1 2019 re sults ha ve b e e n re sta te d to a c c o unt fo r IF RS16, whic h - RCF re ne we d fo r 5 ye a rs, with a pplie s to the Gro up fo r the first time fo r F Y20. 2. T he se me a sure s e xc lude e xc e ptio na l ite ms. No e xc e ptio na l ite ms fa c ility limit inc re a se d to £100m. a pply to H1 2020, b ut the H1 2019 fig ure s a re b e fo re a n e xc e ptio na l U ndra wn he a dro o m o f £71.1m c ha rg e o f £2.6 millio n. 3. Ne t c a sh is sta te d b e fo re de duc ting IF RS16 o pe ra ting le a se lia b ilitie s 6
Hig hlig hts & Ove rvie w – HY 2020 T he Gro up’ s tra ding re ma ine d stro ng thro ug h the first ha lf o f the ye a r All b usine ss se g me nts pe rfo rme d we ll, de live ring o n the ir o pe ra tio na l o b je c tive s No ta b le hig hlig hts: F o rwa rd sa le o f a 348 b e d PBSA sc he me a t Wilde r Stre e t, Bristo l, fo r de live ry in • F Y21 Ag re e me nt, with pla nning c o nse nt, to inc re a se the fo rwa rd so ld PBSA • de ve lo pme nt a t K e la ty Ho use , We mb le y b y 100 b e ds Se c ure d two furthe r sig nific a nt BtR site s in Birming ha m (565 a pa rtme nts) a nd • Ba th (323 a pa rtme nts) Se c ure d two furthe r PBSA site s in Bristo l (291 b e ds) a nd Ba th (300 b e ds) • T he Gro up’ s BtR pipe line sta nds a t o ve r 2,600 a pa rtme nts , a c ro ss 10 site s , o f whic h five de ve lo pme nts (1,012 a pa rtme nts) a re fo rwa rd so ld. T he Gro up’ s PBSA pipe line c o mprise s o ve r 7,200 be ds , a c ro ss 19 site s , o f whic h 13 site s (c .5,600 b e ds) a re fo rwa rd so ld. Ove ra ll, H1 pe rfo rma nc e de live ring we ll a g a inst g ro wth pla ns – c re a ting the future o f living 7
HY 2020 Pe rfo rma nc e
Se g me nta l Re vie w - Re ve nue s H1 2020 Re ve nue s BtR BtR c o ntinue s to g ro w in sig nific a nc e • Residential, £24.3m (13%) Re ve nue s inc re a se d b y £27.8m to £36.5m • Accommodation mgmt, £4.1m (2%) Re fle c ts re ve nue s fro m the 4 fo rwa rd so ld • de ve lo pme nts fo r de live ry in F Y20 a nd F Y21 PBSA Mo de st de c re a se in re ve nue s o f £8m to £120.8m • Re fle c ts the lo we r numb e r o f b e ds in de live ry fo r • PBSA, £120.8m (65%) BtR, £36.5m (20%) F Y20 (2,609 b e ds) c o mpa re d to F Y19 (2,723 b e ds) Ac c ommodation manage me nt Re ve nue s inc re a se d to £4.1m (H1 2019: £3.9m) • Co ntinue d suc c e ss in winning ne w c o ntra c ts • H1 2019 Re ve nue s Ne t inc re a se o f 3,000 units unde r ma na g e me nt • a t the sta rt o f F Y20 (17,721 units), c o mpa re d to Residential, £17.4m (11%) the sta rt o f F Y19 Accommodation mgmt, £3.9m (2%) Re side ntial Re ve nue s inc re a se d b y £6.9m to £24.3m • BtR, £8.8m (6%) 38 sa le s c o mple tio ns (H1 2019: 53 sa le s) • Co mple tio n o f fo rwa rd so ld de ve lo pme nt o f 35 • a pa rtme nts a t T ra ffo rd Stre e t, Che ste r Wo rks pro g re sse d unde r the de ve lo pme nt • a g re e me nt fo r the de live ry in F Y21 o f 75 PBSA, £128.8m (81%) a pa rtme nts a t Ma rshg a te , Stra tfo rd 9
