HALF YEAR RESULTS
To 31 March 2019
“Delivering Performance”
Financial Highlights
Delivering Performance
Bridge Street Exchange, Cardiff2
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Strong overall performance for H1 2019
• WJ performing well across all business
areas
• Revenues slightly ahead YoY
• Underlying profit before tax growth of 10%
• Gross margin increased to 23.7% (H1
2018: 21.8%)
• EPS increased 7.7% to 8.11pps
• Interim DPS increased 11.3% to 2.75pps
• Performance robust and scalable
Results Summary
* Operating profit, profit before tax, EBITDA and basic earnings per
share are stated before an exceptional charge of £2.6m.
3
Underlying Results H1 2019 H1 2018 Movement
Revenue £159.1 million £158.3
million
+0.5%
Gross profit £37.6 million £34.5 million +9.0%
Operating profit* £26.0 million £23.8 million +9.1%
Profit before tax * £26.0 million £23.6 million +10.0%
EBITDA * £26.6 million £24.5 million +8.6%
Basic earnings per share* 8.11 pence 7.53 pence +7.7%
Dividend per share 2.75 pence 2.47 pence +11.3%
Net cash £18.3 million £38.4 million
Business Highlights
4
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Business Highlights – Maintaining Visibility
• Good progress with PBSA pipeline
• 9,100 beds in pipeline - increasing visibility to 2022+
• 11 developments (5,334 beds) forward sold for delivery 2019-2021
• 2019 & 2020 delivery pipeline sold or under offer at targeted pricing
• Forward sale & development of Wembley (599 beds) for DWS for 2021 & Swansea (245 beds) for Brookfield 2020
• Deepening pipeline with c.600 bed development site secured, subject to planning, in Selly Oak, Birmingham
• Building momentum with BtR pipeline
• Pipeline of 1,800 units across 8 sites assembled
• 5 of the sites have planning (c.1000 units)
• Partnered development schemes at Reading and Wembley (615 units) progressing well
• Exchanged contracts to purchase site in Woking (c. 330 units) on a subject to planning basis
• Secured planning at London Sutton (166 units) and Belfast (90 units)
• Homes performing in line with expectations
• North West UK housing market robust
• Reservations and completions on track with 53 homes and apartments sold in the period (H1 2018: 28 sales)
• 22 affordable residential units sold from the mixed-use Stratford development
• Fresh Property Group (FPG) performing in line
• FPG have successfully secured the management of an additional 1,979 units across 9 schemes (12% growth of beds under
management)
• Good visibility of growth with FPG appointed to manage a total of 21,018 units across 73 schemes by FY 2022
• Consumer facing benefits to the wider group
Accommodation
Management
Student
Accommodation
Development
Pipeline
Build to Rent
Development
Pipeline
Residential
Brexit
• Broader Brexit uncertainty weighing on markets but our focus of PBSA and BtR currently performing well
• PBSA & BtR are prime sectors
• Investor demand strong, including increasing interest from overseas
• Good visibility of forward order book
• Strong track record in construction & supply chain management
Business Highlights
5
Group Performance
Duncan House, Stratford6
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Revenue by Segment
• Revenues continue to be driven by Student Accommodation (81%),
but with increasing contribution from other segments including
BtR.
• Gross margin increased to 23.7% (H1 2018: 21.8%), as a result of
specific mix of 2019 developments, reflecting quality of location of
developments and forward sales values achieved.
• Operating profit before exceptional costs increased by 9.1%.
• Operating margin increased to 16.4% (H1 2018: 15.0%).
• Exceptional costs of £2.6m comprise the cost of compensating the
Group’s new CEO for the forfeiture of outstanding incentives held
in respect of his former employer, of which £2.2m is a share based
non-cash charge.
• Half year annualised Return on Equity 25.7% (FY 2018: 26.6%).
H1 2019 (£m) H1 2018 (£m) Student accommodation
Build to rent
Residential
Accommodation
management
Corporate
7
Group Income Statement
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
128.8142.2
115.2
30.6 29.4 25
H1 2019 H1 2018 H1 2017
Revenue (£m) Gross Profit (£m)
Build to Rent (BtR)
• Revenue growth reflects progress in the build
of the Reading development and
commencement of the Wembley scheme.
• Encouraging gross margin for the period of
21.7%
• Medium term margin view remains at 15%
8.8
0.6 0.6
1.9
0.3 0.4
H1 2019 H1 2018 H1 2017
Revenue (£m) Gross Profit (£m)
Student Accommodation
• Revenues in line with management
expectation, but below H1 2018 due to lower
number of developments in build.
