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.