Se g me nta l Re vie w – Gro ss Pro fit H1 2020 Gro ss Pro fit Residential, £4.4m (11%) BtR Accommodation mgmt, £2.6m (6%) GM 18.2% GM 61.9% Gro ss ma rg in o f 16.3%, b ro a dly in line with • pre vio us g uida nc e o f 15% PBSA BtR, £6.0m (14%) GM 16.3% Go o d g ro ss ma rg in o f 24.1% ma inta ine d • Re fle c ts lo c a tio ns o f de ve lo pme nts in b uild • Ac c ommodation manage me nt PBSA, £29.2m (69%) Gro ss ma rg in o f 61.9%, b ro a dly in line with the • GM 24.1% prio r ha lf ye a r H1 2019 Gro ss Pro fit Re side ntial Gro ss ma rg in impro ve d to 18.2% fro m 16.7% in H1 • Residential, £2.9m (7%) 2019 GM 16.7% Accommodation mgmt, £2.4m (6%) Re fle c ts ma rg in c o ntrib utio n fro m re side ntia l • GM 62.6% a pa rtme nt sa le s a t Stra tfo rd a nd Ba th. BtR, £1.9m (5%) GM 21.7% PBSA, £31.8m (82%) GM 24.7% 10
I mple me nta tio n o f I F RS 16 ‘ L e a se s’ Imple me nta tion Applic a b le to WJ fo r F Y20 • Pa rtic ula rly re le va nt to the Gro up’ s 6 histo ric PBSA sa le a nd le a se b a c k pro pe rtie s • Ma te ria l impa c t o n the Gro up’ s re sults a nd sta te me nt o f fina nc ia l po sitio n • Prio r ye a r pe rio ds re sta te d • Sta te me nt of fina nc ia l position Rig ht o f use a sse t o f £127.2m a nd le a se lia b ility o f £145.8m a t 31 Ma rc h 2020 • T wo histo ric a lly pro fita b le lo ng te rm PBSA le a se s a c c o unt fo r £83.3m o f this lia b ility • Re ta ine d e a rning s a t 30 Se pte mb e r re duc e d b y £14.3m • E a r ning s impa c t H1 2020 o pe ra ting le a se c o sts re duc e d b y £5.6m, de pre c ia tio n inc re a se d b y £4.2m • a nd fina nc e c o sts inc re a se d b y £2.2m PBT fo r H1 2020 re duc e d b y £0.8m (H1 2019: £1.1m) a nd E BIT DA inc re a se d b y £5.6m • (H1 2019: £5.2m) 11
WJ re spo nse to COVI D-19 Dunc an Ho use , Stratfo rd
WJ He a lth & Sa fe ty Re spo nse to COVI D-19 WJ’s F ir st Re sponse pla n built a r ound two pilla r s of he a lth a nd sa fe ty a nd c a sh c onse r va tion I mple me nte d re mo te wo rking a nd e nha nc e d he a lth a nd sa fe ty • pro to c o ls fo r e mplo ye e s, te na nts a nd sta ke ho lde rs. Re mo b ilise d c o nstruc tio n a c tivitie s, ha ving te mpo ra rily wo und • do wn site s whilst risk a sse ssme nts we re c a rrie d o ut. Wo rking c lo se ly with supply c ha in a nd c lie nts. • Curre ntly o pe ra tio na l in E ng la nd, Wa le s a nd No rthe rn I re la nd a t • c .75% o f pre COVI D-19 disruptio n re so urc ing le ve ls, with site pro g re ss b e ing ma inta ine d. Co nstruc tio n a c tivity ha sn’ t ye t re mo b ilise d in Sc o tla nd fo llo wing • the Sc o ttish Go ve rnme nt’ s dire c tio n to c e a se a ll c o nstruc tio n wo rks fo r no n e sse ntia l b uilding s. 13
Recommend
More recommend