• Gross margin for the period of 23.7%
compared to 20.7% for H1 2018.
8
Revenue and Gross Profit by Segment
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Residential
• 53 sales completions achieved in the core North
West market, compared to 28 in H1 2018.
• 22 affordable apartments at Stratford sold.
• Gross margin 16.7% (H1 2018: 10.1%).
• Gross margin 19.5% (H1 2018: 15.8%) exc nil
margin sales from the legacy Droylsden site.
Accommodation Management
• Revenues increased despite loss of beds
associated with Curlew portfolio sale, largely
offset by new contract wins.
• Gross margin of 62.6% (H1 2018: 65.3%),
reduced due to change in mix of schemes, but
ahead of FY 2018 full year margin of 61.8%.
17.4
5.3 5.6
2.9
0.5 0.7
H1 2019 H1 2018 H1 2017
Revenue (£m) Gross Profit (£m)
3.8 3.7
3
2.4 2.4
1.9
H1 2019 H1 2018 H1 2017
Revenue (£m) Gross Profit (£m)
9
Revenue and Gross Profit by Segment
10
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Gross cash balance of £57.9m at 31 March 2019
(31 March 2018: £61.6m)
• Net cash balance of £18.3m at 31 March 2019
(31 March 2018: £38.4m)
• Decrease in cash in the period of £48.7m (H1
2018: £3.7m)
• Normal cash profile sees a cash utilisation in the
first half of the year.
• Half year cash position impacted by a delay in the
receipt of a contractual cash payment of £14.0m,
received in April 2019
• Some investment in the BtR and PBSA
development pipelines
11
Group Cash
Summarised Cash Flows
£ million
H1
2019
H1
2018
Operating profit before exceptional items 26.0 23.8
Inventory and work in progress (20.1) (20.3)
Trade and other receivables (22.5) 9.1
Trade and other payables (29.7) 2.6
(Increase)/decrease in working capital (72.3) (8.6)
Depreciation and amortisation 0.6 0.5
Net finance costs (0.2) (0.3)
Tax paid (2.9) (8.3)
Net cash (outflow)/inflow from operating activities (48.8) 7.1
Cash flow from investing activities 0.1 1.5
Dividends paid (13.1) (11.2)
Cash flow from borrowings 13.1 (1.1)
Decrease in cash (48.7) (3.7)
Cash at beginning of period 106.6 65.3
Cash at end of period 57.9 61.6
Less: borrowings (39.6) (23.2)
Net cash 18.3 38.4
Market Updates
Bailey Fields, Sheffield12
PBSA Market
13Albion Way, London
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
PBSA Market – Strong Fundamentals
1728 1730 1771 1827 1855 1878
682 699 713 728 739 750
495 520 545 565 590 615
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2013/14 2014/15 2015/16 2016/17 2017/18 2018/19
Stu
den
ts (
00
0s)
Students and supply
Total students 1st years (UG) + International (UG + PG) PBSA Beds
654 677 700 718 718 700 690
465 496 512 532 535 534 534
1710 1728 1730 1771 1827 1855 1878
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19
Stu
den
ts (
00
0s)
Full time student numbers
Applicants Acceptances Full time students
UK University Education
• UK university sector #2 global ranking
• Student applications – 29% excess demand
over available places
• Student accommodation – demand for PBSA
exceeds supply
• Government international education strategy –
30% growth in international students by 2030
• Government immigration white paper
supportive of international students
• Challenges for lower tier Universities:
Lower applications and UK HE Sector Review
Augar Review
Source: UCAS, HESA
Source: HESA
14
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
0
50
100
150
200
250
300
350
400
450
500
(00
0S
)
International demand
EU ROW International %
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
Source: HESA
PBSA Market – UK University Demand
300
325
350
375
400
425
450
475
500
525
550
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
Acce
pta
nce
s (
00
0s)
UK demand
UK acceptances No change Trend
+64,900
• Short term trends: Increased 2019/20
applications across the board
• Demographics – UK population growth
• Record high UK HEI participation rates
• International appeal – Growing demand –
Chinese applications up c.30% YOY
15
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
313,527
94,844
201,277
30,711
Size of the PBSA market 2018/19 (beds)
University Core Noms/leased Direct let Under construction
© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.
