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Place North West | Watkin Jones robust despite 47% profit drop

Dan Whelan The developer reported pre-tax profits of £25.3m for the year ended 30 September 2020, down from £47.9m in 2019 due to £20.5m of exceptional costs incurred by cladding remediation work and the effects of Covid-19.  Watkin Jones spent £5m on the remediation of cladding on previously developed buildings during the 12-month period and said it anticipates an additional £10m outlay for similar projects over the course of the next two financial years, according to a stock exchange filing.  In addition, the developer reported £5.7m in exceptional charges accrued as a result of the pandemic.  However, at £354m, Watkin Jones’ annual revenue was only marginally down compared to the previous 12-month period, when it reported turnover of £375m, according to the filing.

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