Watkin Jones PLC - London-based housing developer, contractor and manager - Says performance for the half year ended on March 31 has been driven by ‘contractually secure forward sold developments’. Reiterates expectations for performance to be materially weighted in the second half of the year. Notes that the underlying residential for rent market continues to progress well with both ‘strong tenant demand and rental growth’. Net cash amounts to around £44 million as at March 31, compared to £27 million a year before. Says interim results will be announced on May 23. ‘We are seeing appetite for forward funds continuing to recover and expect to close a number of transactions in our H2,’ Watkin adds.

Back in January, Watkin said revenue in the year to September 30 fell 5.4% to £407.1 million from £430.2 million the year before. Pretax profit fell 64% to £18.4 million from £51.1 million.

Current stock price: 90.31 pence each, down 5.8% on Thursday in London

12-month change: down 65%

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