• Supply : Demand dynamic favourable
• Student number growth creates
development opportunity
• Ageing estate/obsolescence creates
development opportunity
• Low rate of new construction
• Product evolution, FPG consumer facing
• Clear Opportunity for WJ
PBSA Market – PBSA Supply Review
16
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Turning the macro into an
operational model
• WJ value chain comes from
understanding consumer demand,
investor demand and delivering
through development expertise
• End to end solution leveraging WJ
& FPG expertise/consumer brand
insights
• Targeting 20% margin
HEI: Uni Rank, Full time/Intl Students, growth
Market: Campus location, PRS/HMO strength, Supply:Demand ratio PBSA
Micro Location: Transport, amenities, campus
Asset: Size, Spec, Configuration, Mkt Segment
Delivery: Planning, buildability, efficiency
Management: efficiencies, margin, service, add ons
Time: 3-4 yr development
Returns:20%
margin
17
PBSA – Operational Model
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Market led – PBSA & Investor
• Development expertise
• Deep understanding of cost &
value drivers
• Scalable and sustainable
SOUTH EAST
Rent: £175/wk
Net income: £5,600 pa
NIY: 5.5%
Capital value: £105k
Land: £25k
Build costs: £60k
Target margin: 22-24%
LONDON
Rent: £230/wk
Net income: £9,070 pa
NIY: 4.75%
Capital value: £184k
Land: £60k
Build costs: £85k
Target margin: 26-28%
Note
All figures are illustrative and relate to an
approximate per bed basis
Rent = gross per week
Net Income = net annualised
Net initial yield (NIY) = forward fund yield
Capital Value = net per bed
Land = per bed with planning
Build costs = all other costs per bed
18
PBSA – Operational Model
OTHER UK REGIONS
Rent: £140-165/wk
Net income: £4,500-5,600 pa
NIY: 5.5-6.0%
Capital value: £60-90k
Land: £10-15k
Build costs: £55-60k
Target margin: 18-22%
Build to Rent Market
19Kelaty House, London
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• BtR – UK residential market disruptor
• Structural shortage of housing – housing starts,
household sizes
• Population growth +7.5m by 2035
• Rise in renters – additional 2.4m households 10%
in 2000 to 20% in 2018
• Decline of retail landlords – c.180k BtL forecast to
leave the sector v c.140k BtR pipeline
• Institutional investors can access UK residential
market dynamics
• Improving standards in UK PRS in which WJ has
expertise
Sources: HMLR, MHCLG
BtR Market – Macro Market Dynamics
0%
10%
20%
30%
40%
50%
60%
70%
80%
19
31
19
36
19
41
19
46
19
51
19
56
19
61
19
66
19
71
19
76
19
81
19
86
19
91
19
96
20
01
20
06
20
11
20
16
20
21
Pro
po
rtio
n o
f h
ou
sin
g in
En
glan
d
Housing in England
Private rented Social rented Owner occupied
64
65
66
67
68
69
70
14A 15A 16A 17A 18A 19E 20E 21E 22E 23E 24E 26E
UK
po
pu
lati
on
(m
illio
ns)
CAGR
0.7%
CAGR
0.5%
Latest UK population forecasts (ONS)
20
Source: ONS
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• UK residential rents are very stable, with no
declines for over 20 years
• 60% rental growth over last 20 years
• PRS sector historic performance has been strong
• Sector fundamentals forecast future strong
performance - current guides 3% rental growth
from 2021
• BtR sector small (5% of PRS) but growing
• Institutional investor interest for UK BtR assessed
at £70bn*
• Development, forward funds & property
management are a key activity in growing the sector
BtR Market – BtR Investment
55
65
75
85
95
105
UK Rentals
21
Number of BtR units 2013-2018
Source: Savills, Knight Frank, Euroconstruct, ONS, EU, Worldbank Databank
Source: Savills, BPF, Molior
* Source: Savills, BPF
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
BtR - Operational Model
• How WJ looks at the BtR
market opportunity
• Turning the macro into an
operational model
• Value chain: consumer &
investor demand, development
expertise
• Regional variation
• Targeting 15%+ margin
City/Town – GDP, Industry, Growth
Resi Demand – Popn 18-44, Growth, Graduate retention, average earnings
Resi Supply – Size & Quality of PRS, PRS pipeline, Housing affordability ratio
Micro Location – Transport, Amenity, Work, betterment
Asset – Size, Spec, Product, Mkt segment
Management –efficiencies, margin,
service, add ons
Time – 3-4 year development
Returns –15%+
Margin
22
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Market led – PBSA & Investor
• Development expertise
• Deep understanding of cost &
value drivers
• Scalable and sustainable
SOUTH EAST
Rent: £1.3k/mth
Net Income: £11.5k pa
NIY: 4.0%
Capital value: £280k
Land: £65k
Build costs: £170k
Target margin: 15%+
OTHER UK REGIONS
Rent: £1.1k/mth
Net Income: £10k pa
NIY: 4.5%
Capital value: £210k
Land: £23k
Build costs: £155k
Target margin: 15%+
LONDON
Rent: £1.4k/mth
Net Income: £12.5k pa
NIY: 3.75%
Capital value: £325k
Land: £95k
Build costs: £188k
Target margin: 15%+
23
Note
All figures are illustrative and relate to an
approximate per BtR unit basis
Rent = gross per month
Net Income = net annualised
Net initial yield (NIY) = forward fund yield
Capital Value = net sale value per unit
Land = per unit with planning
Build costs = all other costs per unit
BtR - Operational Model
Investor Demand
Oxford House, Bournemouth24
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Investor Demand - PBSA
Transactions (£) Oct 2018 – March 2019
Direct Let 25 Year FRI Lease
Current Forecast Current Forecast
Prime London 4.0% Strengthening 3.5% Strengthening
Inner London 4.5% Strengthening 3.75% Strengthening
Prime Regional 5.25-5.5% Strengthening 4.0% Strengthening
Secondary
Regional6.0% Stable 4.0% Stable
Other Regional 7.0%+ Weakening 4.25% Strengthening
Source: JLL
Yield forecast
• Robust investor demand in Q1 2019 –
c.£0.5bn transacted, c£0.8bn under offer
• Defensive sector, rental growth and high
occupancy driving investor demand
• Investor activity slowed in the period as a
result of Brexit/uncertainty
• UK PBSA prime yields compressing through
transactional evidence
• Global institutions make up majority of
purchasers
25
Source: JLL
2011 2012 2013 2014 2015 2016 2017 2018 2019
Transacted Under offer
£1.0bn
£2.7bn
£2.0bn£1.7bn
£5.7bn
£3.2bn
£4.1bn
£3.2bn
£0.85bn
£0.52bn
5 year average - £3.6bn
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Location Net yield Q4 2018 Net yield Q1 2019 Trend
London zone 2 3.15% 3.25% Stable
London zones 3-6 3.5% 3.5% Stable
Outer London/South East 3.75% 3.75% Stable
Prime Regional 4.25% 4.25% Stable
Source: CBRE, Q1 2019
Prime net investment yields
• Robust investor demand in Q1 - £1bn
committed
• Global institutional investors increasing
their involvement; Unibail, PSP, L&G,
Aberdeen Standard, M&G, Invesco
• Long term sector growth characteristics
outweigh event/cyclical concerns
• Investment yields well supported
throughout the UK
• Significant demand for investment
opportunities & forward funds
26
Investor Demand - BtR
Source: CBRE, Q1 2019
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Case Study – Kelaty House, London
• The scheme : 599 PBSA beds, 300 BtR units
• Practical completion : Q3 2021
• Location: Wembley, North West London
• Off market acquisition – vendor felt confident with WJ
and so dealt off-market
• Development expertise unlocked complex mixed-use
scheme – PBSA, BtR, retail/community/leisure space
integrated through basement car parking
• Insight - Wembley regeneration area great location for
BtR and PBSA – placemaking with community,
transport & amenities
• Institutional grade - PBSA scheme of 599 beds
forward sale to DWS – 1st UK PBSA scheme
• Capital light – DWS capital is funding the PBSA
development
Indicative CGI
Indicative CGI
27
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
Case Study – Sutton Court Road, Sutton
Indicative CGI
Indicative CGI
• The scheme : 166 BtR units
• Practical completion : Q1 2021
• Location: Sutton, South London
• Off Market acquisition – WJ’s reputation generates
off-market leads
• Development expertise – unlocked scheme -
reworked existing unviable Resi consent to increase
density by 25%
• Prime BtR Location - scheme is 2mins from station
– c.25 mins to Victoria – surrounded by Sutton’s
amenities
28
Student Accommodation
Development Pipeline
Bath Lane, Leicester29
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Deepened high quality pipeline to 9,100 beds
• Increased earnings visibility with 2019 & 2020 pipeline either
forward sold or under offer
• 2021+ pipeline growing and further opportunities being
pursued
Student accommodation
pipeline locations
2646
2089
599
77
517
422
794
447
912
608
1019
1043
0
500
1000
1500
2000
2500
3000
3500
4000
FY19 FY20 FY21 FY22
Nu
mb
er o
f b
eds
Unsecured - under offer / inlegals
Secured - subject to planning
Secured - with planning
Under offer / in legals forsale
Forward sold
PBSA Development Pipeline
30
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Deepening pipeline to c.1800 units with quality
developments
• Commercial and Build to Sell residential slow down creating
land buying opportunity
• Various sites to extend pipeline being evaluated
616
159
271
184
603427
550
0
200
400
600
800
1000
1200
1400
FY20 FY21 FY22 FY23
Nu
mb
er o
f ap
artm
ents Unsecured - under offer /
in legals
Secured - subject toplanning
Secured - with planning
Forward sold
Student accommodation
pipeline locations
Build to Rent Development Pipeline
31
Strategic Priorities
Bagot Street, Birmingham32
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Highly capable business with a strong track record
• Trusted brand
• Market leader in multi-occupancy residential for rent
• PBSA and BtR robust & undersupplied sectors
• Scalable business model
• Operational excellence – land buying, planning, construction, forward sales process and ongoing management
• Customer Insight – leverage FPG’s insights to evolve our proposition to stay market leading
• Planning to share details on future strategy later in H2
Strategic Priorities
Activity since IPO in March 2016
29 built
19 under construction
ft2
3 million sqft built£1 billion soldDevelopments
22000 beds managed
16 investor
partnerships
33
Highlights Strategic PrioritiesMarket Updates Investor Demand Pipeline SummaryActivityFinancial Highlights
• Established brand and reputation
• Complete solution for investors
• Attractive markets
• Significant growth prospects
• Focused on growth sectors
• Scalable
• Performing strongly - reduced risk, high visibility
• 2019 & 2020 PBSA pipeline forward sold or
under offer
• Growing PBSA & BTR pipeline
• FPG high margin annuity style revenues
• Strong capital structure
• Working capital light model, low gearing
Watkin Jones plc – Delivering Performance
34
Q&A
Sutton Court Road, Sutton35
Appendices
Queen Street, Belfast36
Fresh Property Group
37
Appendices
15,421 student beds and BtR apartments under
management at the start of FY19
358 total staff / 75 central services staff
56 total schemes (51 PBSA, 5 BtR)
£108m Cash Under Management
£1.5bn Assets Under Management
Fresh Property Group – Key Facts
38
The Model
Market Street, Newcastle39
Site procurement and planning Transaction and fundingConstruction and
delivery
Scheme
managementSite procurement and planning
Typically 3 years
Identify siteNegotiation
of option /
acquisition
Obtain
planning
permission
Forward
sale to
institutional
investors
Land sale &
development
agreement
ConstructionAsset
management
3-7 years
…provides an end-to-end solution
40
This presentation is for information purposes only and no reliance may be placed up on it. No representation or warranty, either expressed
or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this presentation. The financial
information referenced in this presentation does not contain sufficient detail to allow a full understanding of the results of Watkin Jones
plc (“Watkin Jones”). For more detailed information, please see the full year results announcement for the six months ended 31 March
2019 which can be found on the Investors section of the Watkin Jones website - www.watkinjonesplc.com.
This presentation does not constitute or form part of any offer or invitation for sale or subscription of, or any solicitation of any offer to buy
or subscribe for, any securities of Watkin Jones. The making of this presentation does not constitute a recommendation regarding any such
securities.
Any projections or other forward-looking statements are made by the Directors of Watkin Jones in good faith based on the information
available to them at 21 May 2019 and reflect the Directors’ knowledge and information available at that date and their beliefs and
expectations. These statements may involve risk and uncertainty because they relate to events and depend upon circumstances that may
or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from
those expressed or implied by these forward‐looking statements. Any of the assumptions underlying these forward‐looking statements
could prove inaccurate or incorrect and therefore any results contemplated in the forward‐looking statements may not actually be achieved.
Unless otherwise required by applicable law, regulation or accounting standard, Watkin Jones does not intend to update any projections or
other forward-looking statements contained in this presentation. Each forward-looking statement speaks only as at 21 May 2019 and
Watkin Jones and its advisers expressly disclaim any obligations or undertaking to release any update of, or revisions to, any forward-
looking statements in this presentation. No statement in the presentation is intended to be, or intended to be construed as, a profit
forecast or profit estimate and no statement in the presentation should be interpreted to mean that earnings per Watkin Jones share for
the current or future financial years will necessarily match or exceed the historical earnings per Watkin Jones share. As a result, you are
cautioned not to place any undue reliance on such forward-looking statements. Past performance of securities in Watkin Jones cannot be
relied upon as a guide to the future performance of such securities.
Disclaimer
41
Richard Simpson
Chief Executive Officer
Philip Byrom
Chief Financial Officer
Watkin Jones plc
3rd Floor
7-9 Swallow Street
London
W1B 4DE
www.watkinjonesplc.com
42